Need to File an Extension?
April 18th is just around the corner. Although tax season comes as no surprise to anyone, it is possible to get caught in a situation where you’re just not able to file your taxes on time for whatever reason. When this happens, you can request an extension for more time to file.
Any taxpayer can request an automatic extension of time to file their taxes. This extension will provide them with up to 6 months to complete and file their return. With a valid extension, the due date for filing your 2022 tax return would be October 18th instead of April 18th.
Be aware however, anytime you owe money on the return that you’re filing late, the IRS begins assessing penalties on the amount due based on original due date. Requesting an extension will save you from failure to file penalties but it will not protect you from failure to pay penalties and interest. In other words, this year taxes are due on April 18th. You could request an extension to file by October 18th, however if tax owed on your return isn’t paid by April 18th, penalties and interest will be back dated to April 18th.
How to File an Extension
Extensions are filed on from Form 4868. The file must be electronically submitted or postmarked by tax filing deadline.
Individual tax filers, regardless of income, can use Free File to electronically request an automatic tax-filing extension.
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Things to Know about Extensions
If you submit your extension request electronically, you will receive an electronic confirmation that it was received by the IRS. If you mail your request, you will have to reach out to the IRS to confirm they received it.
If you need to file an extension and know that you will owe the IRS money, it’s best to estimate what you will owe and get that payment submitted no later than the April 18th deadline.
If you are planning to file an extension don’t forget to reach out to your state and find out their process for requesting an extension.
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