What is a tax extension and how to request it?

When setbacks get in the way of you presenting your tax return Before the deadline of April 15, one thing can help you: the tax extension. However, deferring taxes will not save you from paying them. So read on to find out how to apply for a tax extension, when to do it, and what happens if you don’t.

What is a tax extension?

The extension is simply an extension of the deadline to file your return until October 15. In the US, the deadline to file the return is April 15, if for reasons of “major cause” you are not ready by that date or before, you can request a tax extension quickly and free of charge.

But something you should be clear about is that request a tax extension does not exempt you from paying them,the extension differs the declaration plus the payment must be made anyway!

you can get one tax extension for your return by completing the “Automatic extension of term form” IRS 4868 and mailing it, or you can do it online.

Mail the extension

There is nothing wrong with doing things the old fashioned way. request a tax extension by mail (it is less than one page), but you need to keep a copy or proof of what you send by mail. The IRS may tell you later that he never received it.

Tax software to get an extension

If you don’t want to complete the Form 4868 automatic extension on paper for you tax extensionsee if your specialized software supports the Form 4868 for extensions.

If possible, just follow the instructions of the program and file a tax extension online with the support of your software.

Through the IRS Free File site

If you don’t plan to use tax software or haven’t decided which software to use, consider the website of IRS Free File.

The IRS partners with a nonprofit organization called Free File Alliance to provide individuals earning less than $69,000 in adjusted gross income with access to free tax preparation software branded. Anyone, including people over the income threshold, can access this option to file a online extension.

Please note that the site may FreeFile do not offer tax extensions throughout the year, and that’s probably for a good reason:

Important: You must apply for your extension before the April deadline to avoid a penalty for late filing of income tax to the IRS.

Remember to keep paying your taxes before the April deadline

Getting an extension doesn’t give you more time to pay, it just gives you more time to file your return. So even if you can’t file your return by the April 15 deadline, you should estimate your tax bill and pay as much as possible at that time. Anything you owe after the due date is subject to interest and a late payment penaltyioeven if you get an extension.

You may be able to take some slack on the fine for Late payment if you have paid at least 90% of your tax liability real before the April deadline and you pay the rest with your declaration.

request an extension and making an estimated payment in April is only half the job. You still have to present your final statement.

Remember: Whether you’re single or married, widowed, with or without children, or a business, if you don’t apply by the extension deadline (up to and including April 15), the penalties could get worse.

Some people don’t necessarily have to worry about request tax extensions. If you’re a US citizen or resident and you lived and worked outside the country by the April deadline, you can automatically get an extra two months to file. and pay any amount due without having to request a tax extension.

People affected by certain natural disasters, like Hurricane Ida in 2021, can also automatically get more time. In this respect the time varies; It is recommended that you consult the list of disasters from IRS disaster resources that as a taxpayer you can explore.

Some members of the military also automatically get overtime for tax extensiondepending on where they are and what they are doing.

Remember that the IRS offers a variety of ways to pay your tax bill over the internet, electronically (through the Electronic Federal Tax Payment System)bank transfer, by phone.

Avoid interest and penalties!

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