Tax season can be a stressful time for many Americans, and sometimes you may find yourself needing more time to get your finances in order.
That’s where a tax extension comes into play. A tax extension is essentially a lifeline that provides you with extra time to file your federal income tax return with the IRS. It can be a valuable tool to help you avoid late filing penalties, providing some breathing room when you need it most.
Tax Extension Benefits
To request a tax extension, you can submit Form 4868 to the IRS either electronically or by mail, but there are some important things to keep in mind. As of 2023, the tax filing deadline was April 18th. Submitting a tax extension request by this date extends your deadline to October 16, 2023.
While the extension offers you additional time to prepare and file your return, it doesn’t grant an extension for paying your taxes. To minimize potential penalties and interest, it’s crucial to submit an estimated tax payment for the amount you owe alongside your extension request.
One common misconception about tax extensions is that they provide extra time to pay your tax bill. However, they primarily extend the filing deadline, not the payment due date.
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IRS Free File Program
How to request a tax extension? Now that you understand the importance of a tax extension, how can you request one? You have several options:
- Electronically
You can submit Form 4868 electronically to the IRS, accompanied by an estimated tax payment. Paying with a debit/credit card, IRS Direct Pay, or the EFTPS system and noting it as an extension payment can help you avoid paperwork.
- IRS Free File
If your adjusted gross income is less than $73,000, you can access free tax-preparation software through the IRS Free File program. This resource is available to
everyone, not just those below the income threshold, and allows you to file an extension online.
- Tax Software
Most tax software providers support filing Form 4868 for tax extensions. Simply follow the program’s instructions to file electronically, and you’ll receive an electronic acknowledgment upon submission.
- Tax Preparer
If you work with a tax professional, inquire whether they can file an extension on your behalf.
- By Mail
Filling out Form 4868 and sending it to the IRS via mail is also an option. Be sure to retain proof of mailing.
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