Extension Filing

If you're unable to file your tax return by the regular deadline, you may qualify for a tax extension. A tax extension gives you extra time to submit your return, but it's important to understand what it covers and what it doesn't.

What is a Tax Extension?

A tax extension is a request to the IRS for additional time to file your tax return. For individual taxpayers, this typically means extending the filing deadline from April 15 to October 15 (a 6-month extension).

Form 4868 - Application for Automatic Extension

Form 4868 is used to request an automatic 6-month extension for individual tax returns. The extension is "automatic" because the IRS doesn't need to approve it - as long as you file the form by the original due date, you'll receive the extension.

Important Things to Remember

• Extension to File vs. Extension to Pay: An extension gives you more time to file your return, but it doesn't extend the deadline for paying any taxes owed.
• Estimate Your Tax Liability: If you owe taxes, you should estimate the amount and pay it with your extension request to avoid penalties and interest.
• No Penalties for Filing Late: If you file an extension by the original deadline, you won't be charged a failure-to-file penalty.
• Interest on Unpaid Taxes: You'll still owe interest on any unpaid taxes from the original due date.

Who Should File an Extension?

Consider filing an extension if you need more time to gather tax documents, calculate complex deductions, or if you're waiting for additional tax forms. It's better to file an extension than to file an incomplete or inaccurate return.