Do You Require More Time to Do Your Taxes? It Is Simple to Obtain an Extension!

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Taxpayers who are unable to file their tax return by the April 18 deadline this year have an easy, online option to extend their filing date. Anyone may request a six-month automatic extension of time to file. An extension provides additional time to collect, prepare, and submit information to the IRS.

Taxpayers, However, Should Be Cognizant of the Following:

  • They should estimate and pay any unpaid taxes before their usual deadline to avoid possible penalties, and they must file their extension no later than the regular due date of their return.
  • Freely submit an extension form by e-mail.

Individual taxpayers, regardless of income level, can electronically request an automatic tax-filing extension using IRS Free File. The quickest and most convenient method of obtaining an extension is through IRS Free File on IRS.gov. On Form 4868, taxpayers can electronically request an extension. Taxpayers who fill this form have until October 17 to file their tax returns. To qualify for an extension, taxpayers must estimate their tax liability on this form and make any required payments on time.

When Making a Payment, Request an Extension

Additionally, you can obtain an extension quickly, easily, and for free by utilizing IRS Direct Pay, the Electronic Federal Tax Payment System, or by paying with a credit or debit card or digital wallet. When making an electronic payment and noting that it is for an extension, there is no need to submit a second Form 4868 extension request. The IRS will treat it as an automatic extension.

Consult Your State’s Regulations

Numerous states accept the federal extension without requiring you to complete a separate state extension form. However, some states need you to file a state extension as well, so if you plan to file a federal extension, be sure to check your state’s extension laws as well. And, as with federal taxes, any state tax payable must be paid by the initial due date of the return, even if the actual return is extended.

Reminders Regarding Extensions

The IRS reminds taxpayers that an extension request gives additional time to file a tax return but does not allow additional time to pay any taxes owed. Payments must continue to be made by the original deadline. Taxpayers should file even if they are unable to pay the entire balance. By filing their returns on time or requesting an extension by the April 18 filing deadline, they will avoid the late-filing penalty, which can be ten times the cost of the non-payment penalty.

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By paying as much as possible by the due date, taxpayers reduce the total amount liable to penalty and interest penalties. Currently, the interest rate is 4% per year, compounded daily. Late filing penalties are typically 5% per month, while late payment penalties are typically 0.5 percent per month.

The IRS will assist people who are unable to pay their full tax liability. Other payment methods, such as obtaining a loan or paying with a credit card, may assist in resolving a tax obligation. The majority of people can use IRS.gov to set up a payment plan to pay off their bills over time.

Additional Automated Extensions

Certain qualifying taxpayers have more time to file their returns without the need to request extensions. These include the following:

Citizens and resident aliens of the United States who live and work outside the United States and Puerto Rico are automatically granted a two-month extension to file their tax returns. They have until June 15 to make their filing. Tax payments, on the other hand, are still due April 18 or interest will be assessed.

Military personnel serving outside the United States and Puerto Rico are also automatically granted a two-month delay to file. Individuals serving in conflict zones have up to 180 days following their deployment to file returns and pay any taxes due. Publication 3, Armed Forces Tax Guide, has more information.

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When the President declares a disaster region, the IRS has the authority to postpone some taxpayer deadlines for affected residents and companies. The IRS website contains information on the most recent tax relief for catastrophic circumstances.

The deadline to submit 2021 tax returns or an extension to file and pay the tax owed this year is April 18, not April 15, due to the District of Columbia’s Emancipation Day holiday. Due to the Patriots’ Day holiday in those states, taxpayers in Maine and Massachusetts have until April 19, 2022, to file their returns.

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