If you file an extension but miss the extended deadline, you will be subject to this penalty.

You'll also avoid failure-to-file penalties, which can add up to 25% of the tax due. More time and less stress means you'll be able to thoroughly review your return and ensure you're taking advantage of all the tax benefits available to you. Not only will you extend the filing deadline until October 15, you'll relieve the stress that often accompanies trying to pull everything together by tax time. What are the benefits of filing a tax extension?įiling a tax extension is free, easy and automatic: Just submit Form 4868 electronically or on paper by the filing deadline. Additionally, alternative forms exist for those with special considerations. Businesses and corporations can use Form 7004. While individual taxpayers will fill out Form 4868 to file a tax extension. Additionally, tax extensions aren’t just limited to individual taxpayers-businesses and corporations can file tax extensions, too.

Who qualifies for a tax extension?Īnyone is eligible to file a tax extension, regardless of your income level or filing status. Check your state tax laws some states accept IRS extensions while others require you to file a separate state extension form. You can obtain an extension for any reason the IRS grants them automatically as long as you complete the proper form on time. Despite the fact that taxes are essentially due on the same day every year, many people still find themselves scrambling on the day before to get their records together.įortunately, the Internal Revenue Service allows taxpayers to file for a extension to October 15 if they need more time to prepare their tax return. Since 1955, 'Tax Day' in the United States has been April 15, or the next business day if it falls on a weekend or holiday. If you wait too long to do your taxes, or bring them to a tax preparer too close to the deadline for them to complete your return on time, you might need to file for an extension.You might need an extension because you’re out of town during tax season or have a major life event, such as losing a loved one, moving, or getting married ahead of the deadline.You might need an extension if you don't have all the information you need to prepare your taxes, such as a Schedule K-1 or Form 1099.If you need more time to prepare your tax return, you can file Form 4868 electronically or on paper by April 15 (or the next business day if it falls on a weekend or holiday) for an extension to file your taxes by October 15.Victims of these storms in Georgia and Alabama have until October 16, 2023, and the majority of California residents have until November 16, 2023, to file various individual and business tax returns and make certain tax payments. The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disasters caused by recent storms.

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