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"Inability to pay is the worst reason to file an extension," warns Cole. Many people file for an extension because they owe taxes and are unable to pay them. While the IRS does not disclose its process for selecting returns for audit, the earlier a return is filed, the longer it is in the system and thus subject to a review. Additionally, some tax professionals theorize that filing an extension will decrease your odds of being audited, since IRS auditors must meet quotas and try to do so early in the year.
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Keep in mind that filing an extension when you owe taxes only gives you more time to file, not more time to pay-your payment is still due at the tax filing deadline.Īn extension will allow you to take advantage of retroactive changes to the tax law that might be made after the filing deadline, without the added time and expense of filing an amendment. 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. Check your state tax laws some states accept IRS extensions while others require you to file a separate state extension form.įiling a tax extension is free, easy and automatic: Just submit Form 4868 electronically or on paper by the filing deadline. 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. Check your state tax laws some states accept IRS extensions while others require you to file a separate state extension form.įor information on the third coronavirus relief package, please visit our “ American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post. You can obtain a tax extension for any reason the IRS grants them automatically as long as you complete the proper form on time. To find a list of current state tax deadlines, click here.The Internal Revenue Service allows taxpayers to file for an extension if they need more time to prepare their tax return.
Irs file extension how to#
Irs file extension for free#
If your income is below $66,000 for the tax year, you can e-file for free using IRS Free File. This is the deadline to file Individual tax returns ( Form 1040).