When you e-file IRS Form 4868 and receive confirmation, you’ll have until October 15, 2024 to finish and file your 2023 tax return. If you need a state tax extension, TaxAct will guide you through those steps as well.
Business returns due March 15, 2024 can extend their filing deadline until Sept. 15, 2024. While other returns normally due April 15, 2024 can extend filing until Oct. 15, 2024.
Those serving in a combat zone or outside of the U.S. can postpone filing tax returns.
Those who work outside the U.S. and Puerto Rico already have an automatic two-month filing extension.
If you need more time to file your individual federal income tax return, you can request an automatic tax extension from the IRS using Form 4868. The filing deadline to request a tax extension is the same as filing your return, April 15, 2024.
A tax extension will give you an additional six months to file your taxes; this year’s tax extension due date is Oct. 15, 2024.
Will filing a tax extension give me an extension of time to pay my tax bill?No, a tax extension only gives you more time to file your return; it doesn’t give you extra time to pay any taxes you owe. You must pay your tax bill by the Tax Day deadline to avoid late payment penalties.
When you request a tax extension with Form 4868, you can estimate and pay your total tax liability for the tax year. To help estimate your potential tax liability, try to complete your return as much as possible, estimating wherever necessary.
What are the pros and cons of filing a tax extension?Filing for an tax extension is an excellent option for many taxpayers who feel stressed about tax season or have other commitments on their plate and just need more time.
Requesting a tax extension from the IRS is also an easy process, and you don’t need to give a compelling reason why you need more time to file. So long as you submit your tax extension request form on time and correctly, approval is typically automatic, and you’re granted an extension.
The downside of filing a tax extension is that it only gives you more time to file, not more time to pay. As discussed in the last section, you’ll still need to estimate and pay any taxes you might owe by the tax filing deadline (April 15 this year).
Another trap many tax extension filers fall into is waiting too long to file. Though an extension gives you an extra six months to complete your income tax return, it’s always best to file it as soon as possible. The longer you wait, the more likely you will forget what happened during the previous tax year.
When should I file a tax extension?The IRS doesn’t require a reason for requesting a tax extension and usually grants them without issue.
Some common reasons for filing a tax extension request are:
No matter your reason, if you need more time, just ask for it!
When shouldn’t I file a tax extension?Since filing for a tax extension only gives you more time to file but not more time to pay your taxes, you shouldn’t file an extension if you cannot pay your tax bill.
If you owe money you can’t pay, a tax extension won’t be helpful. Instead, the IRS provides payment options and will work with you to establish a tax payment plan agreement to break up your tax bill into smaller payments over time.
If you have no tax due this year and you’re owed a refund instead, you have up to three years to file a return and claim your refund money. There is no penalty for filing a tax return late when you have no balance due, but if you’re owed a refund, make sure you file so you don’t miss out on that extra cash.
We said it before, but we’ll say it again — tax filing doesn’t get any easier as time goes on. Wait too long, and you may risk forgetting essential details about the tax year if it’s not fresh in your mind. This could mean missing out on potential deductions or tax credits.
How do I file a tax extension?To request a filing extension on your personal taxes, you will need to use IRS Form 4868. TaxAct® allows you to complete Form 4868 for your federal tax return and file any necessary state extension forms when you e-file. You can also print a paper copy and send it to the IRS via snail mail.
Your tax extension request form requires you to provide simple information about yourself, such as your name, Social Security number, and address. If any of that information has changed since the last time you filed, be sure to notify the appropriate organizations before you apply for your tax extension. For instance, you should notify the Social Security Administration if you changed your name. If you moved recently, you should notify with Form 8822.
How do I know how much tax to pay with my extension?To finish Form 4868, you need to estimate how much tax you owe. The form helps you calculate this number by estimating your total tax liability for the year and subtracting any payments you’ve already made. If you choose to file an extension using TaxAct, our tax software helps calculate your estimated tax bill based on the information you enter.
One problem many taxpayers run into is not having all their tax information yet. If you’re still waiting on important tax documents, just try to complete your return as best you can. Rather than leaving something out, try to use estimates for any numbers you don’t have yet.
If you are using TaxAct, click Mark as Estimate for any information you need to double-check before officially filing your return. You can also use our separate Income Tax Calculator to help estimate your amount due.
When in doubt, it’s better to overpay than underpay. If you overestimated your tax bill and paid too much, you will receive a tax refund for the overpayment. However, if you underpay, you could be responsible for paying interest and penalties. The good news is that the penalty for paying late when you’ve requested an extension is significantly less than if you did not receive an extension.
What should I do after filing a federal tax extension?The six-month tax extension period is often more time than most of us need.
Here are a few steps you can follow to help keep your tax return on track:
If you live in a state that charges income tax, you’ll need to file a tax extension for your state taxes and your federal taxes. In most cases, a state extension gives you more time to file, not more time to pay.
Some states will grant you an automatic six-month tax extension if you’ve filed for a federal tax extension, but not always. When you file with TaxAct, we make it easy for you. We walk you through completing Form 4868 for your federal return and provide you with any necessary state tax extension forms.
Can I file a tax extension for my business?Yes! Sole proprietors and single-member LLCs can use the same Form 4868 for individual returns.
Business owners of partnerships, multi-member LLCs, and corporations also have the option to file a tax extension for their business, though some things work a little differently. For instance, the deadline for partnerships and S corporations to request a tax extension is March 15.
When is Tax Day in 2024?The deadline to file taxes or request a tax extension in 2024 is April 15, 2024.
When is the deadline to file a federal income tax extension in 2024?You must file a tax extension by April 15, 2024. Note that this does not affect the date tax payments are due, just the filing deadline.
Can I still file a tax extension for my 2023 return?If you need more time to complete your 2023 tax return, you have until April 15, 2024, to file an extension. With a tax extension, you have until Oct. 15, 2024, to file your return
Can you file a tax extension after April 15?No. Extensions for your 2023 taxes must be submitted by the April 15th tax deadline. You then have until Oct. 15 to file your 2023 taxes.
What is the easiest way to file a tax extension?You can electronically request an extension by filing Form 4868 with TaxAct®. We can help you estimate your tax liability and file an extension for your federal tax return.
If needed, we can also help you file any state return extensions.
How much does it cost to file an extension on taxes?Filing a tax extension is free. You just need to submit Form 4868 by April 15, 2024.
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