Need More Time to File Your Taxes?

taxThe April 18 tax deadline is coming up. It is April 18th this year because the 15th is a weekend day. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS. Here are five things to know about filing an extension:

1. Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the extension request by midnight April 18. If you do request an extension, come back to Free File to prepare and e-file your taxes for free. You can access the program at any time through Oct. 17.

2. Use Form 4868. You can also request an extension by filling out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You must mail this form to the IRS by April 18. Form 4868 is available on IRS.gov/forms.

3. More time to file is not more time to pay. An extension to file will give you until Oct. 17 to file your taxes. It does not, however, give you more time to pay your taxes. Estimate and pay what you owe by April 18 to avoid a potential late filing penalty. You will be charged interest on any tax that you don’t pay on time. You may also owe a penalty if you pay your tax late. Interest is normally charged on any unpaid tax.

4. IRS helps if you can’t pay all you owe. If you owe taxes and you can’t pay all the tax you owe, the IRS offers payment options. In most cases, you can apply for an installment agreement with the Online Payment Agreement application on IRS.gov. You may also file Form 9465, Installment Agreement Request. If you can’t make payments because of financial hardship, the IRS will work with you.

About Chizoba Morah 119 Articles
Accountant, bookkeeper, tax planner! I have an MBA and have been involved in Accounting and tax preparation for over 10 years. My clients include individuals, businesses of all forms (including corporations) and sizes small to large).

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