Kategori: Bookkeeping

  • IRS: Need more time to file, request an extension Internal Revenue Service

    how to extend tax filing

    U.S. citizens or resident aliens living outside the country may qualify for an automatic two-month extension without filing Form 4868. Some people don’t need to worry about applying for tax extensions because they automatically get more time if they meet certain criteria. The last day to submit an extension request for 2024 returns was April 15, 2025. If a tax return is filed after this date without a valid extension attached to it, the IRS will consider the return late. Penalties and fees will start to accrue if you have a tax bill. If you file the Form 4868 electronically, be sure to have a copy of your prior year’s return; you’ll be asked to provide your prior year’s adjusted gross income (AGI) amount for verification purposes.

    • The IRS does offer a little bit of grace if you’re living outside the country on Tax Day.
    • In this step-by-step guide, you’ll learn how to file electronically or by mail, estimate your tax liability, and get your extension to file locked in before the IRS closes the window.
    • For example, U.S. citizens and resident aliens living outside the country on the April filing date automatically get an additional two months to file, pushing their initial deadline to June 15.
    • Profit and prosper with the best of Kiplinger’s advice on investing, taxes, retirement, personal finance and much more.
    • In 2025, a tax extension submitted by April 15 moves the tax filing deadline to October 15.
    • Filing a tax extension can help you push your 2024 tax deadline to October 15, 2025.

    With 2025 tax deadline looming, here’s how to file for an extension

    (The penalty maxes out at 25 percent.) You’ll still get hit with a monthly 0.5 percent penalty (up to 25 percent), plus interest, until you pay your taxes, but the sting won’t be as bad. This way, you won’t have to file a separate extension form, and you’ll receive a confirmation number for your records. Filing taxes can be overwhelming, especially if you’re facing unexpected delays, missing paperwork, or simply need more time. Fortunately, the IRS offers a straightforward way to get an extension. Knowing how to file an extension for taxes can help you avoid income statement costly late-filing penalties and reduce stress during tax season. Extending your filing deadline isn’t complicated; you need to follow the right steps.

    how to extend tax filing

    When is the tax deadline?

    how to extend tax filing

    For example, if you miscalculate and end up with a tax bill, a tax extension will get tax filing you out of a late-filing penalty. Filing electronically reduces tax return errors as tax software does the calculations, flags common errors and prompts taxpayers for missing information. Most taxpayers qualify for electronic filing at no cost and, when they choose direct deposit, usually receive their refund within 21 days.

    • The due date for the actual tax payment remains the original April deadline.
    • You can visit our I can’t pay my taxes page for more information on where to start.
    • The same is true for those in military or naval service outside the U.S. and Puerto Rico.
    • If you know your liability, you can avoid overpaying or underpaying your taxes through your payroll withholdings.
    • Taxes are typically a major source of stress for Americans.
    • Once you file, you’ll receive an electronic acknowledgement that the IRS has accepted your filing.

    What’s wrong with filing for an extension if I know I’m getting a refund?

    how to extend tax filing

    You have to request this tax filing extension before the two-month extension is up by filing Form 4868. (Make sure you check the box on line 8 of the form.) This filing extension does not extend the time to pay your tax. If you need more time to file your taxes, request an extension by the April tax filing due date. Make sure you pay any tax you owe by the April filing date. U.S. citizens living outside the country for work or military service receive an automatic two-month extension to file their taxes.9 That means you’ll have until June to file your return without penalties. However, interest will be added to your bill starting on Tax Day.

    how to extend tax filing

    In an April TaxAct survey, a quarter of respondents said one of their top concerns was filing their taxes incorrectly. Those polled also expressed uncertainty around what to expect when filing, with one-quarter of respondents saying they worried about having to pay more taxes than they’d expected. If you’ve already started your return, go directly to the section for filing an extension. Click the Filing main tab, and then click the File Extension tab as shown below.

    If I get an extension, does that mean I have more time to pay the IRS?

    • Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time.
    • Once the estimated tax liability and corresponding payment decision have been finalized, the taxpayer has three primary methods for submitting the federal extension request.
    • There are certain instances when some or all of the penalties charged can be waived, but interest isn’t generally waived for any reason other than an IRS delay.
    • If you are working with a paid tax preparer or CPA, they will likely take care of this for you, but confirm it has been filed.
    • At FileTax.com, we make the extension request process painless.

    To apply for an extension, you can use TaxAct® to prepare Form 4868. Simply follow the Q&A steps, using estimates as necessary, to complete the form. That’s when filing a tax extension using Form 4868, Automatic Extension of Time to File U.S. Individual Tax Return, may double declining balance depreciation method be a good idea. The failure-to-file penalty is ten times higher than the standard failure-to-pay penalty.