With the tax deadline fast approaching, many Americans may be feeling the crunch to get their finances in order. However, if you find yourself unable to file your tax return by the April 15th deadline, you might want to consider filing for a tax extension (CBS News).
Fortunately, the process of filing for an extension is relatively straightforward. According to Forbes, there are a few things you should do before filing your income, such as taking advantage of potential tax breaks and ensuring you don’t get penalized. But once you’ve done that, the quickest way to file for an extension is via Free File (Fortune).
To file electronically through Free File, taxpayers can submit IRS Form 4868. Filling out the form only takes a few minutes, and it will extend your filing due date to October 16, 2023 (Forbes). However, if you prefer to mail a paper form, the IRS states that it must be postmarked by April 15th (AS USA).
It is worth noting that while a tax extension may give you more time to complete your tax return, it does not grant an extension on the payment of taxes owed. The San Antonio Express-News warns that if you owe taxes and do not pay by the April 15th deadline, you will face interest and penalties on the unpaid balance.
Additionally, it is important to check if your state has extended their tax deadline. The Washington Examiner reports that due to severe weather, the IRS has extended filing deadlines in certain counties. Meanwhile, The Sacramento Bee explains that both California and the IRS have extended tax filing deadlines for most residents due to storms.
In conclusion, filing for a tax extension can be a lifesaver for those who need more time to file their tax returns. As long as you follow the necessary steps, you can avoid hefty penalties and stress. Just remember that tax extensions only give you more time to file your return, not more time to pay any taxes owed (TODAY).
