Tax Day is right around the corner and if you’re not ready to file your taxes, don’t worry. There’s still a way for you to avoid penalties for not filing on time. You can file for an extension. According to NBC Chicago, most taxpayers can extend the April 18 tax filing deadline to October 15 (https://www.nbcchicago.com/news/local/chicago-politics/if-you-cant-file-tax-return-now-file-for-tax-extension-by-tuesday-to-avoid-hefty-penalties/2818566/).
The process for filing an extension is relatively simple. You will need to fill out a form and submit it to the IRS either by mail or electronically. However, it is important to know that filing for an extension only gives you more time to submit your tax return, not more time to pay any outstanding taxes owed. If you owe money to the IRS, you will still need to make an estimated payment by the April 18 deadline or face penalties and interest (https://www.forbes.com/advisor/taxes/tax-extension-deadline/).
Many people believe that filing for an extension may increase the chances of being audited, but according to Yahoo News, there is no evidence to support this belief (https://www.yahoo.com/news/tax-day-best-way-e-020000689.html).
If you are a California resident, you may already have an extension. KTLA reports that most Californians can file their tax returns after the April 18 deadline (https://ktla.com/news/california/tuesday-is-tax-day-but-most-californians-have-an-extension/).
It is important to note that the extension deadline is not the same for every taxpayer. USA Today reports that some taxpayers have until June 15 to file if they are living outside the United States (https://www.usatoday.com/story/money/2023/04/17/tax-day-2023-irs-filing-deadline/7297689001/).
So if you’re not ready to file your taxes, filing for an extension may be the best option for you. Just make sure to submit the appropriate form and make any necessary estimated tax payments by the April 18 deadline.
