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If you need more time to file your taxes — either because you had a family emergency, couldn’t get your papers together in time or were just too busy — you have options when it comes to filing a tax extension. But contrary to popular belief, a tax extension doesn’t give you extra time to pay your taxes. It just gives you extra time to file. Here’s a step-by-step guide on how to do it.
You have until April 15, 2021 to file and pay any federal taxes you owe.
Submit your tax extension electronically or by mail. Regardless of which method you choose, you’ll need to fill out Form 4868 and submit it by the April 15 deadline. Here’s how to do it:
You have several options when it comes to filing your tax extension electronically.
For the most direct route, you can use Free File on the IRS website. When you submit Form 4868 through this software, it goes directly to the IRS database.
Likewise, if you’re working with a tax professional or using an online tax software to file your return, you can submit an extension through them. Simply ask your tax professional if they can submit an extension for you using e-file. Or, see if your tax software supports Form 4868.
If you choose to file your extension electronically, make sure you have a copy of your adjusted gross income from last year. You’ll need to provide this information for verification purposes.
If you prefer to go the snail mail route, you can print and fill out your tax extension form, and drop it in the mail. Make sure you have proof that you mailed it. This way the IRS can’t come back and claim they never received it.
Page four of Form 4868 lists several addresses to mail out your extension. The exact address depends on the state you live in and whether you’re including a payment with your form.
Tax extension forms are due by April 15. With an extension you’ll get six more months to file your tax return — usually October 15 for most taxpayers. But what it doesn’t do is give you an extension on your payment. If you owe money to the IRS, those taxes are still due on April 15 if you want to avoid penalty fees and interest.
The IRS recommends filing your taxes and making payments on time. But it may be worth filing an extension if any of these situations apply to you:
If you decide to file an extension, estimate your tax payment first to ensure you’re not hit with any late-payment penalty fees. If your tax situation hasn’t changed much from the previous year, you can estimate your tax liability based on last year’s return. Otherwise, use an online calculator to estimate your payment. Many tax software programs have calculators on their website — you don’t have to sign up to use them.
If you filed your tax extension electronically, you should receive confirmation that the IRS has received it. Make sure you keep this for your records. You can also call the IRS customer service number at 800-829-1040 to confirm receipt or approval.
Tax extensions are pretty cut and dry, but there are a few potential drawbacks to watch out for:
If you can’t pay your taxes in full by the regular deadline, you can either set up a payment plan or look into tax relief options.
If the tax deadline has crept up on you and you need extra time to file your taxes, an extension can bring some sweet relief. Either print and mail the extension form to the IRS or file it online using a tax preparation software or the IRS’ Free File option.
If you’re concerned about filing your tax return this year, knowing what to expect can help ease your nerves.
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