Tax Extension Deadline

Staff Reports
by Staff Reports

 

Need more time to file? File an IRS tax extension and you can wait until October 15 to file a tax return, with no penalties whatsoever.

An IRS tax extension allows you to put off tax day until October 15. The IRS will gladly give you extra time to file even for those who owe taxes. As long as you file your extension on or before April 15 and then file your return before October 15, you will not be penalized.

Filing an extension online is not a free pass to ignore your taxes. Rather, it’s an agreement with the IRS that you will certainly file your taxes after April 15. Once you file the extension, we suggest you take the proper steps to file an actual return. Once October 15 rolls around, there is absolutely no delaying your taxes any further.

Here are some tips to filing your tax return after April 15:

File your extension online. It’s fast, easy, and approval is virtually instant. Then, e-file your return to speed up the process and to ensure a quick refund. If you use the e-file option your tax return is going to be received and processed quickly.

Double check all of your work. No matter if you are e-filing or using a paper form, make sure you check all your math and related details to ensure that they are 100 percent correct. Mistakes on your tax extension or on your tax return may result in an IRS notice.

Sign and date your return. If you don’t sign and date your return the IRS cannot process it. Did you file a joint return? In this case, both you and your spouse must sign even if only one of you earned income. Along with this, if you paid a tax professional to prepare your form they must sign as well.

Remember that returns filed after April 15 may see delayed refunds as the IRS will likely process early returns first. Want to receive your refund sooner rather than later? In addition to e-filing, make sure you opt for the direct deposit option. This way, your refund is transferred directly to your bank account as opposed to receiving a paper check.

Pay your taxes before you file your return. At the time of filing a tax extension you may be required to pay taxes you owe immediately. If you owe nothing, you pay nothing. If you owe taxes, the bill must be paid on or before April 15. That’s because a tax extension applies to the tax return but not to the tax bill itself. Any overpaid taxes will be refunded to you later in the year.

An IRS tax extension allows you to put off tax day until October 15. The IRS will gladly give you extra time to file even for those who owe taxes. As long as you file your extension on or before April 15 and then file your return before October 15, you will not be penalized.

Filing an extension online is not a free pass to ignore your taxes. Rather, it’s an agreement with the IRS that you will certainly file your taxes after April 15. Once you file the extension, we suggest you take the proper steps to file an actual return. Once October 15 rolls around, there is absolutely no delaying your taxes any further.