Did You File for a Tax Extension in April?

An IRS tax extension allows you to put off tax day for 6 months (typically 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.

Remember that returns filed after April 15 may see delayed refunds as the IRS will likely process early returns first. If you files your tax extension online and opted for the “direct deposit” option, your refund will be transferred directly to your bank account (as opposed to receiving a paper check).

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. For more information about tax extensions, please visit the following websites:

• www.filelater.com/tax-extension-resources/irs-form-4868 

• www.filelater.com/tax-extension-resources/irs-form-7004 

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