If you need more time to prepare and file your federal individual income tax return, you may be able to get a 6-month extension to file.
April 15 of each tax year is the due date for filing an individual income tax return. In the event the 15th falls on a weekend or holiday, the due date is extended to the next business day. If you cannot file by the due date of your return, then you can request a tax extension. It is important to note that this is an extension to file and not an extension to pay any tax that may be owed. You may owe interest and penalties for any past-due tax balances.
There are three ways to request an automatic 6-month tax extension:
1. You can file Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) electronically through a tax professional who uses e-file or via home software.
2. You can pay all or part of your estimate of income tax due using a credit or debit card
3. You can file a paper Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return).
If you owe tax, there are many options available to pay your outstanding taxes. You can pay:
1. By check or money order.
2. Pay by Credit Card by calling or visiting the website of an approved service provider.
3. Request an Installment Agreement and pay off your outstanding balance in monthly payments.
The best advice for taxpayers is to file your individual income tax return as soon as possible and by the due date whenever possible as the penalties and interest for failing to file a tax return and to pay taxes on time can be significant.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.