You have until April 15 to file your taxes. Sounds like a long time, right? Not exactly if you have a complicated tax situation or are missing important tax documents. On top of that, the healthcare law and its penalties were added into the mix this year, making tax time a bit more stressful.
So, if you find yourself in need of more time to file your taxes, that’s understandable. Filing for an extension may help.
How do I file for a tax extension?
Complete Form 4868 on paper or electronically and submit it to the IRS by the April 15 tax filing deadline. However, an extension does not give you more time to pay the IRS if you owe money. It only gives you 6 additional months to get your paperwork in. If you owe and do not pay by the April 15 deadline, penalties and fees may be incurred. If you think you may have difficulty paying what you owe in one lump sum, you can request to pay your taxes in installments or seek other arrangements with the IRS.
A professional tax preparer can help you figure out your tax situation and advise you on IRS installment arrangements.
If you are expecting a tax refund, you do not have to file for an extension. You have three years from the tax deadline to submit your tax return and claim your money.