You may need an extension if you have not yet received all the necessary information to prepare your return. For example, you might be missing a Schedule K-1 from a trust in which you are a beneficiary. If you are self-employed, there is an added benefit to obtaining a filing extension. It gives you until the extended due date to set up and fund a simplified employee pension SEP retirement plan. By obtaining the extension, you avoid any late-filing penalties as long as you file by the extended due date.
It's important to keep in mind that filing an extension does not mean you are off the hook for paying taxes due by the deadline. You'll owe interest and potential penalties if you pay late, whether or not you file a Form Depending on your state, filing the federal form may also give you an automatic extension for state income tax purposes. All versions of Form are available on the IRS website. Taxpayers who want more time for any reason to file federal income tax returns can use Form You can file the form when you need an extension for a variety of returns in the series including:.
Form form is only a half page. It doesn't even require a date or signature. You don't have to give a reason for requesting an extension. All you have to provide is:. Your payment is still due on the original due date, usually April If you submit a Form to the IRS, you should send in a payment of the estimated balance due. The more you pay, the less your interest and penalties will be if you pay less than you owe.
If you file Form electronically but want to send a payment by mail, send a copy of the e-filed form along with your check. The form acts as your voucher in this case so your check will be credited properly to your tax account.
The IRS will allow you to skip filling out a Form entirely if you pay your estimated income tax due online or by phone using Direct Pay, EFTPS, or a credit or debit card and indicate that the payment is for an extension. It will provide confirmation of the extension if you take this route. A two-month filing extension is automatically given to a U. They do not have to request a two-month extension. You can file an extension for your taxes by submitting Form with the IRS online or by mail.
This must be done by the tax filing due date. Filing an extension for your taxes gives you additional months to prepare your return no matter the reason you need the extra time. This question calls attention to a key distinction about what a tax extension is — and what it is not.
An extension only gives you more time to finish the paperwork, not more time to pay. Your tax payment is due on the tax deadline , which typically falls on April 15 or on the next business day if it falls on a weekend or holiday. This year, the tax due date is May 17 due to Coronavirus impacts. If you need to file an extension, you will have to submit that paperwork on your own. If you were unable to attend one of the 90 tax workshops that we held this spring but feel you may need additional assistance completing your tax return, you will need to file for an extension by May 17, Our office can then assist you with your tax return before the October 15 th deadline.
Please keep a copy of your extension form. We've addressed some of the common questions. You can file an extension for free through our Easy Extension website. File a free extension.
Generally, no. However, there are a few cases in which you can. Learn more.
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