IRS Tax Extension

The deadline for getting your taxes done is mid April every year.  If April 15 falls on a weekend then it can be one or two days after that.  If finishing your taxes bey the due date is not possible, there is a way to extend this deadline.  You can file for an IRS tax extension by submitting a form, it’s as easy as that.

Important Info About an IRS Tax Extension

Wow, you may think, that’s so nice of the IRS.  You can’t get your taxes done on time so they give you more time.  How convenient!  Why would they do that?  Well here’s a very important piece of news about the IRS tax extension:

You get more time to submit your paperwork but you don’t get more time to pay anything you may owe.

You still have to pay on time!  In fact, don’t be mislead into thinking your IRS tax extension gives you more time to pay, then put off filing even longer because you have that extension.

Watch Out for Interest and Penalties

You will be charged interest on the amount you owe, plus possibly some nasty penalties.  Every year, taxpayers are lured into thinking they have more time to pay by the so-called IRS tax extension.  Nice!

How to File For an IRS Tax Extension

Fill out IRS form 4868 or if you’re using tax prep software it will ask you if you want to file for an extension.  File the form by April 15 (or April 18, etc depending on the year).  Don’t do this is you owe money, however.  File your taxes on time and pay what you can.  The IRS can work out a payment plan if you talk to them.