Is an automatic tax filing extension the right move for you?
Can’t finish your federal income tax return by the April 18 deadline? There’s still time to get an automatic six-month extension.
There are four ways to obtain an extension:
- File a paper copy of Form 4868 with the IRS and enclose your payment of estimated tax due.
- File for an extension electronically using the IRS e-file system on your computer.
- Using IRS Direct Pay, you can pay all or part of your estimated income tax due and indicate the payment is for an extension.
- Have your tax preparer e-file for an extension on your behalf.
Remember that even if you file for an extension, you are still required to pay any taxes you owe by the April 18 filing deadline. An extension gives you more time to file your tax return, but not more time to pay the taxes you owe. You will be charged interest on any taxes you owe and do not pay by the filing deadline. If you are unable to pay on time, contact the IRS to set up a payment agreement.
Special extension rules apply to members of the military serving in combat zones and to certain others who live outside the U.S. Give us a call so we can discuss whether or not an extension is right for your situation.