Did you know that you could incur IRS penalty fees if you don’t file your taxes on time? And, you may face additional penalties for each month that you don’t complete your tax return. These penalty costs can add significantly to your owed taxes. But there’s an easy way for you to avoid these penalties. If you don’t think you’ll be able to complete your tax return by the deadline, consider filing an extension for your taxes. A tax extension can grant you additional time to file your taxes, but you’ve got to file your tax extension form well in advance of the tax deadline and get it approved by the IRS. Fortunately, Community Tax is here to help. We can teach you everything you need to know about filing an extension for your taxes, including:
How to file a tax extension: There are several ways to file an extension: submitting Form 4868, or by paying all or part of your tax bill through DirectPay, the Electronic Federal Tax Payment System, or with a credit or debit card. Either of these methods will grant you an automatic six-month extension to file.
The deadline for filing an IRS extension: If you’re going to file for an extension on your federal taxes, it must be submitted by April 15th.
Which form you need to file an IRS tax extension: Use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return).
Keep in mind that filing an extension doesn’t mean you don’t have to pay your taxes.