IRS Tax Extensions: How to File, Pay, and Meet Deadlines
- POOJA SRIVASTAVA
- Jun 24, 2024
- 2 min read
Tax season can be stressful, but the IRS offers extensions for those needing more time to file or pay their taxes. Here’s a brief guide on how to request extensions, make payments, and important deadlines.
What is a Tax Extension?
A tax extension grants more time to file your return, not to pay taxes owed. Interest and penalties may apply if taxes aren’t paid by the original due date.
Requesting an Extension
To request an extension, submit Form 4868 by April 15. This provides an automatic six-month extension to October 15.
Steps to File an Extension
Complete Form 4868: Available online, through tax software, or by mail.
Estimate Your Tax Liability: Avoid penalties by accurately estimating what you owe.
Submit Form 4868: Ensure submission by April 15.
Payment Options
Taxes owed are still due by April 15. Payment options include:
Online:
IRS Direct Pay: Visit IRS Direct Pay, select "Extension" as the reason for payment.
EFTPS: Visit EFTPS, choose "Extension" from the payment options.
Credit/Debit Card: Visit IRS Payment Options, choose "Extension" as the payment type.
By Mail: Send payment with Form 4868.
Key Deadlines
April 15: Deadline to file your tax return or Form 4868. Taxes owed must be paid by this date.
October 15: Extended deadline to file your tax return.
Penalties for Late Payments
Interest on unpaid taxes starts accruing from April 15. A late payment penalty of 0.5% per month, up to 25%, may apply.
State Tax Extensions
State tax deadlines may differ. Check with your state’s tax authority for specific rules and deadlines.
Resources
Form 4868: Automatic Extension Application.
IRS Direct Pay: Pay Online.
EFTPS: Electronic Payments.
IRS Payment Options: Pay by Card.
Understanding how to request an extension and meet deadlines helps ensure compliance and avoid penalties. Plan ahead to meet all IRS requirements.
Assistance with Filing
For those who need assistance, 2 Cherry Tax offers a service to file Form 4868 on your behalf, ensuring your extension is processed correctly and on time.
Comments