![]() Additionally, some tax professionals theorize that filing an extension will decrease your odds of being audited, since IRS auditors must meet quotas and try to do so early in the year. Keep in mind that filing an extension when you owe taxes only gives you more time to file, not more time to pay-your payment is still due at the tax filing deadline.Īn extension will allow you to take advantage of retroactive changes to the tax law that might be made after the filing deadline, without the added time and expense of filing an amendment. If you file an extension but miss the extended deadline, you will be subject to this penalty. You'll also avoid failure-to-file penalties, which can add up to 25% of the tax due. More time and less stress means you'll be able to thoroughly review your return and ensure you're taking advantage of all the tax benefits available to you. Not only will you extend the filing deadline until October 15, you'll relieve the stress that often accompanies trying to pull everything together by tax time. Check your state tax laws some states accept IRS extensions while others require you to file a separate state extension form.įiling a tax extension is free, easy and automatic: Just submit Form 4868 electronically or on paper by the filing deadline. You can obtain an extension for any reason the IRS grants them automatically as long as you complete the proper form on time. ![]() Despite the fact that taxes are essentially due on the same day every year, many people still find themselves scrambling on the day before to get their records together.įortunately, the Internal Revenue Service allows taxpayers to file for a extension to October 15 if they need more time to prepare their tax return. Since 1955, "Tax Day" in the United States has been April 15, or the next business day if it falls on a weekend or holiday. The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disaster caused by recent storms and victims of these storms have until October 16, 2023, to file various individual and business tax returns and make certain tax payments. ![]()
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