Attention Taxpayers: Key Facts about Filing Extensions
No Extension on Tax Payments
While filing an extension grants you additional time to file your tax return, it does not extend the deadline for paying your taxes. It's crucial to estimate and promptly pay any taxes owed to avoid penalties.
Filing Extension Options
Individuals can file for an automatic extension using Form 4868, which can be submitted via mail or online. This extension grants an additional six months to file your return, but again, taxes must be paid by the original due date.
Avoid Penalties
Timely and accurate tax return filing, payment of taxes, and submission of information returns can help prevent penalties. If you're unable to meet the deadlines, consider filing an extension to avoid the late filing penalty.
Consequences of Not Filing
The Internal Revenue Service (IRS) imposes penalties for failing to file or request an extension by the April 15th deadline. The failure-to-file penalty is a significant 5% of unpaid taxes for each month or part of a month the return is late.
Extension for Low-Income Taxpayers
Individual taxpayers with no tax due, regardless of income, can request an automatic extension using the IRS Free File option. This service allows them to prepare and submit their tax returns without incurring any fees.
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