Contributed by: JulieO, FreeTaxUSA Agent, Tax Pro
If you need more time to gather your documents or prepare your tax return, you can file for an extension. Here are the most important things know.
The extension provides you with an additional six months to file your tax return.
The deadline for an individual tax return is April 15th, and the due date for the extended tax return (six months) is October 15th. Both due dates are subject to change if the 15th falls on a weekend or on a federal holiday. For example, if the 15th is on a Saturday the deadline will be the 17th.
While the extension provides additional time to file your return, any tax due should be paid by the April deadline.
The extension prevents the late filing penalty for your tax return, but it doesn't stop the late payment penalty and interest. That penalty is 0.5% per month of the unpaid tax up to a maximum of 25%. You should estimate the tax you’ll owe as accurately as possible and pay that amount by the April deadline.
State extension requirements may differ from the IRS.
Make sure you know what your state requires and that you file any required forms for your state extension. Most states simply accept the federal extension or grant automatic extensions to all taxpayers to the October extended deadline.
Federal extensions and many state extensions can be filed electronically through FreeTaxUSA.
We’ll help you e-file your extension to meet the extension deadline. Federal extensions can also be filed through the mail using Form 4868.
If the extension needs to be mailed, use certified mail with a return receipt.
Using certified mail will provide you with proof the extension was mailed on time, and that it was received by the IRS, plus any state(s) that you mailed an extension to.
If there’s a refund expected on a tax return, you’re not required to file an extension.
It may be a good idea to file the extension to keep yourself covered from penalties if the estimated refund is not correct.
Filing an extension is free with FreeTaxUSA
We recommend filing an extension when you don’t have all of your expected tax documents or information by the original April filing date. There’s no evidence to suggest that extending your return creates any undue risk of an audit. It’s always ideal to file your return correctly the first time you file instead of needing to file amended return to correct errors or omitted items.
If you have additional questions about filing extensions, you can get more information at this IRS website,or by talking to one of our FreeTaxUSA Support Professionals. You can start filing your free extension here.
