The May 17 tax filing deadline is fast approaching. If you haven't filed your taxes yet and are unable to complete them this weekend, you still have time to file an extension. People file tax extensions for many reasons. Whether you're missing the right tax documents, are grappling with a family emergency or simply lost track of time, anyone can file an extension until Oct.
However, filing an extension is a process in and of itself. If your tax documents are sitting there, waiting to be filed, the easiest thing to do may still be to bite the bullet and file. But if knocking out your taxes this weekend isn't possible, here's what you need to know about filing an extension with the IRS. If you're filing an extension, you'll need to submit IRS Form electronically by the filing deadline on May Use Free File to electronically request an automatic tax-filing extension or print the form and mail it to the IRS address for your state, making sure it's postmarked with adequate postage by May Using the Form , taxpayers filing an extension must estimate their tax liability , or the amount of taxes they owe on their income.
On Part II of the form, you'll enter your expected tax liability, rounding to the nearest dollar, using the tax rate category you're expected to fall under here's a handy tax bracket calculator to help you out. Requesting an extension and making an estimated payment are just half the work. You still have to file your final return. If you don't file by the Oct. How long is a tax extension? Tax extensions for overseas taxpayers and military members. Remember to file by the October deadline.
Show More. How do I file a tax extension? Get started. On a similar note Dive even deeper in Taxes. An extension only gives you more time to finish the paperwork, not more time to pay. Your tax payment is due on the tax deadline , which typically falls on April 15 or on the next business day if it falls on a weekend or holiday. This year, the tax due date is May 17 due to Coronavirus impacts. Filing a tax extension is not a bad thing. There is no penalty for filing an extension.
However, not paying on time or enough, or failing to file altogether, may cost you. Form is the IRS document you complete to receive an automatic extension to file your return. Filing taxes late? Request to remove IRS penalties denied? You still have options.
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