A Tax Extension Is An Extension Of Time To File Your Tax Return
A tax extension is a request you make to the IRS to give you an additional six months to file your federal tax return.
So if your tax return is normally due on April 15, filing an extension would extend the due date to October 15.
Note that while your extension form is technically a request for an extension, its a request that the IRS automatically grants without notice.
So as long as youve successfully filed your extension, youre good to go. You dont need to sit around waiting for a letter from the IRS letting you know that your tax return has been extended.
Irs: Dont Miss This Important Oct 17 Tax Extension Deadline
IR-2022-175, October 7, 2022
WASHINGTON The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.
While October 17 is the last day for most people to file a Form 1040 to avoid the late filing penalty, those who still need to file should do so as soon as possible. If they have their information ready, there’s no need to wait.
However, some taxpayers may have additional time. They include:
- Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
- The IRS calls special attention to people hit by recent national disasters, including Hurricane Ian. Taxpayers with an IRS address of record in areas covered by Federal Emergency Management Agency disaster declarations in Missouri, Kentucky, the island of St. Croix in the U.S. Virgin Islands and members of the Tribal Nation of the Salt River Pima Maricopa Indian Community have until November 15, 2022, to file various individual and business tax returns. Taxpayers in Florida, Puerto Rico, North Carolina, South Carolina, parts of Alaska and Hinds County, Mississippi, have until February 15, 2023. This list continues to be updated regularly potentially affected taxpayers by recent storms should visit the disaster relief page on IRS.gov for the latest information.
Avoid Late Fees And Penalties
Because the IRS imposes late penalties for failing to file your taxes on time you can avoid these penalties if you are going to have to file your return after the deadline.
Remember, that if you are granted an extension to file your tax is still due in full by the April tax deadline each year. If you pay your taxes after the deadline, you will still incur late fees, interest, and penalties regardless of whether or not you have an extension to file.
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Festive Holidays And Late Reciept Of Data Due To Tax Audit Due Date Extension:
The Institute of Company Secretaries of India in its representation quoted that the Central Board of Direct Taxes on consideration of difficulties faced by the taxpayers and other stakeholders, has vide circular No. 19/2022 dated 30.09.2022, granted 7 days extension for the filing of audit reports for the Assessment Year 2022-23 i.e. from 30th September 2022 to 07th October 2022 for filing of various reports of audit for the Assessment Year 2022-23. So, in the majority of cases, the audited figures are made available after 7th October 2022.
Further, the instituted added that a number of communications are being received from our stakeholders requesting an extension of the last date for filing of financial statements as well as citing the fact that the dates of filing financial statements is coinciding with the varied festivals celebrated across the length and breadth of the nation, during which corporates and professional workspaces are closed temporarily.
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During this period, there is a lack of manpower and support staff which add to the woes. Amid festivities, with having few days for fitting, the stakeholders are requesting for such extension of the last date for filing of financial statement.
Professionals this time are desperately waiting for an extension so that they can also work in a more relaxed environment.
Should I go to sleepOr
Filed A Tax Return But Still Didn’t Receive Your Money Here’s What Else It Could Be
If you filed your taxes this year but still haven’t received your stimulus check or child tax credit money that you’re eligible for, there are some other things that could be holding it up.
- You don’t have a bank account set up.
- It was your first time filing.
- You have a mixed-status household.
- You haven’t updated your address with the IRS or USPS.
- You’re experiencing homelessness.
- You have limited or no internet access.
If none of these reasons apply to you, it may be time to file a payment trace with the IRS either by calling 800-919-9835 or mailing in Form 3911.
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What Do I Need To Know
Remember, extending the time to file your tax return generally doesnt extend the time to pay any taxes due.
Interest and penalties will generally start to accrue immediately after the due date. You should estimate what you think you might owe and send that amount with your extension. This may save you from being penalized for not paying timely. If you cant pay, you should still file an extension and then review your payment options.
If you believe youre due to receive a refund, you arent required to make a payment.
Who Is Required To File
I just moved to Virginia this year. Do I have to file? If so, which form?
For information regarding the thresholds for filing in Virginia, refer to Who Must File on this website. The What Form Should I File? tool is helpful in determining which form you may need to file as a Virginia resident.
I am under the filing threshold but had Virginia tax withheld that I would like to have refunded. Am I still required to file?
Yes, to receive a refund you must file a return. For information on which form to file please refer to What Form Should I File?
I am an active duty Military member who is currently stationed in Virginia. Am I required to file?
Virginia taxes the taxable pay of military service personnel with a Virginia Home of Record. If you are a legal resident of another state who is currently stationed in Virginia, your military income is not taxable in Virginia. However, if you have non-military income from Virginia sources, such as an off-base job, you may be required to file a Virginia return.
I am a military spouse. Am I required to file?
If you were married to an active duty service member who was in Virginia pursuant to military orders and you were in Virginia solely to be with your spouse, you may be eligible for a Military Spouse Exemption in Virginia pursuant to the Military Spouse Residency Relief Act.
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Why Might A Tax Extension Request Be Rejected
Nine times out of 10, if you file on time and fill out the form correctly, you should have no issue getting an extension.
In most cases, applications are rejected for minor problems that can easily be fixed. If it comes down to a misspelling or providing information that doesn’t align with IRS records, the tax authority will usually give you a few days to sort out those errors and file the form againthis time accurately.
The IRS tends to take less kindly to unrealistic tax liability estimates. If it disagrees with your figures, your application for an extension may be denied and you could even be hit with a penalty.
Overview: What Is A Tax Extension
When you need more time to get your small businesss tax ducks in a row, you can file for an IRS extension that delays your tax return due date for up to six months.
Usually, individual tax payments and returns are due by April 15. You may file for an automatic six-month extension, moving the return date to October 15. Business returns follow different due dates, but the filing process is nearly identical.
However, its a misconception that getting a tax extension pushes back your tax payment due date. Youre still required to pay your taxes by the original deadline, and, if you dont, youll face penalties. The IRS failure-to-pay penalty will run you 0.5% of your tax liability for every month your payment is late, up to 25%.
Of course, you wont know your exact tax liability until you finish filing your return, but youll have an idea of your income and small business deductions. You wont face a failure-to-pay penalty if you pay by tax day 90% of the filing years tax liability or 100% of the previous years.
Say youre a sole proprietor who needs an extension on filing your 2020 taxes. By April 15, 2021, youll need to pay either 100% of your 2019 tax liability or 90% of what youre expecting to owe for 2020.
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Filing A Business Tax Extension
The IRS posts the proper forms for filing an extension on its site, along with instructions and specifics about the regulations. IRS form 4868 can also be used by sole proprietorships that file a Schedule C with a personal return and single member limited liability companies .
Corporations, LLCs and more expansive businesses use IRS form 7004. As with an individual return, submitting this form is an automatic request for a six-month extension to file your businesss income taxes.
Federal tax extension forms can be submitted electronically. The IRS offers details on its site with online fillable forms, as well as details for . Many bookkeeping platforms integrate filing taxes into their platforms explore this option with your preferred tax filing or bookkeeping service.
Filing an official extension is not a way to avoid paying the taxes you owe. The expectation is to pay the anticipated amount of tax owed. The extension is for the sole purpose of providing the flexibility to file the remaining paperwork within the six-month extension.
There is no process for filing an additional extension beyond the one youre granted through October 15. A return can still be completed after this date, just expect to pay additional penalties. However, its a case where its definitely better late than never as to avoid additional penalties by further delaying the filing of a return. The IRS notes that a failure-to-file penalty is generally more than the failure-to-pay penalty.
How To File A Tax Return Extension
If you’re paying electronically, you don’t need to fill out any extra paperwork. The IRS automatically processes an extension when you pay all or part of your estimated income tax, either online or by phone.
Otherwise, you can file an extension by completing Form 4868. You can use the IRS e-file or file out a paper form and mail it in.
On the form, you’ll answer some personal questions, like your address, Social Security number, and estimated tax liability. If you’re filing with your spouse, you’ll need their Social Security number as well. For nonresidents, you’ll need an individual taxpayer identification number . If you don’t have one, you can apply for one through the IRS.
If you know you owe money, you can pay a portion of your estimated total tax liability. Use the tax withholding calculator to find out how much you’re expected to pay.
“If you owe the IRS, you can submit a payment,” Cook says. “If you don’t have the means to make payment, still file as the penalty for not filing is severe.”
You can electronically file Form 4868 and opt to mailing a check instead of making a payment online, you’ll need to attach a completed paper form of what you filed electronically.
“Form 4868 can be filed electronically or mailed, electronic is preferred,” Cook says.
If you don’t file your taxes by the deadline means the IRS will charge you interest on the unpaid balance and a late payment penalty, ranging from 5% to 25% of the amount owed each month it goes unpaid.
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Extensions Of Time To File
This is NOT an extension of time to pay your taxes it is an extension to file your return.
You get an automatic extension of up to six months to file your return. You do not need to file an extension form, but we will assess penalties if you have not met the prepayment requirements .
See instructions for line 41. All extension returns must be filed by Oct. 17, 2022.
State Tax Return Extensions
Your state may have different rules and due dates for extending state income tax returns. Some states have deadlines each year that come after the federal tax return filing due date. So, be sure to check with your state’s tax agency to see how tax return filing and payment extensions work where you live.
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You May Mail A Paper Return
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You can also find printed forms:
- At your local District Office. See the CONTACT US link at the top of this page.
- At your local library. Over 100 libraries across the state have ordered supplies of personal income tax forms to make available to the public, or
- You can call 1-866-285-2996 to order forms to be mailed.
Browse or Search Forms
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Is It Easy To File A Tax Extension
Yes, securing an extension is a fairly straightforward process. All you need to do is get Form 4868, fill it out, and then send it off to the IRS, either electronically or by post, before the deadline. The form itself isn’t very long, although coming up with an estimate of your total tax liability in the tax year can sometimes be tricky.
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Filing For A Tax Extension: Form 4868
If you need an extension of time to file your individual income tax return, you must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
The deadline to file for an extension is the same as the date your tax return is normally due. In most years, that’s April 15 or the next weekday if that date falls on a weekend.
Residents and business owners in Louisiana, Mississippi, and parts of Connecticut, New York, New Jersey, and Pennsylvania received automatic extensions on their deadlines for 2020 return filings and 2021 estimated payments to the IRS until Feb. 15, 2022, because of Hurricane Ida. Taxpayers in parts of Illinois, Kentucky, and Tennessee received extensions after tornadoes in December 2021, as did residents of a Colorado county following wildfires later that month. Consult IRS disaster relief announcements to determine your eligibility.
Requesting an extension is free and relatively simple, and you can do it either electronically or on paper. Either way, you will need to provide identification information and your individual income tax information .
There are also checkboxes to indicate if you are either a U.S. citizen or resident who is out of the country or if you file Form 1040-NR, which is an income tax return that nonresident aliens may have to file if they engaged in business in the U.S. during the tax year or otherwise earned income from U.S. sources.
How To File For An Extension
To file for an extension, you have to submit Form 4868 either electronically or as a paper form. You have to estimate your 2020 tax liability and pay the amount due.
Taxpayers can use Free File to electronically request the extension, which may direct them to a tax-filing program like TurboTax Extension that can help them calculate what they owe in taxes. If you file a paper form for an extension, the form should be postmarked on or before May 17 to be eligible for the extension.
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Get An Extension When You Make A Payment
You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System , or a . This way you wont have to file a separate extension form and you will receive a confirmation number for your records.
Get An Extension To File Your Federal Return
You do not need to request an extension to file your Georgia return if you receive a Federal extension. The due date for filing your Georgia return will be automatically extended with an approved Federal extension. Attach a copy of Federal Form 4868 or the IRS confirmation letter to the Georgia return when filed. Contact the IRS at 1-800-829-1040 or visit their website at www.irs.gov to obtain Form 4868 and additional extension information.
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