You can request an extension of your taxes by submitting form 4868 to the irs online or by mail. this must be done before the last day for filing taxes. Filing an extension on your taxes gives you extra months to prepare your return no matter why you need the extra time.
what is a tax extension?
When some taxpayers ask “how do I get an extension on my taxes?” they could be thinking about the taxes due and not the return itself.
This question draws attention to a key distinction between what is a tax extension and what is not. An extension only gives you more time to complete the paperwork, not more time to pay.
Your tax payment is due by the tax due date, which is generally April 15, or the next business day if it falls on a weekend or holiday.
- If you know you’ll get a refund, you won’t have to worry about paying when you file a tax deferral. The sooner you file your return, the sooner you’ll get your refund.
- If you think or know you’ll owe, you should estimate your tax liability and pay the amount due when File Form 4868.
Are there any penalties for requesting a tax extension?
Filing a tax extension is not a bad thing. there is no penalty for filing an extension. however, not paying enough or on time, or not filing in full, can cost you dearly.
- if you don’t pay the full amount you owe, the irs will charge you interest on the unpaid balance until you pay the full amount.
- if you don’t pay at least 90% of the amount you owe, You may also be subject to a late payment penalty. the penalty is usually 1/2 of 1% of the amount due each month, up to a maximum of 25%.
- If you don’t file your return or Form 4868 by the tax filing deadline, you’ll be subject to a late filing penalty. the penalty is usually 5% of the amount you owe each month, up to a maximum of 25%.
After you file the extension, you will have until October 15 to gather your documents and finalize the filing. When you complete your return, you must include the amount you already paid in the payment section of your 1040 form.
can a tax extension be filed online? what shapes are there?
Form 4868 is the IRS document you fill out to receive an automatic extension to file your return. You can file a tax extension online in several ways with H&R Block. Although you will not complete the paper Form 4868 line by line, your tax extension information will be submitted online to the IRS.
here we show you how to get an extension of your taxes with h&r block*
- File your tax extension online on your own: Start with an existing h&r block online account or create a new one to submit your extension. If you’ve featured us online in the past, this experience will be familiar to you. our program will ask you all the pertinent questions, so you can file your extension with the irs.
- file your tax extension with a tax professional virtually – work with h&r block to connect with a remote tax expert who can submit your tax extension for you. If you have not started your return with us virtually, select the version of h&r block virtual for your situation and complete the initial information. then, once you’ve created your account, send a secure message to your tax professional to request the extension. Are you already working with a professional? simply connect with them to determine if an extension is necessary.
- Have a local tax profile file your extension – Work with your current tax professional to file your extension virtually. log in to your myblock account and send a secure message to your tax professional to request the extension.
don’t you live in the united states? Find out how to file an extension when living abroad with our expat tax services team.
*fees may apply.