{"id":20226,"date":"2024-04-15T18:00:44","date_gmt":"2024-04-15T23:00:44","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=20226"},"modified":"2024-04-15T18:14:29","modified_gmt":"2024-04-15T23:14:29","slug":"4-things-to-know-about-filing-a-tax-extension","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/4-things-to-know-about-filing-a-tax-extension\/","title":{"rendered":"4 Things to Know About Filing a Tax Extension"},"content":{"rendered":"\n

The information in this article is up to date for tax year 2023 (returns filed in 2024).<\/em><\/p>\n\n\n\n

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Your tax return<\/a> must be postmarked by April 15th<\/sup> to be considered on time.\u00a0 If you\u2019re unable to meet the deadline, the best thing to do is request a tax extension.\u00a0 This will give you more time to file an accurate return and can possibly minimize penalties.\u00a0 However, there are some things you need to be aware of before making your decision.<\/p>\n\n\n\n

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You only have until April 15th<\/sup> to request an extension<\/strong><\/h2>\n\n\n\n

Requesting a federal tax extension is fairly easy and free.\u00a0 Simply submit Form 4868<\/a> to the IRS via mail or electronically.\u00a0 It\u2019s highly recommended that you enclose a payment for any taxes due to minimize penalties.\u00a0 You must submit your request no later than April 15th<\/sup>.\u00a0 Unlike with your federal taxes, there\u2019s no one size fits all rule when it comes to obtaining a state tax extension.\u00a0 Some places automatically give you an extra six months to file while others require you to request an extension.\u00a0 So, check your state government website for more details.<\/p>\n\n\n\n

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The extended tax deadline is October 15th<\/sup> <\/strong><\/h2>\n\n\n\n

Although filing a tax extension does buy you some extra time, that doesn\u2019t mean you can drag your feet forever.\u00a0 Your return must be in the IRS\u2019 hands no later than October 15th<\/sup>.\u00a0 The fastest and easiest way to do your taxes is with ezTaxReturn<\/a>.\u00a0 Since 1999, we’ve helped millions of taxpayers file with ease.<\/p>\n\n\n\n

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Get Started Now<\/a><\/div>\n<\/div>\n\n\n\n
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Filing a tax extension doesn\u2019t give you extra time to pay <\/strong><\/h2>\n\n\n\n

A popular misconception about tax extensions is that it gives you more time to pay any taxes you owe.\u00a0 We hate to burst your bubble, but that\u2019s not true.\u00a0 The IRS<\/a> still expects their money by April 15th<\/sup>.\u00a0 Even if you can\u2019t afford to pay the entire bill, at least pay as much as you can by the deadline.\u00a0 Otherwise, you\u2019ll begin accumulating interest and penalties on your unpaid balance once the clock strikes midnight.\u00a0 The late payment penalty starts at 0.5% of your taxes each month and can climb up to 25%.\u00a0 Meanwhile, the interest rate<\/a> is the federal short-term rate plus 3 percent, and it compounds daily.<\/p>\n\n\n\n

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Miss the extended deadline and you may face a late filing penalty<\/strong><\/h2>\n\n\n\n

If you requested a tax extension and miss that deadline too, prepare to be hit with hefty fines.\u00a0 The late filing penalty is 5% of your unpaid taxes each month, up to a maximum of 25%.\u00a0 If your return is more than 60 days late, the minimum penalty is $485 or 100% of your unpaid balance, whichever amount is smaller.<\/p>\n\n\n\n

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Get Started Now<\/a><\/div>\n<\/div>\n\n\n\n
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The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The information in this article is up to date for tax year 2023 (returns filed in 2024). Your tax return must be postmarked by April 15th to be considered on time.\u00a0 If you\u2019re unable to meet the deadline, the best thing to do is request a tax extension.\u00a0 This will give you more time to […]<\/p>\n","protected":false},"author":3,"featured_media":38696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"\r\n

Your tax return<\/a> must be postmarked by April 15th<\/sup><\/a> to be considered on time.\u00a0 If you\u2019re unable to meet the deadline, the best thing to do is request an extension.\u00a0 This will give you more time to file an accurate return and can possibly minimize penalties.\u00a0 However, there are some things you need to be aware of before making your decision.<\/p>\r\n\r\n\r\n\r\n

You only have until April 15th<\/sup> to request an extension<\/h4>\r\n\r\n\r\n\r\n

Requesting a federal tax extension is fairly easy.\u00a0 Simply download and complete Form 4868 from the IRS website then mail it in.\u00a0 It\u2019s highly recommended that you enclose a payment for any taxes due to minimize penalties.\u00a0 You must submit your request no later than April 15th<\/sup>.\u00a0 Unlike with your federal taxes, there\u2019s no one size fits all rule when it comes to obtaining a state tax extension.\u00a0 Some places automatically give you an extra six months to file while others require you to request an extension.\u00a0 So, check your state government website for more details. <\/p>\r\n\r\n\r\n\r\n

The extended tax deadline is October 15th<\/sup> <\/h4>\r\n\r\n\r\n\r\n

Although filing an extension does buy you some extra time, that doesn\u2019t mean you can drag your feet forever.\u00a0 Your return must be in the IRS\u2019 hands no later than October 15th<\/sup>.\u00a0 The fastest and easiest way to do your taxes is with ezTaxReturn.com<\/a>.\u00a0 Since 1999, they've helped millions of taxpayers file with ease.<\/p>\r\n\r\n\r\n\r\n

Filing an extension doesn\u2019t give you extra time to pay your taxes<\/h4>\r\n\r\n\r\n\r\n

A popular misconception about tax extensions is that it gives you more time to pay any taxes you owe.\u00a0 We hate to burst your bubble, but that\u2019s not true.\u00a0 The IRS<\/a> still expects their money by April 15th<\/sup>.\u00a0 Even if you can\u2019t afford to pay the entire bill, at least pay as much as you can by the deadline.\u00a0 Otherwise, you\u2019ll begin accumulating interest and penalties on your unpaid balance once the clock strikes midnight.\u00a0 The late payment penalty starts at 0.5% of your taxes each month and can climb up to 25%.\u00a0 Meanwhile, the interest rate is the federal short-term rate plus 3 percent, and it compounds daily.<\/p>\r\n\r\n\r\n\r\n

Miss the extended deadline and you may face a late filing penalty<\/h4>\r\n\r\n\r\n\r\n

If you requested an extension and miss that deadline too, prepare to be hit with hefty fines.\u00a0 The late filing penalty is 5% of your unpaid taxes each month, up to a maximum of 25%.\u00a0 If your return is more than 60 days late, the minimum penalty is $435 or 100% of your unpaid balance, whichever amount is smaller.<\/p>\r\n","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-20226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"\n4 Things to Know About Filing a Tax Extension<\/title>\n<meta name=\"description\" content=\"If you\u2019re unable to meet the tax deadline, you need to request a tax extension. 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