The general deadline to file 2023 tax returns is April 15, 2024; an extension would push that deadline to October 15. If you don’t owe anything, filing for an extension isn’t necessary. You won’t owe penalties or interest if you’re expecting a refund, either. But it’s best to file as soon as possible if you’re due any refundable tax credits, such as the earned income tax credit or https://www.bookstime.com/bookkeeping-services/hillsboro the child tax credit.

Con: You don’t get more time to do other things

Long-term repayment plans let you pay off what you owe in monthly installments for up to six years (72 months). The online setup fee for a long-term plan is $31 if you sign up for direct debit autopay but bumps up to $130 if you opt to make your payments by check, money order, credit card or debit card. An extension does not give you extra time to pay your taxes, which are due on April 15, 2025. Even if you can’t pay your taxes by the deadline, file an extension anyway so you can avoid the late-filing penalty. You can file for a tax extension in the same way you would file your tax return itself.

How tax extensions work if you owe taxes

You very well may have other tax obligations to fulfill in the meantime (e.g., making estimated tax payments or reporting tips to your employer). You also still might have to file a state tax return tax filing – or at least file a separate extension request with your state (check with the state tax agency where you live for specific rules to follow). For taxpayers who need an extension of time to file their taxes, there are several options to get an automatic extension through Oct. 15. Although an extension grants extra time to file, it does not extend the obligation to pay taxes due on April 15, 2024.

How much does a tax extension cost?

To help you decide if it’s better for you to request an extension or file your return now, see Pros and Cons of Getting a Tax Extension. Spouses of military personnel who served in a combat zone or contingency operation are generally entitled to this extension, too. However, the extension doesn’t apply to a spouse for any tax year beginning more than two years after the area in question ceases to be a combat zone or an operation ceases to be a contingency operation. It also doesn’t apply to a spouse for any period the service member is hospitalized in the U.S. for injuries incurred in a combat zone or contingency operation. With either of these two methods, you will not receive any notice of approval from the IRS. But the IRS will let you know if your request for a filing extension is denied because it was too late.

You can call the IRS customer service number to check if your tax extension was approved. When you file a tax extension online with TurboTax Easy Extension, you’ll receive a notification when you’re approved, so you don’t need to call the IRS. An extension is requested by filling out Form 4868, which can be mailed to the IRs or e-filed using your TurboTax account.

• Taxpayers can complete the extension request form through the IRS Free File website.
• Taxpayers affected by California Fires or other California Disasters — please refer to our State of Emergency Tax Relief page for instructions on how to apply for relief.
• Your personal income taxes are (almost) always due on April 15, unless the 15th falls on a holiday or weekend.
• Read on to learn what a tax extension means, how to get one, and how to use this extended tax deadline to your advantage.
• So, be sure to check with your state’s tax agency to see how tax return filing and payment extensions work where you live.
• So, if you are not sure about how to handle something on your tax return, don’t rush it – taking the tax extension will buy you more time to figure it out.
• Security Certification of the TurboTax Online application has been performed by C-Level Security.

Need more time to file your 2024 tax return?

• You can use IRS Free File at IRS.gov/freefile to request an automatic filing extension or file Form 4868, Application for Automatic Extension of Time to File.
• This threshold doubles for jointly-filing, married couples to $400,000 on the last day of the year, or over $600,000 at any point during.
• Filing a tax extension allows you to avoid late-filing penalties that can cost you more money.
• This can relieve your tax obligations and ultimately save you money.
• It will also allow you to consider last year’s carryovers, like unused foreign tax credits, when preparing this year’s return.

Unexpected things happen in life, and sometimes you can’t get your taxes filed on time. If you can’t file your taxes by the April deadline, you can file an extension to get more time to file your taxes. If taxpayers have a balance and can’t pay it now, they should apply for a payment plan. The IRS has more information for taxpayers who can’t afford to pay the taxes they owe. As with any tax issue, it is always best to cash flow take action as soon as you can.

IRS Announces Tax Deadline Extension for Boston-Area Ta…

If you do miss the October deadline, the IRS will hit you with a late filing penalty. And if you haven’t paid your tax liability, interest charges and late-payment penalties can become hefty. Just because you can easily get a tax return filing extension, that doesn’t necessarily mean you ought to. You might be better off just biting the bullet and getting your tax return done before your filing deadline. On the other hand, having more time could improve your bottom line. Second, your deadline also is extended beyond 180 days by the number of days you had left to take action with the IRS when you entered the combat zone.