The Internal Revenue Service (IRS) has issued a reminder to taxpayers on how to file for an extension before the deadline next month.
Extensions for federal income tax returns are available to all U.S. tax filers regardless of their income, and can give those who are unable to file an extra six months to get the paperwork in order. However, the extension applies only to the documents, and all taxes must be paid by the deadline next month.
Federal tax returns are due on April 15 nationwide, with an exception for those in Maine and Massachusetts because of a state holiday. In these two states, returns and payments are due on April 17. If you get an extension, your income tax returns will be due on October 15 instead.
Last year, more than 19 million filers requested an extension beyond the filing deadline, according to a report by American personal finance company NerdWallet.
Newsweek has contacted the IRS for comment via email outside of normal working hours.
How to File a Tax Extension
The IRS advises that the easiest way to request an extension is through IRS Free File. All individual filers can use Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, which is available through the program. To get the extension, you must estimate your tax liability on this form and should also pay any amount due.
You can also receive an extension through the Electronic Federal Tax Payment System (EFTPS), paying with a debit or card or via digital wallet, and IRS Direct Pay. The IRS automatically grants extensions when electronic payments are made, providing it is indicated.
Some also get automatic extensions on their tax returns. These include U.S. military members on international duty; those serving in combat zones; those who live outside the U.S. and Puerto Rico; and anyone living in a disaster area as declared by the president.
An extension to your filing does not mean you have longer to pay your taxes, with full amounts still due on April 15.
What If I Can’t Pay My Taxes?
The IRS advises anyone who cannot pay their taxes in full by April 15 must pay what they can and consider using payment options or getting a loan to cover the outstanding balance.
If you do not pay some or all of your taxes by the deadline, interest can accrue and penalties can be applied. “Taxpayers should file an extension even if they cannot pay the full amount owed,” the IRS advises. “By filing either a return on time or requesting an extension by the April 15 filing deadline, taxpayers can avoid the late-filing penalty.
GETTY
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.