How To File A Tax Extension

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How to Get a Tax Extension

What is a Tax Extension?

A tax extension is a request to the IRS for more time to file your taxes. This extension gives you an additional six months to file your return, from the original April 18th deadline to October 16th.

Who Can Get a Tax Extension?

Anyone can get a tax extension, regardless of your income or filing status. However, you may need to pay estimated taxes if you owe more than $1,000 in taxes.

How to Get a Tax Extension

There are two ways to get a tax extension: 1. File Form 4868: This is the most common way to get a tax extension. You can file Form 4868 by mail or online. 2. Use TurboTax Easy Extension: This is an online service that makes it easy to file a tax extension. TurboTax Easy Extension will also calculate your estimated taxes and make sure you pay the right amount.

What Happens After You File for an Extension

Once you file for an extension, you will have until October 16th to file your tax return. However, you must still pay any taxes you owe by April 18th.

Penalties for Filing Late

If you file your tax return late without an extension, you may be subject to penalties and interest. The penalty for filing late is 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum of 25%. The interest rate on unpaid taxes is currently 4%.

How to Avoid Penalties

The best way to avoid penalties for filing late is to file on time or file for an extension. If you cannot file on time, you should file for an extension as soon as possible.