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tackling income taxes

filing a tax extension

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Who doesn’t love procrastinating? Welcome to the government form of everyone’s favorite activity. We’ll tell you how to file a tax extension and why you might want one.

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What is a tax extension?

A tax extension allows you to extend your tax return filing date by 6 months, from April to October. Remember – this is a filing extension, which doesn’t necessarily mean a payment extension. More on that below…

 

Why would you file for an extension?

Many people file for an extension when they can’t pay the full tax amount by tax day (which falls in mid-April). Or, maybe your tax situation is really complicated and you need more time to sort through it. Regardless, you actually don’t need to give a reason for why you want to file for an extension – so if you just don’t feel like it at the time, go on and push out your tax return filing by 6 months (so taxes will now be due in October).

 

When is the last day to file taxes?

The last day to file taxes for calendar year 2020 is April 15th, 2021. However, if you file for an extension, that date will be moved to October. If you don’t file for an extension and miss the deadline, you’ll have to pay penalties until you file.

 

How to file a tax extension

There are two main things you need to do to file for an extension: you need to file form 4868 to get your extension, and you need to pay all or a portion of your taxes owed. Failing to pay will result in interest and penalties until you pay, so make sure to submit. How will you know what to pay if you haven’t filed your tax returns? Thankfully, the IRS and other tax companies have tools that will quickly help you calculate your owed amount. If you don’t owe anything and will be getting money back, you don’t have to pay anything! But, you won’t get the money until you file.

An extension can definitely be beneficial, but make sure you’re doing it right. We always like a little extra time.

 

Source(s): IRS

No account yet? Register

tackling income taxes

filing a tax extension

Who doesn’t love procrastinating? Welcome to the government form of everyone’s favorite activity. We’ll tell you how to file a tax extension and why you might want one.

What is a tax extension?

A tax extension allows you to extend your tax return filing date by 6 months, from April to October. Remember – this is a filing extension, which doesn’t necessarily mean a payment extension. More on that below…

 

Why would you file for an extension?

Many people file for an extension when they can’t pay the full tax amount by tax day (which falls in mid-April). Or, maybe your tax situation is really complicated and you need more time to sort through it. Regardless, you actually don’t need to give a reason for why you want to file for an extension – so if you just don’t feel like it at the time, go on and push out your tax return filing by 6 months (so taxes will now be due in October).

 

When is the last day to file taxes?

The last day to file taxes for calendar year 2020 is April 15th, 2021. However, if you file for an extension, that date will be moved to October. If you don’t file for an extension and miss the deadline, you’ll have to pay penalties until you file.

 

How to file a tax extension

There are two main things you need to do to file for an extension: you need to file form 4868 to get your extension, and you need to pay all or a portion of your taxes owed. Failing to pay will result in interest and penalties until you pay, so make sure to submit. How will you know what to pay if you haven’t filed your tax returns? Thankfully, the IRS and other tax companies have tools that will quickly help you calculate your owed amount. If you don’t owe anything and will be getting money back, you don’t have to pay anything! But, you won’t get the money until you file.

An extension can definitely be beneficial, but make sure you’re doing it right. We always like a little extra time.

 

Source(s): IRS

lessons in this course

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