Your Guide for Filing a Tax Extension

Tax day is coming fast, and if you haven’t already, it’s time to get started!

Tax day does creep up on people like that, but you still have the option to extend your time frame. According to Forbes, there are many reasons for people to want to deal with their taxes later. In fact, contrary to the myth, extending your taxes does not trigger an audit at the IRS. Just paying late is a far bigger risk when it comes to being audited. Fortunately, extending your taxes is quite simple if you remember to follow these simple steps.

  1. Don’t panic. Bureaucracy always takes its time, and the fact that you need a tax extension is not a bad thing at all. You don’t even need to explain why, you just need to make sure you’re following the rules.
  2. You can extend your taxes by up to 6 months, and your new deadline will be October 15th.
  3. The IRS has the necessary forms on their website, and they are easy to access, of course. The form you will need form 4868 for an extension on your individual taxes. There are separate forms for businesses and other institutions.
  4.  You still need to make the payment, the only thing that changes is the due date. If you fail to meet the new deadline, you can still be subjected to penalties and interests.
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5 years ago
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