Tax season is in full swing, and for most individual taxpayers, the looming deadline for filing and payment is Monday, April 18, 2022. However, life can get complicated, and if you find yourself needing more time to gather your documents and complete your tax return, there’s an option available: filing for an extension.
Understanding the Extension Process
Taxpayers who require extra time to file must submit a request for an extension by April 18. Failure to do so may result in a penalty for late filing. This extension, if granted, provides a breather, extending the filing deadline to October 17. It’s crucial to note, though, that this extension pertains to filing only and does not grant an extension for making tax payments.
Don’t Delay Your Payments
While the extension offers relief on the filing front, it’s essential to understand that it does not exempt taxpayers from making their payments. The majority of taxpayers are required to settle their tax dues by April 18 to avoid penalties and interest accruing on any outstanding amounts after this date.
For those residing in Maine and Massachusetts, the deadline is extended to April 19 due to the Patriots’ Day holiday in these states.
How to Request an Extension
If you find yourself in need of an extension, the IRS provides convenient options to make the process smoother:
- File Form 4868:
- Utilize your tax professional, tax software, or the IRS Free File platform on IRS.gov to submit Form 4868.
- Individual taxpayers, regardless of income, can leverage Free File for an automatic extension request.
- Electronic Payment Method:
- Make an electronic payment using Direct Pay, Electronic Federal Tax Payment System, or debit/credit card or digital wallet.
- When selecting the payment type, indicate it’s for an extension. No need to file Form 4868 separately; the IRS automatically recognizes it as an extension.
Special Considerations
Certain taxpayers may be eligible for extending filing and payment deadlines. This includes individuals affected by disasters, those living overseas (including military personnel), and eligible support personnel serving in combat zones.
In conclusion, while filing for an extension can provide breathing room for completing your tax return, it’s crucial to remember that it doesn’t grant an extension for making payments. Stay informed, meet the deadlines, and navigate the tax season smoothly. If in doubt, consult with your tax professional for personalized guidance.
