![]() You can only file for one extension per tax return, so make the extra time count. How does a federal tax return extension work?Ī federal tax return extension provides more time to file your tax return in a given tax year, usually six months. While filing the appropriate tax forms for an extension means you’ll avoid a failure-to-file penalty, you’ll still incur a late payment penalty if you don’t pay your estimated tax bill by tax day. ![]() ![]() Put another way: Although a tax extension extends the due date for filing tax returns, it does not extend the tax deadline if you owe money to the IRS. Note that this extension applies to your tax paperwork, not your tax payment. A tax extension is a request you file via an IRS form that extends the filing deadline for your tax return. To avoid common misconceptions about taxes, you need to define what a tax extension is and what a tax extension isn’t. Read more: Taxes 2024: Everything you need to file your taxes on time What is a tax extension? In other words, a tax extension gives you more time to file but not more time to pay. However, before you kick the can down the road on taxes owed to Uncle Sam, it’s critical you understand how tax extensions work and why delaying filing your return this tax season doesn’t defer your tax liability. If you dread getting your act together before the tax filing deadline, getting an extension from the IRS is fairly easy. In 2022, the Internal Revenue Service (IRS) estimated about 19 million taxpayers filed a tax extension form because they needed extra time to prepare a tax return. If you need a tax extension, you’re not alone. ![]()
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