The clock is ticking away. The deadline for filing your taxes is getting nearer. Are you feeling the heat? For most taxpayers, 15th April is the final day to get their taxes filed. For the residents in Massachusetts and Maine, they have time up to the 17th April because of local holidays. Just to remind everyone, if your tax is not filed on time, you will run the risk of getting a late payment or late-filing penalty.
However, if you have proper reasons, you might be able to request an extension to complete your tax filing. Perhaps you have lost a few crucial documents, or you are dealing with an unexpected life incident. Or maybe you just don’t have enough time to file your taxes by the deadline. There is a way to get about a six-month extension to file your taxes. All you need to do is go through a simple process.
Going The Electronic Way
If you want, you can get an extension by e-filing for it for free. You can use any of the Free File software that is offered by top tax preparation companies. This software will help to estimate your due taxes so that you can make the payment. You will also be able to download and print Form 4868 and send it to the IRS address of your state by 15th April. If the IRS approves, then you will get until 15th October to file your returns.
Will You Get Your Refund?
You will be getting your eligible refunds, but for that, you need to file your tax returns first. Then, you have to be patient until the IRS processes your returns.
Making Payments To The IRS
Even if you are going for an extension, you will have to pay the IRS what you owe by 15th April. If you don’t do so, then you may have to pay interest on the amount that you did not pay by the deadline. For example, if you have paid less than 85 percent of the tax that you owe, then you are going to be charged a penalty of about 0.5 percent every month on the underpayment till you clear off the balance.
Getting State Extensions
Every state has its own rules of extension when it comes to tax filing. Check out the website of the state’s tax authority to get more information on the extension rules of each state.
What If You Are Not Living In the Country At The Moment?
If you are abroad, then you will be getting an additional two months extension automatically. You will get until 15th June to file your tax returns. You don’t need to submit an extension request to the IRS if you are a United States citizen or a resident alien and you are living or working outside the U.S. and Puerto Rico. This rule also applies to any military personnel who are serving outside of the United States or Puerto Rico. All you have to do is include a statement that will explain why you are eligible for the later deadline when you are filing for the return.
However, if you are cannot file your tax returns even after the automatic two-month extension, then, you have to fill the Form 4868 and request for an extension until 15th October. You will have up to 15th June to fill this form.
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