It’s Tax Day! Here’s How to Request an Extension From the IRS

What’s the story?

• Tax Day has arrived for taxpayers in the U.S. and if you aren’t going to be able to file your completed tax return by the deadline of 11:59:59pm on April 18th, you can still request an extension from the Internal Revenue Service (IRS).

How to File an Extension

• The IRS “wants last-minute filers to know tax help is available to file a tax return, request an extension or make a payment, 24 hours a day on IRS.gov.” About 15 million taxpayers will request an extension of time to file this year according to the IRS, with most receiving a six-month extension until October 17th. 
• One of the main ways to request a tax extension is by using IRS Free File, which allows you to complete Form 4868 and apply for an automatic extension in a matter of minutes.
• It’s important to note that an extension of the time to file isn’t an extension of time to pay ― taxpayers seeking an extension have to estimate their tax liability and pay any amount due by the April 18th filing to avoid penalties and interest.
• Taxpayers may also request an extension by paying all or part of their estimated income tax due and indicating that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System, or a debit, credit card, or digital wallet. You can also talk to your tax professional about an extension.
• Some taxpayers have been automatically granted a tax filing and penalty extension without having to request one because they live within a disaster area that was declared by the Federal Emergency Management Agency (FEMA). Taxpayers in certain areas of Arkansas, Colorado, Kentucky, and Tennessee have until May 16, 2022, and for Puerto Rico until June 15, 2022. The IRS Around the Nation page has more information.

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• IRS Reminders About April 18 Deadline for Last-Minute Filers and Others

— Eric Revell

(Photo Credit: iStock.com / Pgiam)