For example, if you’re going to be out of town right around the time your return is due, it might be easier to request an extension. Because this date is fairly consistent every year, you should have plenty of time to plan ahead and decide whether you need an extension. Remember that the due date for extension requests is by your regular due date - usually April 15. Here’s what to know about requesting your extension: Planning Your Extension Once you know how tax extensions work, what the rules are and how you can benefit, it’s time to get started. Plus, if a little more time makes it easier to claim the right tax credits or make sure you’ve covered all your bases, there’s no reason to skip this valuable opportunity. There are plenty of good reasons to use a tax extension, and they don’t come with any “punishments.” They’re even free to file.įor example, you won’t have to pay more on your taxes for filing late if you use a federal extension - and, in fact, you might be able to avoid a late filing penalty you would otherwise have incurred. Most of the time, this is just due to incorrect information or typos, and the IRS gives you five days to fix things up and resubmit your form that was timely e-filed but later rejected. Can The IRS Reject My Extension?Īlthough the IRS doesn’t reject many extensions it is possible that your extension request gets rejected. Essentially, if your date is extended to October, you can’t ask the IRS to give you even more time. In most cases, you can only get one extension per return. That means a tax extension may only apply to your federal return. Some states accept the IRS tax extension rules, while others require you to file a separate state extension request. Do Extensions Apply to All Income Tax Returns? It’s your responsibility to estimate your tax liability and pay on time if you don’t, you may incur a penalty and have to pay interest on your original tax bill. That means your estimated tax is still due at the regular deadline. It’s critical to note that a tax extension applies to filing your return, not your payment if you owe taxes. This depends on decisions from agencies such as the Federal Emergency Management Agency (FEMA). You may also get an automatic extension if you’re in a disaster area. That puts the automatic 2-month tax deadline on June 15. citizen or resident alien and you’re living or stationed outside the country, you’re allowed an automatic two-month extension from the regular due date. Under special circumstances, this date might be a little different. For tax year 2023, the extension deadline is October 16, 2023. If October 15 lands on a weekend or legal holiday the date is delayed to the next business day. This means that your new tax deadline would land around October 15. Generally, a tax extension is good for six months. Just make sure you’ve done this by the regular due date, which is usually April 15. All you have to do is complete and send the correct IRS form based on your filing status. Your request is for an automatic tax-filing extension, and you don’t even need to justify your reasoning. This includes resident and non-resident aliens. Generally, anyone, regardless of their income level, is eligible to file for a tax extension. Here’s what taxpayers might ask about tax extensions: Who Is Eligible? It essentially means you don’t have to complete your federal tax return by the regular due date which is usually April 15 (unless this date falls on a weekend or holiday). Table of Contents What Is a Tax Extension? How To Get a Tax Filing Extension How To Use a Tax Extension To Your Advantage Take Advantage of Your Tax Extension With TurboTax What Is a Tax Extension?Ī tax extension is an extension of time with the Internal Revenue Service (IRS) to file your federal tax return.
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