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Remember to file by the October deadline
The federal income tax filing deadline is April 18, 2022. If you need more time, you can get an automatic income tax extension by filing IRS Form 4868. This extends your deadline until October 17, 2022.
Here are some do’s and don’ts when it comes to tax extensions.
How do I file a tax extension?
You can get a tax extension electronically or via mail. You should request an extension on or before the April 18 deadline to avoid a penalty for late-filing from the IRS.
If you don’t plan to use tax software or haven’t decided which software to use, consider IRS Free File. The IRS partners with a nonprofit organization called the Free File Alliance to provide people who make less than $73,000 of adjusted gross income access to free, name-brand tax-prep software. Anybody — even people above the income threshold — can go there to file an extension online.
If you’re planning to use tax software, make sure your provider supports Form 4868 for tax extensions. You can duly follow the program’s instructions and see how to file a tax extension electronically. The IRS will send you an electronic acknowledgment when you submit the form.
Federal: $24.95 to $64.95. Free version available for simple returns only.
State: $29.95 to $44.95.
All filers get access to Xpert Assist for free until April 7.
Federal: $39 to $119. Free version available for simple returns only.
State: $49 per state.
TurboTax Live packages offer review with a tax expert.
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Federal: $29.99 to $84.99. Free version available for simple returns only.
State: $36.99 per state.
Online Assist add-on gets you on-demand tax help.
You can also apply for a tax extension by filling out Form 4868 on paper and sending it via snail mail. Ensure that you have a proof of the mail.
How Long Is A Tax Extension?
A tax extension gives you until October 17, 2022, to file your tax return.
However, getting an extension does not extend the time you will pay, it only gives you more time to file your return.
Anything you owe after the deadline is subject to interest and a late-payment penalty — even if you get an extension.
Usually, if you have paid at least 90% of your actual tax liability by the deadline and you pay the rest with your return, you can get a break from the late payment penalty.
Tax Extensions For Overseas Taxpayers And Military Members
If you’re a U.S. citizen or resident who lived and worked outside of the country on the tax-filing deadline, you automatically get two more months to file your return and pay any amount due without having to request a tax extension.
People affected by certain natural disasters like flooding may also get more time. The military also get an extension, too.
Remember To File By The October Deadline
Requesting an extension and making an estimated payment is only half the work. You still have to file your final return. If you are unable to file on October 17 extension deadline, the penalties could get worse.