It Could Save You Money – The extra time could help ensure you accurately calculate your itemized deductions. If you provide incorrect information, it could cost you time and money to file corrections at a later date. It Helps with Accuracy – You might be better off waiting on W-2s, 1099-NECs, or other tax documents from third parties instead of estimating income, interest, or additional tax-related information. NOTE: You must enter a tax liability estimate on the form. Errors could result in your application being rejected. Confirm that your name, address, and Social Security number are correct before filing the form. However, you must double-check the information entered on the form. There's no need to provide a written explanation and wait for approval of the extension. It's Automatic – As stated in the application title, approval is automatic. It's Free – There is no cost to submit IRS Form 4868. There are numerous benefits to filing an extension. Individual Income Tax Return must be submitted by the original date the return is due. To request an extension, IRS Form 4868, Application for Automatic Extension of Time to File U.S. However, it can help you avoid a failure-to-file penalty which is at least 5% of the unpaid taxes for each month the return is late. While the extension provides extra time to file your return, it does not give you extra time to pay without incurring a late payment penalty. For example, if Tax Day falls on April 18, you'll have until October 18 to file your return. What is a tax filing extension?Īn IRS tax extension gives you an extra six months to file your U.S. Whether you're still gathering tax documents or waiting to file until you've saved enough to cover your tax bill, read on to discover if filing an IRS tax extension might benefit your situation. households, you might be scrambling to meet the deadline.
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