The information in this article is up to date for tax year 2022 (returns filed in 2023).
Life happens – there are several reasons you may be unable to file your return by Tax Day. You should file a tax extension if you need extra time to prepare your return. All you have to do is submit Form 4868 to the IRS, which we’ve explained below.
Remember that an extension allows additional time to file, not time to pay your tax bill. In other words, the IRS does not penalize taxpayers for requiring extra time to file. However, you can be penalized for not paying your bill by Tax Day. Learn more about late payment penalties here.
What is a tax extension?
The first thing you should know is that a tax extension is an extension of time to file, not to pay your tax bill. Generally, this extension allows you an additional six months to file your federal return.
When to file an extension?
Requests for a tax extension are due by Tax Day, which typically falls on April 15th. If you cannot file your return by the tax deadline, filing an extension is the best way to avoid potential penalties and fees.
When is the extended tax deadline in 2023?
A tax extension typically gives you six months from Tax Day to file your return. For example, if you filed an extension this year, you have until Oct. 16th, 2023, to file your 2022 tax return. However, if you were a victim of a natural disaster, you may be eligible for specific filing and payment extensions. For more information, read Tax Relief for Victims of Natural Disaster.
How to file a tax extension?
You can easily request a tax extension from the IRS by filing Form 4868. Generally, requests for extensions are always accepted by the IRS. To qualify for an extension, you should:
- Estimate your tax liability based on the information available to you
- Include your estimated tax liability on Form 4868
- File extension request by the tax deadline
You can file an extension for free with TaxSlayer! Keep reading to determine if filing a tax extension is right for you.
