What are the steps for filing a tax return extension?

When you realize you won't be able to file your taxes by the deadline, you can request an extension to give yourself more time. Follow these steps to file a tax return extension:

1. Determine if you need an extension

If you can't file your taxes by the deadline, which is usually April 15th for most taxpayers, you can request an extension to give yourself an additional six months to file your return. However, an extension to file is not an extension to pay your taxes. Make sure you pay any estimated taxes owed by the original deadline to avoid penalties and interest.

2. File Form 4868

To request an extension, you need to file IRS Form 4868. This form will give you an additional six months to file your tax return, moving the deadline to October 15th.

3. Make estimated tax payments

If you owe taxes, make sure to estimate the amount you owe and make a payment with your extension request. Failure to pay enough taxes with your extension request could result in penalties and interest.

4. Potential penalties for late filing

If you don't file your tax return or extension request on time, you may face penalties for late filing. These penalties can add up quickly, so it's essential to request an extension if you need one to avoid additional fees.