Did you miss the tax filing deadline on April 18? Don’t worry, there are options available to you.
Taxpayers can request a half-year extension from the IRS to file their tax returns.
Fortunately, the process to request an extension is quite simple.
To ask for an extension, you need to fill out Form 4868, which you can obtain from the IRS Free File service and file electronically.
This will grant you an extension until October 16 to file your tax return.
Watch out. This does not mean that you get an extension to pay any taxes you owe.
On Form 4868, you will be asked to estimate the tax you owe. Send your payment for this estimated tax using one of these options here. It is best to pay directly from your bank account, but paying by credit or debit card is possible with a processing fee.
Interest and penalties will apply if you fail to pay by the original April 18 deadline. Each month you are late will result in a penalty of 5% of unpaid taxes — capped at 25% — until the IRS receives payment.
It is also possible to ask the IRS for a payment plan that will allow you to pay what you owe over time.
While filing and paying taxes on time is always the best course of action, the IRS understands that unforeseen circumstances can arise.
If you are a disaster victim, military service member, or taxpayer living overseas, you may be eligible for extra time to file and pay your taxes.
If you miss the filing deadline, you may still be eligible for penalty relief if you have a history of filing and paying your taxes on time for the past three years. For more information on penalty relief, visit IRS.gov.
When you do file, check out some additional tax tips from The Dallas Express here.
As of April 7, 101,320,000 Americans had filed their tax returns, per IRS data. A total of 44,666,000 did their taxes themselves, without the help of a tax professional.
The average refund amount received per tax filer was $2,878.