![]() Upon successfully filing your extension, you’ll receive an electronic acknowledgment from the IRS confirming that they’ve received your extension request. It’s a free, secure, and user-friendly way to e-file your taxes or request a tax extension. The IRS provides a service called Free File,” which is available on their official website. You also have the option to pay your estimated tax bill online, and by doing so, you’ll automatically be granted an extension without having to fiddle with Form 4868.Īs for the last call for tax extension requests, that would be the original due date for filing taxes, April 18, 2023.Īnd yes, you can absolutely e-file your tax extension in 2023. Submitting this to the IRS can be done electronically or the old-fashioned way via mail. So, the first step in this journey is to familiarize yourself with Form 4868-your passport to file a tax extension. However, if the IRS owes you a refund, you can take a breath of relief because there’s no penalty for filing late.Īlright, now that we have the basics of tax extensions down, let’s lift the veil on how to actually file one. ![]() The IRS tends to charge a fee of 5% on the unpaid taxes for each month your return is delayed. As long as your request hits the IRS before the original tax-filing deadline, your extension should be granted.īut what if you overlook the deadline and skip filing a tax extension? The repercussions could be costly. So, you’re eligible whether you’re an individual, a company big or small, a partnership, an S corporation, or a trust or estate. Tax extensions are quite versatile and apply across the board to income taxes. No matter the circumstance, a tax extension can provide that bit of extra wiggle room you need to file. Or maybe you’re dealing with an unexpected personal event. Imagine if you’re in a situation where you’re scrambling for some vital tax documents or if life has been so busy that you haven’t had a moment to sit down and finalize your return. It’s a handy safety net if you’re having a hard time getting your documents sorted before the traditional deadline. Now, remember, this isn’t a delay for when you need to pay your taxes, but it does shift your filing deadline from April 18, 2023, to the more distant October 16, 2023. So, what’s this tax extension all about? It’s essentially your formal plea to the IRS for a bit more time to complete your federal income tax return. However, there’s a secret weapon you can use to give yourself some much-needed space: the tax extension. Tax season might be a nail-biting experience, particularly if you find yourself racing against the clock to meet the due date.
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