April 15 is tax day. If you're a taxpayer and haven't filed, you need to do so by the end of the day or face penalties.
The IRS will add a percentage of the unpaid taxes for each month the return is late. If it's late for 60 days or more, there could be additional penalties.
But if you're not ready to hit 'submit', you can file for a tax extension and avoid those late-filing fees. Just know, while a tax extension gives you more time to file your federal income tax return, it does not give you more time to pay taxes you owe!
If you file a tax filing extension, your deadline will move from April 15 to October 15. However, if you owe taxes, you must still pay them by April 15 to avoid interest and penalties.
To request an extension, you have a few options:
- File Form 4868 electronically through IRS Free File. The form is available to anyone, regardless of income, and confirmation is instant.
- Make a payment and request an extension at the same time. If you use IRS Direct Pay, credit/debit card, or digital wallet, you can indicate the payment is for an 'extension'. You will not need to file a separate Form 4868.
- Mail a paper Form 4868. You can download the form from the IRS website, but it must be postmarked by April 15.
If you owe taxes and are unable to pay right now, there are options available. The IRS offers online payment plans, which include short-term, long-term, and simple payment plans that differ in length and depend on the total amount owed.
It is free to file for an extension and to apply for payment plans. You can do both and see more tax resources on the IRS website.
