To start with, we all know that the sooner we sort all paperwork and tax payments out the better. However, it is not about when you would like to do it, but about when you can really do it. Take for example a flood or a hurricane, there are some unexpected events that could prevent us from paying taxes when we must do it. So, let’s see if you have not handed it in on time or if you simply cannot make it on time.
One very important thing that IRS warns taxpayers about is the following. Filing your taxes later than usual does not allow you to pay them later too. So as to avoid any penalties, it would be best to pay everything before the deadline is over. In this way, you are saving money. Besides, if you would like to make a request in order to get an extension of time, you must do it before your tax return is due.
Fortunately, this whole process is free. Moreover, you can always do it online, so there is no need to make an appointment with an IRS agent or call them. It does not matter how much you earn, so no worries in that respect. You can do everything through the Free File tool that IRS offers to those paying taxes. Once you manage to file the Extension Form, you will be given till October 15.
What happens if the deadline is either on the weekend or a legal holiday?
If October 15 happens to be on a Saturday, Sunday, or holiday there is a delay in the deadline. The due date would then be the following business day. do not forget to file your tax return postmarked. It should also be with the right address and you must send it by mail on time. In order that the time extension for your tax return, you will have to estimate your tax liability on the form according to IRS. Moreover, make any payments that are due.
A further point is that you can also obtain an extension the moment you make the payment. It could be all the amount or part of the income tax that was estimated. In case you forget, you had better let them know that the payment you are making is for an extension. The best way to do it is through Direct Pay. If you have never used it, you may know Electronic Federal Tax Payment System.
Despite the fact that you are happy with any of these two methods, some people would simply opt for paying by either credit or debit card. Once you have indicated that your payment is for an extension, you will get a notice confirming the number for your records. Furthermore, you will not have to file a separate extension form. Do not leave it till the last day, and do your tax return extension as soon as possible.