The IRS reminds taxpayers of the upcoming deadline. If you are one of those Americans who have not done their tax duties yet, act now. Putting it off will only be a way to waste your money. Stick to the April 18, 2023 deadline in order to avoid any penalties. Paying extra money could be costly and there is nos need.
Luckily, you could apply to get an extension. However, paying the taxes you owe first is a must. There is no way of getting an extension for tax payments. This is something you must do before the deadline is over. It is normal that due to personal circumstances, some taxpayers may not have had time to file their returns.
Learn here what the IRS advises you to do in order to get a tax return filing extension. Filing this tax return extension must be done before April 18, 2023. This request should never be later than the due date. Unless you qualify due to a disaster in the area where you live. In this case, the extension is automatic.
How much does an IRS extension cost?
According to the Internal Revenue Service, you can file your extension online and for free. There is no extra cost, so do not worry about having to pay any extra money. Luckily, it is free for all individual taxpayers. It does not matter if your income is low or high. Take advantage of this extension now and do not delay it.
Once you manage to file your extension through Free File, you may want to know the new deadline. Having until October 15 to file your tax return will be more than enough. This extra time will allow you to prepare everything. This year October 15, 2023, falls on a Sunday. So the IRS informs it will be the next business day.
It will be the same if it fell on a legal holiday or Saturday. The next business day will become the new deadline automatically. Therefore, it will be on October 16 this year’s extension deadline. Anyway, there is no need to wait for that long. Filing your tax return as soon as you can allows you to collect your tax refund fast.
What should I do to get an IRS extension?
The first thing you must do is work out the amount of money you owe in taxes. Once you estimate your tax liability, fill in the extension form. Do not forget to pay the amount of money in taxes that you owe. There is another possibility to get an extension according to the IRS. It is also necessary to make the payment.
So, as you make the payment electronically, you can apply for that extension. However, once you pay your taxes electronically, you must indicate it is for an extension. Do not forget that there are two different ways to make these payments. Taxpayers have these two possibilities to claim a return filing extension.
On the one hand, you may want to use Direct Pay. You can use it through the Electronic Federal Tax Payments System (EFTPS). It is probably the one that most people do not know. Because using a debit or credit may be what most people prefer. Do not forget to check the rates of your credit cards to avoid fees.
Do I have to file a separate extension form if I pay electronically?
As long as you select the indicator when paying taxes to the IRS, you will not have to do so. Thus, you will not have to file another extension form separately. It is essential to make sure you get a confirmation number. In this way, you can keep it for your records. What is more, check the forms depending on your status.
The forms will be different depending on your filing status. It will not be the same if you are a business, corporation, or individual. For instance, Forms 7004 and Form 1138 will be the ones that corporations and businesses must use. The first is for an extension of time, the second is for an extension of time for payment.
Individuals only have one form available, Form 4868. It is to apply for a time extension regarding their tax return. Do not forget that if you are in a combat zone or working in a qualified hazardous duty area, abroad special rules may apply. Contact the IRS for specific situations that may have different rules.