Tax season in the United States is entering its final stretch and millions of taxpayers have already sent their forms to the IRS. The deadline for filing a tax return often generates pressure and stress, especially if there have been recent financial changes or if all the necessary documents are not yet available. However, there is a solution for those who are not ready to meet the deadline.
The Internal Revenue Service (IRS) allows you to request an extension to file your tax return. This extension is not automatic, but the process is quite simple and can provide up to six additional months to submit the documentation. It is important to bear in mind that this measure only applies to filing, not to payment, which must be made before the regular deadline.
Therefore, if you are not yet ready to file your return, you can make use of this legal recourse and thus avoid penalties for late filing. Knowing the details of this extension can help you make an informed decision and protect your finances.
Until when do you have to file and how do you request an extension?
The deadline for filing your tax return this year is April 15, 2025. All taxpayers must submit their forms before that date or, failing that, request an extension to avoid penalties for late filing. This is a free service and is done directly with the IRS.
To obtain the extension, Form 4868 must be completed and submitted electronically using IRS-authorized software or a tax preparer. It is also possible to submit the form on paper, although doing it online speeds up the process and allows you to confirm that the request was accepted.
The extension provides six additional months, which moves the new deadline to October 15, 2025. However, it is crucial to remember that this extension does not postpone the payment of taxes due. If it is estimated that there will be an amount to be paid, it must be done before April 15 to avoid interest and fines.
What happens if you don’t request the extension or file your return?
If a taxpayer does not file a Tax Return or request an extension by April 15, they will be subject to financial penalties. The late filing penalty can be 5% of the unpaid tax for each month of delay, up to a maximum of 25%. In addition, if payment is not made, interest is accumulated on the outstanding debt.
If you are unable to pay the full amount of tax owed, the IRS offers options such as installment payment plans. This allows you to reduce the economic impact and keep up with your tax obligations. Therefore, even if you do not have the full amount of money available, it is better to file your return or extension request on time.
Finally, those who expect to receive a refund from the IRS and have not yet filed their return will not receive a penalty. However, it is important to bear in mind that the maximum period for claiming a refund is three years, so postponing filing indefinitely may result in the loss of that money.
