She strives to take the fear and anxiety out of taxes and help empower small business owners to feel more confident and in control of their finances. You’ll get an automatic extension just by paying, but you do have to fill out your return eventually.Ĭandace is the founder of NewWay Accounting and is a CPA who specializes in working with fellow entrepreneurs. To get an extension without the form, you can pay all (or part) of your estimated income taxes online. You’ll need to fill out Form 4868, then mail it or file it online using IRS e-file. There’s No Extra Time to Make Traditional IRA ContributionsĬontributions to a traditional IRA and Roth IRAs are still due by the original April deadline. While an extension will reduce your 5% monthly late filing penalty, any outstanding tax balance will still be charged a late payment penalty of 0.5% per month. The ConsĪs I already mentioned above, an extension will give you extra time to file your return, but any tax you owe is still due by the original deadline. If you miss the deadline, any excess in the amount of tax you paid every paycheck or sent as quarterly estimated payments in 2018 goes to. If you received an extension for the 2018 return then your deadline is October 17, 2022. Filing an extension provides these taxpayers with an additional six months to do so. Apis the last day to file your original 2018 tax return to claim a refund. If you’re self-employed you may want to make contributions to your SEP IRA or SIMPLE IRA to reduce your tax liability. There are currently no plans to extend the filing deadline. It Gives the Self-Employed More Time to Make Retirement Contributions April 18 tax deadline: The filing deadline is April 18 for most taxpayers. However, if you are due a refund, there are NO penalties. If you have tax due and do not make a payment until you file, you will just owe the 0.5% monthly late payment penalty. To qualify for a tax extension, you must file the appropriate form by the standard tax filing deadline of Ap(or Ap. If you file an extension and then file your return by the extended deadline, you’ll avoid the 5% per month late filing penalty. The tax extension deadline is the regular tax deadline. The second is a late payment penalty of a 0.5% per month. The IRS imposes two types of penalties: First is a late filing penalty of 5% per month on any tax due. Having extra time to finish your return is often necessary if you’re still waiting for tax documents from employers or if you need additional time to organize your deductions. You’ll Have an Extra 6 Months to Gather Your Information While an extension gives you extra time to file your return, it does not give you extra time to pay your tax. You don’t have to explain why you need the extension and the extension automatically moves the filing deadline for personal tax returns to October 15th. Considering the tax extension deadline is just a couple days away, I thought it would be a good time to dive into everything you need to know about tax extensions! The IRS reports that as of April 15th each year, about 50 million taxpayers still need to file their taxes (!!!)… so if this is you each year, keep reading.įiling a tax extension request asks the IRS to give you some additional time to file your tax return.