The federal income tax filing date is April 18, 2022. You can get an automatic income tax extension by filling out IRS Form 4868 if you need more time. You have until Oct. 17, 2022, to file your taxes under this arrangement.
We appreciate that this is a complicated issue if you've never done it before, and even if you have, navigating the forms and process can be challenging. Let us give you some pointers to make things go more smoothly.
What is the procedure for requesting an extension?
A tax extension can be requested online or by mail. You should request an extension before the April 18 deadline to avoid an IRS late-filing penalty.
Examine your tax software to check if it accepts Form 4868 for tax extensions. The majority of them do. To learn how to file a tax extension electronically, simply follow the program's instructions. The IRS will email you an electronic acknowledgment when you submit the form. You can also request for a tax extension on paper by filling out Form 4868 and mailing it, but you will only receive confirmation that it was received.
Take into account the IRS Free File option. If you don't plan to utilise tax software or aren't sure which one to use. The IRS collaborates with a nonprofit group called the Free File Alliance to provide free, name-brand tax-preparation software to people with an adjusted gross income of less than $73,000. Anyone can go there to file an extension online, including those with greater earnings.
What is the duration of the tax extension?
You can file your tax return until October 17, 2022, if you get a tax extension. This does not extend the period you have to pay; it merely extends the time you have to file your return. If you miss the April 18 deadline for filing your return, you must estimate your tax obligation and pay as much as you can at that time.
Even if you get a deadline extension, any money you owe after that date is subject to interest and a late-payment penalty. You may be able to avoid the late-payment penalty if you pay at least 90% of your real tax bill by the deadline and the rest with your return.
Getting an extension and making an anticipated payment are merely the first steps. Your final tax return must yet be filed. The penalties may get more severe if you do not file by the Oct. 17 extension date.
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