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Filing A Federal IRS Tax Return Extension

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Filing a federal IRS tax return extension is free when you e-file, and is widely accepted by many states, too, but to prevent the incurrence of penalties for late filing, be sure to get your tax extension filed and accepted by the 15th April 2019. Be warned also, that some tax extension deadlines vary.

For more detailed information about filing a tax return extension, please seek advice and guidance from a qualified and professional tax consultant, otherwise, here are a few of our basic tax return extension questions answered:

What exactly is an IRS tax extension?

When you apply for a tax extension, you will receive an additional 6 months to file your tax return, but it should be made clear that it is not an extension of time to pay your tax bill. Obtaining an extension is simple enough when you e-file or complete an IRS Form 4868, but it’s important to think about whether such an extension is right for you and our circumstances.

Do you need a tax extension?

When thinking about whether you need a tax extension, you should be clear about the fact that it is not a way of postponing your tax deadline and/or payments without incurring a penalty; a tax extension will postpone the time it will take you to file a return, but you will still need to pay your taxes on time.

Just to be clear, even if you file for a tax extension in a timely manner, you could still face IRS late payment charges if you don’t pay your taxes by the due date.

What you need to do before preparing and filing your tax extension:

The deadline for filing a federal tax extension is the same as that of the deadline to e-file a 2018 tax return: April 15th, 2019. If you are filing for a tax extension, then your new deadline will become October 15th, 2009. If you currently owe taxes but have missed the deadline for filing for an extension online, then it would be best to get your tax return filed as soon as possible so that you don’t incur further fees and interest.

Once April 15th, 2019 it will not be possible to e-file a tax extension, but you can still prepare and file a tax return once the deadline has passed. It helps to know the amount you owe before you file your return, and when your return has been accepted by the IRS, then you can go on to make changes to the return by filing a tax amendment and downloading Form 1040X. Amending a tax return has no deadline, but if you are looking to claim a tax refund, then there is a 3 year limit in place.

This is a brief outline of what is involved when filing a tax extension, and by no means includes all the information you will need. To get further, detailed information about tax extensions, please make an appointment to speak with a tax professional; it’s advisable to do so well in advance of any tax deadlines.

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