Running Out of Time?

April 9th, 2023

There’s no better time than the present to file a tax extension. If you are an individual tax filer there are options for applying for an extension of time to file.

Individual tax returns for 2022 are due April 18, 2023. But what if you need more time? The good news is that you don’t have to rush the completion of your return. You can take advantage of a simple one-page automatic extension. But before you do, here are some things you should know.

• An extension of time to file your return does not grant you any extension of time to pay your taxes. 

• You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.

• You must file your extension request no later than the regular due date of your return.

 

Some taxpayers may have extra time to file their tax returns and pay any taxes due: 

• Living outside the United States

• Disaster Victims

• Serving in a combat zone or a qualified hazardous duty area

What Form do You File?

Individuals need to file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. While this doesn't extend your time to pay, it does extend your time to file. Take advantage of this if you don't think you'll be able to meet the IRS's original deadline.

Sources: Clock image by VitalyTurchaninov