While the federal tax filing deadline rolls around at about the same time every April, it’s not always possible for taxpayers to submit their tax return on time. The good news is that the IRS offers several different types of filing extensions that enable taxpayers to secure additional time to complete their return.
Keep in mind that, in most cases, an extension grants you more time to file your tax return, but not more time to pay any money you owe. So you may still owe penalties and interest on outstanding tax until you pay in full. However, the failure-to-file penalty is typically much more than the failure-to-pay penalty, so you are still better off securing an extension and then filing and paying as soon as possible.
You may qualify for a tax filing extension if you:
- Are serving in a combat zone. Military service members who are stationed in combat zones are given generous extensions to file AND pay their taxes. The details of your deployment can impact the length of your extension, so you’ll want to speak with a tax help professional to find out exactly what parameters apply to your specific situation.
- Are out of the country. U.S. citizens who are out of the United States on the tax filing deadline, for travel or foreign residency, may qualify for an automatic two-month extension. You can apply for this extension using Form 2350.
- Apply for an extension. Most taxpayers qualify to receive an automatic six-month extension on the filing deadline. Simply submit Form 4868 to apply.
For additional information on tax filing extensions or for guidance regarding your specific situation, call Taxation Solutions, Inc. We are standing by to provide you with professional tax help!