/

Taxes 101

/

What is a tax extension?

1 Min Read

What is a tax extension?

By

on

Although federal tax returns are due on March 15th or April 15th (depending on business form - see “When are taxes due?”), the IRS offers an automatic six-month extension to file your taxes known as Form 4868 (Form 7004 for businesses). It is important to note that a tax extension does not give you additional time to pay, it is merely an extension of time to file.

When are tax extensions due?

For an extension to be valid, it must be submitted by the original due date of the return (see “When are taxes due?” for original due dates)

When can I file an extension?

Extensions may be filed any time from the start of the tax season, up until the original deadline of the tax return. If the original tax filing deadline has already passed, any extension filed would be considered invalid.

Do I still need to make a payment if I file an extension?

There is no penalty for requesting an extension, but the full payment on the taxes owed are due by the original due date of the return.

If your taxes are not paid by the deadline, the IRS issues a 0.5 percent penalty of the unpaid taxes for each month/part of a month that a tax return is late.

Legal Disclaimer

Tickmark, Inc. and its affiliates do not provide legal, tax or accounting advice. The information provided on this website does not, and is not intended to, constitute legal, tax or accounting advice or recommendations. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. You should consult your own legal, tax or accounting advisors before engaging in any transaction. The content on this website is provided “as is;” no representations are made that the content is error-free.

Was this post helpful?
Yes, thanks!
Not really
Thank you for your feedback
Oops! Something went wrong while submitting the form.
Did you know business owners can spend over 100 hours filing taxes?
Yes
No
Is this article answering your questions?
Yes
No
Are you filing your own taxes?
Yes
No
How is your work-life balance?
Good
Bad
Do you do your own bookkeeping?
Yes
No
Is your firm falling behind during the busy season?
Yes
No
Did you know business owners can spend over 100 hours filing taxes?
Yes
No
Is this article answering your questions?
Yes
No
Do you do your own bookkeeping?
Yes
No
Are you filing your own taxes?
Yes
No
How is your work-life balance?
Good
Bad
Is your firm falling behind during the busy season?
Yes
No
Did you know you can save your business money by paying less in taxes?
Yes
No
Is this article answering your questions?
Yes
No
Are you missing out on potential tax credits and deductions?
Yes
No
I don't know
How is your work-life balance?
Good
Bad
Do you do your own bookkeeping?
Yes
No
Is your firm falling behind during the busy season?
Yes
No
Did you know you can save your business money by paying less in taxes?
Yes
No
Are you missing out on potential tax credits and deductions?
Yes
No
I don't know
How is your work-life balance?
Good
Bad
Is your firm falling behind during the busy season?
Yes
No
Do you do your own bookkeeping?
Yes
No
Is this article answering your questions?
Yes
No

published

October 1, 2018

in

Phillip Ingelmo

Read

by this author

Share this article
>