I have a question about the need to file extension. Should I request a tax filing extension — I'm not sure I'll finish my return before the deadline.
Yes, to avoid missing tax deadline, you can file extension by "April 17, 2018". If you’d owe taxes on your regular return, you should submit a payment with your Form 4868 extension. The payment should be a reasonable estimate of the amount you owe.
If you file an extension without a payment of taxes owed, both of these will apply:
- You won’t be subject to the failure to file penalty.
- The IRS will begin to charge interest on the amount owed.
It is only necessary to request extension if you owe tax. If you’re due a refund, you have three years to file and there’s no need to extend the deadline.
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Mike Slack from The Tax Institute offers insight on tax extension options based on three common situations. Read on!
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