What Is the Tax Extension Time Period?
Are you concerned that you won’t get all your documents together in time to file your return before the due date? Or maybe you just don’t have time to complete your taxes? Don’t worry; it can happen.
Luckily, the IRS allows taxpayers to request an extension. So, what is the tax extension time period? Once you’ve requested the extension, you automatically have an additional six months beyond the original filing deadline. That means your taxes are due on October 15.
To request an extension, you’ll need to submit IRS Tax Form 4868 before April 15 (July 15 in 2020). You can submit Form 4686 electronically by e-filing or by mail using the paper form. If you don’t need the entire tax extension time period to complete your return, simply file your return at any time in the six-month period.
If I Have a Tax Extension, How Long Do I Have to Pay My Taxes?
A common question for taxpayers filing a tax extension is how long they have to pay their tax balance. It’s important to understand that an extension only gives you more time to complete your return — it doesn’t give you more time to pay your taxes.
When submitting your request for an extension, be sure to include payment for any taxes due by the original tax due date to avoid interest or penalties.
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