According to the Internal Revenue Service (IRS) calendar, next April 18 is the deadline to file the tax return for fiscal year 2021. However, taxpayers can obtain more time to complete your statement. We explain how.
Taxpayers who need more time to complete their return can request an automatic extension of six months. We share some easy ways to request the extension.
Submit your extension form electronically
Individual taxpayers, regardless of income, can use the Free File tool to electronically request an automatic tax filing extension using Form 4868. Filing the form will give the taxpayer until October 17 to file their return.
It is worth mentioning that in order to obtain the extension, the tax obligation must be estimated in this application and all amounts owed must be paid.
Get an extension when making a payment
Other fast, free and easy ways to get an extension include using IRS Direct Pay, the Electronic Federal Tax Payment System, as well as paying by debit or credit card or digital wallet. When you make an electronic payment and indicate that it is for an extension, the IRS will automatically process the extension.
Recommendations
It is important to note that an extension to file is not an extension to pay taxes, so taxes must be paid by the original due date (April 18). On the other hand, it is necessary to pay the taxes owed by their regular due date to avoid penalties and the extension request must be submitted before the regular due date.
By filing or requesting an extension by the April 18 filing deadline, you'll avoid late-filing penalties, which could be up to 10 times more expensive than the penalty for not paying taxes.