Quick Tips for Tax Return Extensions

Adjusted Deadline

In the midst of the coronavirus, the Internal Revenue Service (IRS) extended the due date for 2019 federal tax returns from April 15 to July 15, 2020, but if you need even more time, you can request an extension until October 15, 2020. Here's what you need to know about extensions.

How to Request a Tax Extension

To request an extension, you need to file form 4868 (Application for Automatic Extension of Time To File U.S. Individual Income Tax Return ) or ask your accountant to request an extension for you.

When you make the request, you simply provide your name, address, social security number, and the amount of tax you anticipate owing. You can also send a payment with your extension request if you like.

Payment Due Dates on Extended Tax Returns

An extension only gives you extra time to file your return. It does not extend your payment due date. When you request an extension, your tax return is due on October 15, but your tax payment is still due on July 15.

Even if you can't pay right away, you should still file by your due date. The penalties for not filing are much worse than the penalties for not paying.

Benefits of Requesting an Extension

The main benefit of requesting an extension is that you get extra time to file your tax return. If you don't have all your paperwork ready or just don't have the time to file early in the year, an extension buys you the extra time you need. It also helps you avoid late filing penalties.

Should You Request an Extension?

If you need extra time to file your return, don't hesitate to request an extension, but remember an extension only gives you extra time to file. It does not change your tax payment due date.