What You Need to Know About Filing an Extension

Tax Planning Blog 0416

If you haven’t filed your tax return yet, you are not alone! Many people delay filing for a number of reasons: missing some key paperwork, negotiating filing status with an estranged spouse, or just plain don’t have the time to get their taxes together.

If you really need extra time to prepare your tax return, you can file an extension free with TurboTax Easy Extension by the tax deadline of Monday, April 18, to request an extension until October 17 to avoid nasty 5%-per-month tax penalties for late filing. With TurboTax Easy Extension, you will receive a confirmation from the IRS when your extension is accepted.

Remember: filing an extension gives you extra time to file, but it doesn’t give you extra time to pay, so it isn’t a solution if you can’t pay your tax bill. You’ll still face penalties for not paying on time as well as interest on the balance due. The best thing to do is file your taxes by the tax deadline if you can, and if you can’t, pay as much of your taxes owed by the tax deadline deadline, even if you are filing for a tax extension to file until October 17. If you pay at least 90% of your tax by the April 18th tax deadline, you won’t have to pay a penalty for failure to pay the remaining balance, as long as your taxes are paid in full by the extended due date.

Some people automatically are given extensions. If you live and work abroad, you have an automatic two month extension to file, though your tax payment is still due April 18th this year. If you are serving in a combat zone, you have until 180 days after you leave the combat zone to file and pay your taxes.

If you still need to file your taxes, don’t worry.  You have a few extra days, and TurboTax is here to help you effortlessly file your taxes.

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