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2017-02-09
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If you complete your tax return but can't pay the taxes you owe, do not request an extension. Instead, file your return on time and pay as much as you can. ... Apply for a payment plan using the Online Payment Agreement tool on IRS.gov. You can also file Form 9465, Installment Agreement Request, with your tax return.
An extension will give you extra time to file your return, but any tax you owe is still due by the original deadline. An extension can help reduce penalties, but any outstanding balance will still be charged a late payment penalty of 0.5 percent per month and interest.
An extension will give you extra time to file your return, but any tax you owe is still due by the original deadline. An extension can help reduce penalties, but any outstanding balance will still be charged a late payment penalty of 0.5 percent per month and interest.
What happens if you miss the tax extension deadline? Taxpayers who don't file by Oct. 15 can face even higher penalties, tax experts say. The IRS will sock you with a failure to file penalty of 5% a month on your unpaid tax bill for up to five months, maxing out at 25%.
Step 1: Estimate taxes owed. Estimate the amount of taxes you will owe for the year. ... Step 2: Download Form 4868. Completing Form 4868 allows you to obtain the six-month extension of time to file your return. ... Step 3: Complete Form 4868. ... Step 4: Mail the form.
An extension to file gives taxpayers more time to file their return, but not more time to pay their taxes. Taxpayers should estimate and pay any owed taxes by April 17 to avoid a late-filing penalty. To avoid penalties and interest, they should pay the full amount owed by the April due date.
If you owe additional state income tax, you are required to file Form SC4868 and attach payment of taxes you estimate you owe. Remember, an extension only allows you additional time to file your return. Your tax must still be paid to avoid penalty and interest.
When you file your state return, you only need to attach a copy of your federal extension form. If you owe state tax, you typically must file state tax extension to avoid penalties. Contact your state tax office to verify the state extension requirements and to get the extension form.
Filing a tax extension gives you six extra months to file your tax return (5 months for certain business entities) But if you owe taxes, the IRS requires that you still pay by the original due date of your return (typically April 17 for individuals and March 15 for businesses).
Ask your tax preparer to file an extension for you; Use a service like File Later to file for an extension; File using tax prep software; or. Complete and mail a federal form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (downloads as a PDF).
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