WithTax Day 2025 finally here, many of us are pressed for time to file our returns.
Andyou’re not alonein this line of thinking.
But even if it’s possible for you to’tpayright now, you absolutely want tofilebefore the deadline.
Fortunately, the IRS offers taxpayers an easy way to get more time: by filing for an extension.
You still must estimate and pay any taxes due by April 15, 2025.
An extension helps you avoid the failure-to-file penalty, which ismuch more severethan the failure-to-pay penalty.
You don’t need a “good reason” or to submit any explanation.
Plus, filing an extensiondoes not increase your chances of being audited.
The IRS treats extended returns the same as timely filed returns.
How to file for an extension
You have a few options to secure that six-month extension.
Individual Income Tax Return."
Download Form 4868 from the IRS website.
Complete the form with your personal information.
Estimate your total tax liability for 2024.
Determine if you owe any remaining tax.
Submit the form by April 15, 2025, along with payment for any estimated taxes due.
Option 2: Electronic filing
you’re able to also file for an extension electronically.
Electronic filing offers confirmation that your extension request was received and processed.
When in doubt,overestimate rather than underestimate(you’ll get any overpayment back as a refund).
(Filing Form 4868 extends this deadline to Oct. ## Disaster victims
The IRS often provides special extensions for taxpayers affected by federally declared disasters.
Check theIRS website for announcementsif you’ve been impacted.
From here, the failure-to-file penalty starts accruing.
That means 5% of unpaid taxes per month, up to 25%.
Remember these key points:
File Form 4868 or make an extension-related payment by April 15.
Pay your estimated tax liability by April 15 to avoid failure-to-pay penalties.
Complete your actual tax return by Oct. 15.
