Need Help Filing an Extension?
Our team specializes in making tax compliance easy and stress-free. Whether you’re an individual or a business owner, we can help you file your extension and ensure you’re on track to meet your tax obligations.
FAQ’s: Tax Extensions
What is a tax extension?
A tax extension is a formal request to the IRS for additional time to file your federal tax return. It extends the filing deadline, typically by six months, giving individuals and businesses more time to prepare and submit their tax forms.
Does a tax extension give me more time to pay my taxes?
No. A tax extension only extends the time to file your return, not the time to pay your taxes. Any taxes owed are still due by the original filing deadline (e.g., April 15 for individuals). If you don’t pay on time, you may face penalties and interest.
How do I file for a tax extension?
My Online Accountant will file extensions for current clients. Otherwise, you can file for an extension by submitting Form 4868 for individual taxes or Form 7004 for business taxes. These forms can be submitted electronically through the IRS e-file system or by mail. Each state has its own form.
What is the deadline to file for an extension?
The deadline to request a tax extension is the same as the original tax filing deadline:
- For individuals: Typically April 15.
- For partnerships and S-corporations: Usually March 15.
Who should consider filing a tax extension?
You might benefit from a tax extension if:
- You need more time to gather important tax documents.
- You’re waiting on corrected forms from employers or financial institutions.
- You have complex tax situations requiring additional time for preparation.
- You have not completed your bookkeeping.
Are there penalties for filing a tax extension?
There is no penalty for filing a tax extension as long as you do so by the original deadline. However, penalties and interest may apply if you underpay your taxes by the original due date.
Will filing a tax extension increase my chances of an audit?
No. Filing a tax extension does not increase your likelihood of being audited by the IRS.
Can I file a tax extension for state taxes too?
Most states allow extensions, but the rules and deadlines vary.
What happens if I miss the extended deadline?
If you miss the extended deadline, you may face penalties for late filing in addition to penalties for late payment. The IRS penalty for late filing is typically 5% of the unpaid taxes for each month the return is late, up to 25%.
Are tax extensions free?
Yes, filing a federal tax extension is free. My Online Accountant does not charge a fee to extend returns. However, if you owe taxes, you’ll need to pay the estimated amount due to avoid interest and penalties. We will use the documents and information you have provided in order to calculate the estimated tax.
Can My Online Accountant file a tax extension for me?
Yes. We can handle the process of filing your extension and calculating any estimated tax payments on your behalf.