This year’s federal income tax filing deadline is Monday, April 15. If you already know you’re not going to be ready to file on Tax Day, read on for how to get more time.
REQUEST AUTOMATIC EXTENSION ONLINE
April 15 is the deadline to request an extension if you’re not ready to file your 2023 federal income tax return.
You can use tax software or IRS Free File to request an automatic extension electronically. If you’re familiar with Free File, you know there are income eligibility requirements to use Free File to prepare a return, but anyone, at any income can use Free File to ask for an extension. Form 4868, the extension form, is short and a filer doesn’t have to give a reason for asking for more time.
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An extension gives taxpayers until October 15 to file a return.
ESTIMATE TAX YOU MAY OWE
Keep in mind that an extension to file is not an extension to pay. Taxpayers still have to estimate their tax liability and pay by April 15 to avoid penalties.
You can estimate your tax liability on the extension form.
If you’re not sure if you would owe, Dallas-based tax preparer Duke Alexander Moore starts by looking at whether you owed last year and factor in any changes.
“The number one way to really avoid the penalty is, look at did you have a tax liability last year? Pay that in, at the bare minimum,” Moore said.
If you can’t afford to pay, go ahead and file the extension. Many taxpayers can apply for an installment agreement online. You can read into those options here.
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