Posted by As tax season comes to a close, millions of taxpayers across the United States are preparing to submit their forms to the Internal Revenue Service (IRS).
The tax filing deadline often creates stress and anxiety, particularly for individuals who have had recent financial changes or those who are still waiting on important documents. However, there’s no need to panic if you’re not yet ready to file. You can request an extension to gain more time to submit your tax return.
The IRS offers taxpayers the option to request a filing extension, providing up to six additional months to file your tax return.
While this extension is helpful, it’s important to note that it only applies to filing, not to tax payments. Taxpayers must still pay their estimated taxes by the regular deadline to avoid penalties and interest.
How to Request an Extension and Key Deadlines
Deadline for Filing Your Tax Return
The deadline to file your tax return for 2025 is April 15, 2025. If you need more time to prepare your documents, you can request an extension before that date. Here are the key details regarding the extension process:
| Key Feature | Details |
|---|---|
| Standard Filing Deadline | April 15, 2025 |
| Extension Filing Deadline | October 15, 2025 |
| Extension Process | Submit Form 4868 electronically or via paper to the IRS |
| Extension Length | Six additional months to file your tax return |
| Payment Deadline | Tax payment still due by April 15, 2025 |
How to Request an Extension
To request an extension, you must submit Form 4868 to the IRS. This can be done either online or by mail. Filing online is faster and allows you to confirm that the IRS has accepted your request immediately.
- Online Filing: You can use IRS-authorized tax software or a tax preparer to file Form 4868 electronically. This method is faster and guarantees a quicker response from the IRS.
- Paper Filing: If you prefer, you can file the form by mail, though it may take longer to process, and you won’t receive immediate confirmation of acceptance.
READ MORE: US Government Announces Social Security Changes- New April Payments and Updated Requirements
What Happens if You Don’t Request an Extension or File Your Return?
Failing to request an extension or file your tax return on time can result in serious penalties. If you miss the April 15 deadline, the IRS imposes the following penalties:
- Late Filing Penalty: The penalty for failing to file on time is 5% of the unpaid taxes for each month of delay, with a maximum penalty of 25%.
- Interest on Unpaid Taxes: If you don’t pay your taxes by the regular deadline, interest accrues on the outstanding balance.
How to Handle Payment if You Can’t Pay the Full Amount
If you can’t pay the full amount of taxes owed by the deadline, there are still options available:
- Installment Payment Plans: The IRS offers installment agreements that allow you to pay your taxes in monthly installments.
- Paying What You Can: Even if you can’t pay the full amount, it’s important to file your return or request an extension by the deadline to avoid higher penalties and interest.
Impact on Tax Refunds
For those expecting a refund from the IRS, there is no penalty for filing late. However, it’s important to note that the IRS only allows you to claim a refund for up to three years after the filing deadline.
If you miss this window, you risk losing the refund. Therefore, it’s best to file your tax return as soon as possible to ensure you receive any refund owed to you.
While the end of tax season can create stress for many taxpayers, it’s important to know that requesting an extension is a simple and effective way to avoid penalties for late filing. The IRS offers a six-month extension for those who need more time to submit their returns.
However, remember that while the extension applies to filing, the payment is still due by the regular deadline of April 15, 2025. If you owe taxes, make sure to pay the amount owed by this date to avoid penalties and interest.
By understanding the extension process and eligibility requirements, you can ensure that your taxes are filed properly and on time, allowing you to avoid unnecessary stress and financial penalties.
FAQs
How do I request a tax extension with the IRS?
You can request an extension by filing Form 4868 online through IRS-authorized software or by mail before the April 15 deadline.
Do I still have to pay taxes if I request an extension?
Yes, the extension only applies to filing your return. Any taxes owed must be paid by April 15, 2025 to avoid penalties and interest.
How long do I have to claim my tax refund?
You have up to three years from the original filing deadline to claim your tax refund. After that, you may lose your refund.