The IRS tax filing extension is a law that allows taxpayers to extend their federal income tax returns for six months if they have a reasonable cause for not filing on time. If you’ve been planning to file your taxes this year, but something came up and you haven’t had a chance yet, now is the time to take action. The IRS tax filing extension gives you a chance to file your return until October 15th.
If you need to file your taxes before the April 15th deadline, you have several options. You can file electronically using software, or you can try to get an extension from the IRS. Here’s everything you need to know about filing for an extension and which option is best for you.
Filing electronically is the fastest and easiest way to file your taxes, but it costs money. If you want to file electronically, you will need to buy a software package like TurboTax or TaxAct and pay for its services. These packages typically cost between $60 and $100, plus any applicable state and federal taxes.
Another option is to try to get an extension from the IRS. To do this, you will need to fill out Form 4868 (Extension of Time To File U.S. Individual Income Tax Return), request an automatic 6-month extension, or schedule a meeting with a tax preparer to apply for an extension in person. You can find more information on the IRS website about filing for an extension.
The best way to decide which option is best for you depends on a few things: How long it will take you to prepare your taxes (electronically or by mail), whether you have any questions about how to file your taxes, and whether you think paying for a software package or meeting with a tax preparer will be too expensive.
Importance of IRS Tax Filing Extension:
Tax filing extensions are important because they allow taxpayers more time to file their taxes. The IRS offers a variety of tax filing extensions, including three-month and six-month extensions. Taxpayers can also apply for an automatic six-month extension if they have filed a return but haven’t received their refund yet. The IRS also offers an automatic three-month extension for taxpayers who have timely paid their taxes.
Taxpayers should file their taxes as soon as possible to get the most benefit from the extension. If a taxpayer doesn’t file by the due date, the extension is generally not available. However, if a taxpayer files on time but has an extension request pending with the IRS, the extension will be granted even if the original return was filed late.