Need more time to file a federal tax return? Its easy with IRS Free File Internal Revenue Service

Whatever option you choose, it will be less costly than burying your head in the sand. If you’re worried you can’t foot the bill, you should still file your 2023 return. Once you’re current with your filing, you can set up an installment plan with the IRS. As a rule of thumb, only people and businesses established in the counties the IRS recognizes as affected by the disaster are eligible for this relief. Our partners cannot pay us to guarantee favorable reviews of their products or services.

When is the 2024 tax extension deadline?

• By filing either a return on time or requesting an extension by the April 15 filing deadline, people avoid the late-filing penalty, which can be 10 times as costly as the penalty for not paying.
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• For last-minute filers looking for free resources, IRS Direct File remains an option as does IRS Free File.
• You may have more time to file if you were affected by a disaster situation.
• You can call the IRS customer service number to check if your tax extension was approved.

If you owe tax, you need to pay as much as possible as soon as possible to reduce late payment penalties and interest, but these are not as steep as the failure-to-file penalties. Filing a tax extension doesn’t give you more time to pay your taxes. The IRS issues separate failure to pay and failure to file penalties, and you don’t want to pay more in taxes than you have to. All taxpayers in Florida have until May 1, 2025, to fulfill their tax obligations, including filing federal tax returns and making payments initially due during this period. While an extension allows for extra time to gather, prepare and file paperwork, it’s important to remember that an extension of time to file taxes is not an extension of time to pay.

Planning Your Extension

We believe everyone should be able to make financial decisions with confidence. If the IRS doesn’t send a rejection notification, you’re good to go. Essentially, if your date is extended to October, you can’t ask the IRS to give you even more time. Simple Form 1040 returns tax filing only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

• For example, if October 15 falls on a Sunday, you’ll have until Monday, October 16–the next business day–to file your tax return.
• Visit IRS.gov/disasters to get more information and see if you qualify.
• Whatever option you choose, it will be less costly than burying your head in the sand.
• The IRS may also work with you to relieve some of your tax debt or set up a payment plan that makes it easier to pay back taxes.
• Records showing the date and value of the sale, the original purchase value, and the transaction date will be necessary to accurately calculate the capital gain or loss.
• There is no need to file a separate Form 4868 extension request when making an electronic payment and indicating it is for an extension.
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Having trouble paying? IRS has options to help

Visit IRS.gov/disasters to get more information and see if you qualify. For those needing last-minute help, taxpayers will find filing information for individuals as well as businesses and self-employed on IRS.gov. For last-minute filers looking for free resources, IRS Direct File remains an option as does IRS Free File. Anyone can use Online Accounting IRS Free File to submit an extension of time to file regardless of their income. Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year.

To see detailed information about state extension filing deadlines and mailing addresses, select your state of interest from this state tax authority’s website. While you’re not required to pay that amount to get the extension, the IRS recommends that you do. It will help you avoid the failure-to-pay penalty that’s charged each month on the tax amount that goes unpaid.

• You simply mail a paper Form 4868 to the IRS on or before the tax deadline.
• You can get the latest information about tax relief in disaster situations on the IRS website.
• This type of tax relief is typically authorized by the IRS after a disaster declaration is issued by the Federal Emergency Management Agency for a natural disaster.
• This relief is offered to any taxpayer who was directly affected by the disasters in the listed counties, and who, as a result, cannot meet their filing and payment deadlines.
• Extensions typically move the filing deadline from mid-April to mid-October.
• If their foreign financial assets exceed $200,000 on the last day of the tax year, or over $300,000 at any point during, expats also must file Form 8938.

You can set up a payment plan, make an “offer in compromise,” or request a temporary collection delay. Some people even take out loans to pay the taxes they owe, since loan costs are sometimes lower than the IRS interest and penalties you’ll owe for not paying on time. By filing either a return on time or requesting an extension by the April 15 filing deadline, people avoid the late-filing penalty, which can be 10 times as costly as the penalty for not paying. It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April filing deadline.

For additional information, refer to Publication 54, Tax Guide https://www.bookstime.com/ for U.S. If you use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations qualify you for the extension. You’ll still have to pay interest on any tax not paid by the regular due date of your return.