Video: What Are Tax Extensions?
Tax extensions are available to anyone who needs extra time to file, but it does not apply to payment deadlines. Submit the proper forms before the tax filing deadline to get a filing extension with help from TurboTax in this video on annual tax filing.
When a significant natural disaster hits – such as a hurricane, earthquake, tornado, flood, wildfire, blizzard, or the like – the IRS will extend upcoming federal tax deadlines for affected taxpayers if a federal disaster is declared. The extended due dates apply to most federal tax returns and payments, including those for income taxes (including estimated tax payments), payroll taxes, and excise taxes. If you’re impacted by a natural disaster, check our IRS Disaster Relief page to see if you qualify for an automatic tax filing or payment extension.
Video transcript:
Hello, I’m Nick from TurboTax with some helpful information for taxpayers in need of a little extra time filing their tax return.
There may be a tax year when you can't just get that return finished by the April deadline. Luckily, the IRS offers automatic extensions of time to file all types of tax returns.
For most personal returns, the filing deadline for tax returns is typically April 15 of each year. By filling out form 4868 and mailing it to the IRS by the tax filing deadline, you can get extra time to file your tax return without incurring penalties.
It is important you don't confuse an extension of time to file with an extension of time to pay your taxes.
If you know that you'll owe tax, you should still send the payment to the IRS with your form 4868; otherwise, you may end up paying late payment penalties.
The IRS gives businesses, estates and trusts extra time to get their tax returns filed as well.
If you're responsible for filing a partnership, estate or trust tax return, a six-month tax extension is available if you submit form 7004 by the original due date of the return.
All other types of businesses such as a corporation are eligible for a five-month tax extension. Just like with your own tax return, this is not an extension of time to pay.
Interest and penalties will apply if you do not pay the taxes in full by the original filing deadline.
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