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Video: What Are Tax Extensions?

Updated for Tax Year 2014


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 April 15th to get a filing extension with help from TurboTax in this video on annual tax filing.

Video transcript:

Hello, I'm Jeremy from TurboTax with some important information for taxpayers who need a little extra time filing their tax return.

There may be a tax year when you can't just get that return finish by April 15th. Luckily, the IRS offers automatic extensions of time to file all types of tax returns. For most personal returns, the filing deadline for tax extensions is April 15 of each year.

However, by filling out form 4868 and mailing it to the IRS by April 15th, you can get an extra six months 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 trust 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. For more information about income taxes, visit TurboTax.com.

E-file your tax extension online in minutes with TurboTax Easy Extension

File an extension and pay any income tax due by April 15, 2014 using our TurboTax Easy Extension web service. With TurboTax Easy Extension, you can:

  • Efile your federal extension
  • Make a payment of tax due, right from your checking or savings account
  • Print a PDF copy of the extension you efiled
  • Log into your Easy Extension account to see when your extension has been accepted by the IRS
  • Access the forms you need to file a state extension by mail.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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