If you need more time to file your taxes, you can get an automatic six month extension from the IRS. Here are five things to know about filing an extension:
1. An extension must be e-filed by midnight on April 15.
2. Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return is used to file the Extension.
3. More time to file is not more time to pay. An extension to file will give you until Oct. 15 to file your taxes. It does not give you more time to pay your taxes. You still must estimate and pay what you owe by April 15 to avoid a late filing penalty. You will be charged interest on any tax that you do not pay on time. You may also owe a penalty if you pay your tax late.
4. You can pay your tax liability by electronic payment, by phone, or by mail.
5. IRS helps if you can’t pay all you owe. If you can’t pay all the tax you owe, the IRS offers you payment options. In most cases, you can apply for an installment agreement with the Online Payment Agreement tool on IRS.gov. You may also file Form 9465, Installment Agreement Request. If you can’t make payments because of a financial hardship, the IRS will work with you.