If you need more time to complete your return you can file a tax extension. An extension typically gives you six more months to gather tax documents and file your return. It doesn't give you more time to pay your tax bill, however. That's still due on April 15. Below,CNBC Selectexpl...
While the IRS requires you to file Form 4868 to request a tax extension, each state has its own requirements for obtaining a similar extension.
If you don't have enough time to file your state income tax return by the deadline, you can file a tax extension.
In general, if you must file a separate income tax return for your business and yourself, you will also have to submit separatetax extensionapplications. On the other hand, if you submit your business income on your personal tax return. And you are not required to file a separate business ...
Step 1: Determine if You Need to File for an Extension First, you need to determine if you really need to file for a tax extension. If you’re not sure, here are a few reasons why you might need to file for an extension:
If you file for an extension, you have until Oct. 17 before the penalty starts accruing. Experts caution that filing for an extension does not mean you can delay paying thegovernmentthe taxes you owe. "Extension to file is not an extension to pay," Eric Bronnenkant, head of tax at onli...
There is good news for procrastinators: For those who need more time, asking the IRS for an extension is quick and simple. And it will give you until October 16, 2023, to send your tax return to the tax agency. "Tax Day this year is April 18th and if you aren't ready to file al...
Collect the necessary paperwork to file your taxes. File your taxes or send them to a professional. Plan for next year's self-employment taxes by deciding how much your estimated taxes will be over the next year. Decide Whether to Hire a Tax Professional There are good argume...
Securing an extension will give you until October, to file the previous year's tax returns, as opposed to April. Filing for a Tax Extension: Form 4868 If you need an extension of time to file your individual income tax return, you must fileForm 4868, Application for Automatic Extension of...
U.S. Income Tax Return for an S Corporation Although they are largely exempt from corporate taxes, S corporations must still report their earnings to the federal government and file tax returns. Form 1120-Sis essentially an S corp’s tax return. Often accompanied by aSchedule K-1, which del...