- ORIGINAL NEWS
This simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — here’s what to know
- SUMMARY
Filing your taxes can be stressful, especially if you’re not prepared or procrastinating.
Fortunately, the federal tax deadline is April 15, but you don’t have to file everything on that day.
You can request an extension, which gives you until October 15 to complete your return.
But it’s important to remember that an extension to file is not an extension to pay.
You still owe the estimated tax balance by the original deadline of April 15 to avoid penalties and interest.
This means you must pay “at least the safe harbor amount,” which is either 100% of your last year’s taxes or 110% if your 2023 adjusted gross income is likely to exceed $150,000.
Filing a federal tax extension is quick and easy.
The simplest option is to make an estimated tax payment and select “extension” during the payment process.
This will automatically extend your deadline without requiring any additional forms.
You can also file your extension online through IRS Free File or mail Form 4868 to the IRS, but digital options are highly recommended due to the unreliable nature of mail.
If you need more time to gather documents and complete your return, filing for an extension is a valuable option.
However, don’t neglect your tax payment responsibilities to avoid incurring penalties and interest.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“You can file for an extension for free online and it “takes minutes,” one tax pro said.”
“Filing for a federal tax extension “takes minutes,” according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.”
“Taxpayers have a few free options to file a federal tax extension.”
Negative
“You still must pay your estimated tax balance by the original due date to avoid penalties and interest.”
“Without the extension, your balance triggers the failure to file penalty, which is worth 5% of your unpaid taxes per month or partial month, capped at 25%”
“But experts urge filers to opt for digital options if possible.”