Tax season is upon us, and aside from the stress of making sure all of you filled out all the paperwork exactly as required, there’s the added stress of failing to meet the deadline. There are numerous reasons why someone might be late in filing their taxes, though procrastination is no doubt the leading cause. However, there’s no need to give the IRS an explanation for any late taxes; the extension is automatic! Filing an extension saves you from having to pay late fees, so if you have missed the April 18th deadline, don’t panic. The process of getting a tax extension is simple!

The form you will need to file is Form 4868, which you can find online here. This form will extend your tax deadline to as late as October 16th. However, you do still need to pay around 90% of your estimate tax liability for the year at the time of filing, according to USA Today. Since you may not know how much in taxes you owe at the time of filing, you’ll have to make an estimate. If you pay less than 90% of your actual taxes, by April 18th, expect late fees added to the total balance due when you pay the remaining amount.

While it’s of course best to pay taxes before the April 18th deadline, there are mitigating factors that can keep you from doing so. An extension helps to eliminate the consequences of filing a return after the initial due date. Filing for an extension is not a way to put off having to pay your taxes until a later date.

If you need further information on this topic, feel free to contact us with any and all questions!