The tax extension deadline for 2024 is October 15, 2024. If you requested an extension before April 15, 2024, you have extra time to file your return. To avoid penalties and interest, any owed taxes must still have been paid by the original April 15 deadline.
What Is a Tax Extension?
A tax extension is a request to extend the deadline for filing your tax return. It provides an additional six months, moving the deadline from April 15 to October 15.
This extension does not apply to tax payments, which are still due by the original deadline. To avoid penalties and interest, estimate and pay any owed taxes by April 15 each year.
How Do Tax Extensions Work
Tax extensions give you extra time to file your tax return, extending the deadline by six months, typically from April 15 to October 15.
Here’s how they work:
- Filing for an Extension: Submit Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” by the original tax deadline, April 15.
- Extension Approval: The extension is usually granted automatically upon submitting the form, giving you until October 15 to file your return.
- Paying Taxes Owed: While the extension allows more time to file, any taxes owed are still due by April 15. Estimate and pay any taxes by this date to avoid interest and penalties.
- Interest and Penalties: If you don’t pay the estimated taxes by April 15, interest and penalties will accrue on the unpaid amount, even if you have an extension to file.
- Completing Your Return: Use the additional time to gather necessary documents, seek professional advice if needed, and ensure your return is accurate.
Tax extensions offer flexibility but require attention to payment deadlines to avoid extra costs.
When Were Taxes Due in 2024?
Taxes for the year 2024 were due on April 15, 2024. Usually, if the tax due date falls on a weekend or holiday, the deadline may shift to the next business day. Read more: Tax Deadline 2024: When Are Taxes Due?
What Happens if I Didn’t Make the 2024 Tax Deadline?
If you missed the 2024 tax deadline (on April 15), consider these steps:
- File as Soon as Possible: Submit your tax return immediately to minimize penalties.
- Pay What You Can: Even partial payment reduces interest and penalties.
- Request an Extension: If you missed the deadline, you might still request an extension. Be aware this extension applies only to filing your taxes, not the actual payment.
- Contact the IRS: Explain your situation. They may provide options or assistance.
- Prepare for Penalties: Late filing and payment incur fees. The sooner you act, the lower these will be.
How Many Tax Extensions Can You File?
You can file only one tax extension per tax year. This extension grants an additional six months to file your tax return, moving the deadline from April 15 to October 15.
No further extensions are allowed beyond this period. Make sure to submit your completed tax return by the extended deadline to avoid penalties.
How Much Does a Tax Extension Cost?
Filing for a tax extension is free. There are no fees associated with submitting Form 4868 to the IRS.
Still, if you owe taxes, interest and penalties will accrue on any unpaid amount from the original filing deadline (April 15) until the taxes are paid.
To avoid these extra costs, estimate and pay any owed taxes by April 15, even if you file for an extension.
What Happens After You File a Tax Extension?
After filing a tax extension, here’s what happens:
- Extended Filing Deadline: You receive an additional six months to file your tax return, moving the deadline from April 15 to October 15.
- Confirmation: If you submitted Form 4868 electronically, you should receive a confirmation from the IRS. For paper submissions, keep proof of mailing as confirmation.
- Tax Payment: Any taxes owed are still due by the original deadline, April 15. Paying at least 90% of your tax liability can help avoid some penalties.
- Interest and Penalties: Interest accrues on any unpaid taxes from the original deadline. A late payment penalty may also apply if you owe taxes and didn’t pay at least 90% of your liability by April 15.
- Filing the Return: Use the extra time to gather documents, complete your tax return accurately, and seek professional help if needed. Submit your return by October 15 to avoid additional penalties for late filing.
Filing an extension provides more time to prepare your return but doesn’t delay your obligation to pay taxes due.
