Extended Tax Filing Deadline Doesn't Extend Payment Deadline
Estimated Payment and Extension Options
While an extension of time to file your tax return provides additional time to complete your return, it's crucial to remember that it does not grant you an extension to pay any taxes you may owe. It's essential to estimate your tax liability and make a timely payment to avoid penalties and interest.
Form 4868: Automatic Extension of Time to File
To request an automatic six-month extension to file your tax return, you can file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. This form can be filed by mail or online through the IRS website.
Extension Deadline
If you cannot file your federal tax return by the April 18, 2023 deadline, filing Form 4868 will extend your filing deadline to October 16, 2023.
Free File Option
If you meet certain income requirements, you can take advantage of IRS Free File to file your taxes online for free. This service provides access to tax preparation software that will guide you through the process and ensure that your return is filed accurately.
Avoid Late Payment Penalties
Remember that even though you have filed for an extension to file your return, you are still responsible for paying any taxes you owe by the April 18 deadline. Failure to make timely payments can result in late payment penalties and interest charges.
Stay informed and take action today to ensure that you meet your tax obligations without penalties.
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