How to File a Federal Tax Extension Quickly and Easily

If you find yourself feeling unprepared to file your taxes, you are not alone. According to a recent survey, 1 in 4 Americans do not feel ready to file their taxes, with 29% admitting to procrastinating the process. However, there is a solution that can give you more time to file – a federal tax extension.

The federal tax deadline for most taxpayers is April 15. If you need more time, you can file for an extension that will push the deadline back by six months to October 15. It is important to note that the extension is not an extension to pay. Taxes owed are still due by the original deadline, even if you file for an extension.

Avoiding Penalties and Interest

To avoid penalties and interest, it is recommended to pay at least the safe harbor amount. The safe harbor amount is at least 100% of last year’s taxes, and 110% if your prior year’s adjusted gross income was $150,000 or more. By paying the safe harbor amount, you can minimize penalties and interest on your unpaid taxes.

There are a few free options available for filing a federal tax extension. One option is to complete Form 4868 and mail it to the IRS. However, experts suggest opting for digital options whenever possible. Sending information digitally to the IRS is faster and more reliable than traditional mail.

One of the easiest ways to file a federal tax extension is by selecting “extension” when making your estimated tax payment for the following year. This process will automatically extend your deadline without the need for an additional form. After submitting your estimated tax payment, you will receive a confirmation immediately. It is recommended to double-check the transaction in your IRS online account to ensure it was processed correctly.

Filing for a federal tax extension can give you the extra time you need to gather documents and complete your return. By understanding the deadlines, safe harbor amounts, and filing options, you can successfully navigate the process and avoid unnecessary penalties and interest. Take advantage of the quick and easy ways to file for an extension, and ensure that your taxes are filed accurately and on time.