It’s been a few months since the Internal Revenue Service (IRS) opened filing on- January 23, and the overwhelming majority of the more than 150 million tax returns for the 2023 tax season have been filed by now. Thanks to the Emancipation Day holiday in Washington, D.C., falling on April 17 this year, you have until Tuesday, April 18 to file your return and pay what you owe.
If that still isn’t enough time, the IRS allows taxpayers to file for an extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Make sure to check your state tax laws; many states require you to file a separate state extension form (for Minnesota you can check state extension requirements here).
New tax laws passed over the last few years are making doing your taxes more complicated than it has been in decades. Many people who have traditionally done taxes on their own are opting to switch to a Certified Public Accountant to ensure they comply with the law and minimize their tax liability. As the tax law becomes more complex, there are situations when you will need to file for an extension of time to file your income tax returns.
We’ve heard rumors that filing an extension may sound risky or you may worry you’ll owe more money or be more likely to be audited, but that’s not the case. A tax extension just makes it easier for you to compile and review all the necessary tax documentation needed for an accurate return. It may be more cost effective to file an extension now than an amended return later- that sounds like a win win!
How Do I Request an Extension?
There are four ways to request an automatic extension of time to file a U.S. individual income tax return.
- Contact your CPA!
- You can file Form 8868 for Exempt Organizations, Form 7004 for Businesses and Corporations, Form 4868 for Individuals electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file.
- You can file a paper forms and enclose payment of your estimate of tax due (optional).
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