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IRS Filing Extensions: What You Need to Know
Automatic Extension Deadlines
Individuals have until April 15 to file their tax returns, but can obtain an automatic extension by April 15 to move the deadline to October 15. This applies to the 2023 tax year, with taxes filed in 2024.
Exceptions
If you expect to receive a refund, you are not required to file an extension. However, if you owe taxes, it is crucial to estimate and pay the amount owed by April 15 to avoid penalties.
Form 4868: Automatic Extension of Time to File
To obtain an automatic extension, individuals must submit Form 4868, Application for Automatic Extension of Time to File. This form is available on the IRS website. It is important to note that an extension to file does not grant an extension to pay any taxes owed.
Form 8809: Extension of Time to File Information Returns
In addition to Form 4868, individuals may need to file Form 8809, Application for Extension of Time to File Information Returns, if they need more time to file certain information returns.
Filing Considerations
When submitting an extension, it is important to consider the following:
- Extensions are not automatic. Individuals must actively file Form 4868.
- Filing an extension does not extend the deadline to pay taxes owed.
- Individuals who file an extension may still be subject to penalties if they do not pay their taxes by April 15.
Conclusion
Understanding the IRS filing extension process can help individuals avoid penalties and ensure timely tax filing. By using the appropriate forms and adhering to deadlines, taxpayers can secure an extension to file their taxes without compromising their tax obligations.
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