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How To File For A Tax Extension?

If you've waited to file your taxes, you might now be experiencing a feeling of impending doom as the deadline fast approaches. If you're now on the verge of a meltdown because you know you're not going to make the deadline, you can take comfort in two things. First, you're not alone. You and about 19 million other Americans, won't make the deadline this year, according to the IRS. You'll also be happy to know that what they do instead is file for an extension, and you can do it, too. You might not have all the forms you need yet, or maybe you're in the grip of a family emergency. You could have just lost track of the date because you're too busy hustling to earn the income you have to pay taxes on. Whatever the delay, making the tax filing deadline can be a problem some years. Filing for an extension on taxes can provide temporary relief. If you have questions about filing a tax extension for 2024, how to file for a tax extension, why filing an extension for taxes is beneficial, the tax extension deadline 2024, you’re in the right place.

Table of contents

Key takeaways...Read more

What is a tax filing extension?...Read more

How to get a tax filing extension?...Read more

How does filing an extension work?...Read more

How FlyFin helps file tax extensions?...Read more

What is the tax extension deadline in 2024?...Read more

What do I need to file for a tax extension?...Read more

Who can file tax extensions?...Read more

What is the tax extension form?...Read more

When I file a tax extension, do I also pay taxes in October?...Read more

Is filing tax extension free?...Read more

Can small businesses file tax extensions?...Read more

What is the difference between getting an extension of filing taxes and filing back taxes?...Read more

Key takeaways

Form 4868 is the tax extension form.
April 15 is the tax filing deadline, and also the tax extension deadline. It acts only as a filing deadline, not as a payment one.
Anyone can file a tax extension, the IRS needs no explanations.

What is a tax filing extension?

Alt text: Flyfin image explaining tax filing extension. Extends deadline by 6 months, avoids late-filing fee but not late payment fee. Useful for filing taxes.

A tax extension is six months after taxes are due that the IRS grants to those who apply so that they have more time to file their annual tax returns. If the annual April deadline falls on the 18th, and you apply for an extension before the deadline, the extension will give you until October 18th to file your taxes. Filing for an extension only changes your due date for filing a return.Your tax liability is still the same, meaning you still have to pay the same amount in income and self-employment taxes as you would have if you filed in April. The big benefit of a later due date when tax filing 2024 is that it allows you to avoid the late filing fee, which is 5% or more of the amount of taxes you haven't paid for every month that your tax return has not been filed. If you're paying estimated taxes, this means you can file Form 1040-ES in October, if you’re filing by mail. FlyFin’s CPAs offer unlimited tax support on the app including filing for an extension on taxes. They can also help with online tax filing, by preparing and filing your federal and state returns for you.

How to get a tax filing extension?

The IRS isn't exactly known for making things easy, but it takes very little effort to request and receive a tax filing extension. Just follow the right steps when online tax filing and submit your request before the last day to file taxes 2024 and you’ll receive an extension.

Alt text: Image with text "FLYFIN - Steps to Receive Tax Filing Extension: Fill out IRS Form 4868 and submit before April 15" for tax filing extension.

Getting an extension of filing taxes is a great solution for a variety of reasons, not just because it can save you from the late filing fee. First of all, it doesn't cost you anything. If you're already worried about not being able to pay your taxes or getting a late filing fee, you're probably wondering, does filing a tax extension cost money? But filing the tax extension form, IRS Form 4868 is completely free. Receiving the extension is also automatic. You don't even need to explain why you're filing late or want an extension. More importantly, if the extension can give you the time you need to get the 1099s or other tax forms you're still waiting for, take it. It's better to have the info you need to accurately calculate your taxes than to estimate and risk the possibility of overpaying. Plus, if you get something wrong when online tax filing, you might have to go back and file a corrected tax return later, which costs money, not to mention time and mental space. Speaking of 1099s, if you're still waiting for clients to send you copies of the forms they're sending to the IRS to report what they have paid you, a tax extension might be your best option. Maybe you're even ready to file, but you just need one last 1099 from a client. Can you file a 1099 extension? No, but you can request a tax extension. Or you can estimate the payment and file your taxes, then file a correct return later. See above for why that's a bad idea. There's also the reality that when you're rushing to meet the last day to file taxes 2024 deadline, you're much more likely to make mistakes. If you have the time to carefully examine your records and financial information, you make better decisions on important tax matters – like whether to itemize your deductions or take the standard deduction. With the first option, you'll have the time to thoroughly look at what you can deduct from your taxes so you don't overpay. You can also use a 1099 tax calculator if you want to find your business tax write-offs for tax filing 2024.

Alt text: Flyfin image with text explaining the benefits of filing for a tax return extension. Saves money, avoids late fees, ensures accuracy. Relevant for self-employed, 1099, freelancer, and taxes.

How does filing an extension work?

The best way to submit the tax extension form, Form 4868 is electronically and, of course, before the tax filing deadline (April 15th). You can use the IRS Free File system to submit your request electronically, or you can print the form, instead, and fill it out, then send it via snail mail to the IRS address for your state. Just make sure it’s got the right amount of postage and that it's postmarked by the tax extension deadline. Something to know about the tax extension form, Form 4868 is that when you file it, you have to estimate what you'll end up owing in taxes. Part II of the form includes a section where you'll need to enter what you expect to owe and the income tax bracket you think you'll fall under. Even if you're requesting an extension of filing taxes, you still have to pay taxes like everyone else, or you'll have to pay a late payment penalty. Also, make sure to check the rules for the state where you're filing your taxes. Each state has its own rules about filing for a tax extension. Just do it before the last day to file taxes 2024.

How FlyFin helps file tax extensions?

FlyFin is an AI-powered tax service built to find every possible deduction for self-employed individuals, freelancers and small businesses. It also has tax calculators, engineered for maximum accuracy, to people who work for themselves. In addition, the app provides unlimited access to an expert team of tax CPAs on standby to answer any tax question and help freelancers prepare and file their returns by the tax filing deadline and file tax extensions.

What is the tax extension deadline in 2024?

In 2024, if you need more time to file your taxes, the tax extension deadline is October 15. By filing a tax extension in 2024, you give yourself six more months to get everything in order, moving your filing deadline from April 15 to October 15. However, while a tax extension gives you more time to file, it doesn’t extend the time to pay any taxes you owe. You’ll need to estimate and pay what you owe by April to avoid penalties or interest.

What do I need to file for a tax extension?

When filing a tax extension in 2024, you’ll need to submit Form 4868. This form can be filed electronically or by mail by the tax extension deadline, and it’s pretty straightforward. You’ll provide basic information like your name, address, and Social Security number, along with an estimate of your total tax liability. If you're wondering how to file a tax extension, Form 4868 is the key. Once you submit it, you’ll get an automatic six-month extension, moving your filing deadline to October 15, 2024.

Who can file tax extensions?

Anyone can file for a tax extension. Whether you're an individual taxpayer, a small business owner, or even managing an estate or trust, filing a tax extension in 2024 is available to you. You just need to submit Form 4868 by the April 15 deadline. It’s important to note that this extension only gives you more time to file, not to pay, so estimating and paying taxes by April is still required. The tax extension deadline in 2024 moves the filing date to October 15.

What is the tax extension form?

The form you need to file for a tax extension when tax filing 2024 is called Form 4868. It's a simple form, and you can file it online through the IRS’s e-file system or by mail. When filing a tax extension in 2024, using Form 4868 extends your filing deadline to October 15, but it doesn't extend the time you have to pay any taxes owed. To avoid penalties, you’ll need to estimate your tax liability and pay by April 15. The tax extension deadline 2024 is October 15, so make sure everything is filed by then to avoid any late fees or interest. Meeting the tax extension deadline allows you to finish your paperwork on time without extra pressure.

When I file a tax extension, do I also pay taxes in October?

If you file for a tax extension when tax filing 2024, it’s important to understand that it only gives you extra time to file your return, not to pay any taxes you owe. Even if you’re filing an extension for taxes in 2024, you’ll still need to pay any taxes by April 15. The IRS expects you to estimate your tax liability and pay when you file your extension. If you wait until October to pay, you could face interest and penalties. The tax extension deadline in 2024 only gives you more time for the paperwork, but paying on time is key to avoiding additional fees.

Is filing tax extension free?

Filing a tax extension with the IRS is free. You won’t be charged any fees for submitting Form 4868, which is the form you use to file for a tax extension. If you’re feeling rushed and can’t meet the last day to file taxes 2024, filing this form gives you until October 15 to get your return in order. You’ll still need to estimate your taxes and pay by the April 15 deadline to avoid interest or penalties. Many tax software programs also allow you to file for a tax extension for free, making it easy to submit electronically. Just make sure you file your extension on time.

Can small businesses file tax extensions?

Small businesses can absolutely file tax extensions. If you run a sole proprietorship or a small LLC, you can file a tax extension to get more time to submit your tax return. For businesses, this often involves filing Form 7004, which extends your deadline to October 15. If you’re wondering how to file a tax extension, it’s similar to filing for personal taxes—you estimate what you owe, pay that amount by April 15, and then submit the appropriate form to get more time to file your actual return. Keep in mind, though, that while filing a tax extension gives you more time for online tax filing, it doesn’t extend the time to pay. As a small business owner, you’ll still need to pay any taxes owed by April 15 to avoid penalties.

What is the difference between getting an extension of filing taxes and filing back taxes?

Filing a tax extension in 2024 gives you more time to submit your return, but it doesn’t delay your payment deadline. When you file a tax extension, you're just extending the time you have to file your paperwork, usually until October 15. It’s a great option if you’re waiting on important documents or need extra time to organize your records. The process of how to file for a tax extension involves submitting Form 4868 for individuals or Form 7004 for businesses. You still need to estimate your tax liability and pay by the original April deadline. Filing back taxes, on the other hand, is what you do if you missed the original tax filing deadline from a previous year. Unlike an extension, there’s no set deadline for filing back taxes, but penalties and interest may pile up the longer you wait. So while an extension for filing taxes gives you more time to submit your return for the current year, filing back taxes means catching up on returns you missed from prior years.

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