Can You Extend Personal Tax Returns?
If you’re looking for an extension to file your tax returns, you’re among approximately 12 million taxpayers that have found themselves in the same situation. Fortunately, you can extend your tax return deadline. Tax returns are usually due on April 15th each year, or the following business day if that date falls on a weekend or legal holiday.
Whether you utilize accounting services for your taxes or you are attempting to do them yourself, we’ve put together a short guide on filing for an automatic tax return extension.
Why Do Taxpayers Need an Extension to File Taxes?
While many are quick to file their taxes each year in hopes of a big return, that is not the case for everyone. Some common reasons for needing an extension include:
- Incomplete Tax Documentation - Missing a W-2 or other tax document you should have already received? Having more time to obtain these missing documents might be just what you need.
- Unexpected Life Events - Death, natural disasters, illness, and other unexpected occurrences can hit you when you least expect them. You might need the extra time to ensure these events do not affect the accuracy of your return, or perhaps the extension can give you a little breathing room while your mind and emotions are otherwise occupied.
- Miscalculated Planning - Sometimes it feels like the beginning of the year flies by, and then suddenly the tax return filing deadline is next week. This is a common reason many find themselves requesting an extension.
- Complicated Tax Returns - If you’ve done your taxes yourself for years, but something about this year is making your tax return a little more complicated than what you’re used to, an extension can help. Maybe you started a business that’s booming or acquired new wealth that you don’t know how to handle tax-wise. With an extension, you can seek advice from tax professionals, like our team at Delta Wealth Advisors, to ensure an accurate tax return.
Frequently Asked Questions About Tax Return Extensions
One of the great things about an extension is that you don’t need a good reason (or any reason at all) to request your first extension for that tax year. If you still have concerns about filing for an extension, read on for frequently asked questions on the topic.
How Do I Extend My Personal Taxes?
You must fill out the IRS extension form, form 4868, and submit it to the IRS online or through the mail.
Does an Extension Mean I Have More Time to Pay My Taxes?
No. The IRS states, “An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties…To get the extension, you must estimate your tax liability on [form 4868] and should also pay any amount due.”
Is Form 4868 Free?
Yes. All IRS forms are free and readily available online. For the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (Form 4868), the IRS provides an English version and a Spanish version.
What Is the Deadline for Filing Federal and State Income Returns That Have Received Extensions?
October 15th is the deadline to file tax returns that have received extensions. If October 15th falls on a weekend or legal holiday, you have until midnight the next business day following October 15th to timely file your tax return.
Still Have Questions? Delta Wealth Advisors Can Help
Many of our clients find that they don’t have the time, willingness, or ability to deal with their tax returns. Business owners, executives, and anyone who may find themselves juggling multiple assets, incomes, and wealth can benefit from seeking the specialized services of our in-house financial planning experts and CPAs. We advise in all areas of finance, such as:
- Audit and Assurance
- Tax Services
- Financial Planning
- Private Real Estate
- Bookkeeping and Payroll