The 2024 tax season started on January 29 and it will last until April 15 for most taxpayers. However, some taxpayers may not have enough time to file. The IRS has an answer for them.
An extension of time to file your 2023 tax return is what you can do. Before learning how to apply for a time extension, you must know a few facts claims the Internal Revenue Service. Getting a time extension does not grant you any extension to pay the taxes you owe.
Therefore, you must pay your taxes before the April 15 deadline. It is of vital importance to pay once you estimate the amount of taxes you must pay to the IRS. Not paying your taxes when due may result in a penalty.
WHEN MUST I FILE A TIME EXTENSION REQUEST TO THE IRS?
The Internal Revenue Service claims that you must file a 2023 tax return extension request by the April 15 deadline. however, it would be wise to apply for this extension before April 15.
For your information, if your area qualifies for an extension due to a natural disaster, you do not need to apply for an extension. Anyway, it is important you check if your area qualifies for an extension and when the deadline is.
Visit the following Internal Revenue Service website if your area was struck by a severe storm, fire, flooding, or another similar disaster: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
HOW TO FILE FOR A TIME EXTENSION
The Internal Revenue Service claims that individual taxpayers can make use of IRS Free File. In this way, they can ask for a time extension online. Regardless of your income, you can use Free File if you are an individual tax filer.
Once you fill out the extension request form on IRS Free File, you can file your tax return until October 15, 2024, if approved. As October 15 falls on a business day, this will be the deadline for your extension.
If it is a legal holiday in your State, you may have the due date on the next business day. First, estimate your tax liability on this form and pay the amount of money you owe the IRS, then, you can enjoy your extension.