Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
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Should I File A Tax Extension?
Need more time to file your tax return? This document can help you decide whether or not you should file an extension using IRS Form 4898. Filing an extension with this form asks the IRS to give you additional time to file your return for tax year 2018. Some people, such as military serving abroad, may already receive an automatic extension. If you aren’t one of those people but still need an extension, applying for one is relatively easy and requests are almost always honored. If you need an extension, you do not have to explain why you need one, either.
But what does an extension do exactly? If you are approved for an extension, it will move your filing deadline for your 2018 tax returns from April 15, 2019 to October 15, 2019. While this seems nice, there are pros and cons to weigh before you make the decision to extend.
Before you see the deadline move six months and get excited, know that the extension will not give you extra time to pay the tax you owe. No matter whether you were granted an extension, payments for tax year 2018 are due for everyone by April 15, 2019. If you can’t afford to pay in full by the deadline, an extension can help you reduce your penalties.
If you need help weighing the pros and cons of filing an extension, check the list below for the benefits and negatives!
Filing an extension: The Pros
Filing an extension: The Cons
If you have read this list of pros and cons and decided that the pros of asking for an extension outweigh the cons for you, it is time to take the next step! Tax extensions can be filed online through the IRS. You should receive a confirmation code from the IRS notifying you that they received your electronic extension. If you would prefer to mail it, you can mail your Form 4898 directly to the IRS.