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The IRS expects you to file your annual income tax return on time, and if you don’t, you could face penalties. However, if you are unable to fulfill the standard tax filing date due to unforeseen circumstances, they provide an alternative. You can usually avoid the penalty by requesting an automatic extension to file your return using Form 4868.
The extension will merely postpone your tax return filing deadline. It will not change the deadline for filing your taxes.
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You might get more time to file your tax return if you get a tax extension. It allows you to postpone your IRS tax return filing deadline by up to 6 months without incurring a penalty. If you live outside of the United States, you will have an extra four months.
Only the filing deadline has been extended. It does not postpone any payment deadlines. If you are going to owe money, the IRS wants you to estimate how much you will owe and pay it in full by the regular tax deadline. They will charge you a penalty and interest on any money you owe if you don’t.
Even if you can’t pay, it’s critical to file your tax return or request an extension.
There are two types of penalties for late tax filings:
1. If you don’t file or file late, you’ll face a penalty
2. If you don’t pay or pay late, you’ll face a penalty.
If you don’t submit and pay your taxes on time, you’ll face both penalties.
The penalty for late filing is larger than the penalty for late payment. You can avoid the penalty by requesting a tax filing extension on Form 4868.
Obtaining a tax extension is simple and costless. To apply, fill out IRS Form 4868 and send it to the IRS on or before the due date of your taxes.
The form is only a few lines long. There are only nine lines to complete. You are not required to provide a reason for filing late on the form. It asks for personal information as well as an estimate of how much income tax you owe. It can be submitted to the IRS or filed electronically.
The option to file Form 4868 electronically is included in most tax software applications. You can also use IRS Free File to file electronically for free.

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