File Taxes on Time: Extension to File, Not to Pay
Important Reminder from the IRS
While an extension of time to file your tax return grants you extra time to complete and submit your forms, it does not extend the deadline to pay any taxes you may owe. It's crucial to estimate your tax liability and make estimated payments to avoid penalties and interest charges.
Requesting an Extension
If you cannot file your federal tax return by the April 18, 2023 deadline, you can request an extension by filing:
- Form 8809: Application for Extension of Time to File US Individual Income Tax Return
- For businesses, Form 7004: Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
These forms allow you to extend the filing deadline until October 16, 2023.
Estimated Tax Payments
Even though you have an extension to file, you must still estimate and pay any taxes you owe on time. The IRS recommends using Form 1040-ES: Estimated Tax for Individuals to calculate your estimated tax liability.
Failure to make estimated payments could result in underpayment penalties. It's important to make accurate estimates and pay at least 90% of your actual tax liability to avoid these penalties.
Stay Informed
For more information and resources, visit the Internal Revenue Service website. Remember, filing an extension gives you extra time to file, not to pay. By estimating and paying your taxes on time, you can avoid unnecessary charges and ensure your tax obligations are met.
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