Yikes! What do I do if I can’t meet the tax filing deadline?

Filing tax extension

Do you need more time to file?  No Problem!

The Federal deadline (as well as many state deadlines) to file your taxes is Monday May 17, 2021.

The good news is you can get more time.  The not so good news is you still have to pay the estimated taxes owed.  By filing an extension using IRS Form 4868, you will avoid any late filing penalties.  The key is that you mail in the form or e-file the extension before the deadline passes.  If mailing the extension, it is okay if the IRS receives it after the deadline, however, the return must have a post mark no later than May 17th.

  The form itself is a relatively easy form to fill out.  Follow these steps to fill out Form 4868 (if e-filing, your software will walk you through essentially the same steps):

  • Click here to fill out the form or to e-file, check the box in your information worksheet stating you want to electronically file the extension.
  • Lines 1 through 3 is your personal info.
  • Line 4 = estimated amount of taxes you owe.
  • Line 5 = How much was paid through W2's, investment income, estimated payments, unemployment, retirement withdrawals etc.
  • Line 6 = the difference (what is still owed).
  • Line 7 = How much is being sent in with the extension.

This applies to most states as well.  Here is a great article from TurboTax to see how your state handles extensions.  

Happy filing!

 

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