If you need an extension of time to file your individual income tax return, you must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The deadline to file for an extension is the same as the date your tax return is normally due. In most years, that's April 15 or the next weekday if that date falls on a weekend. The deadline for 2023 taxes is April 15, 2024, with an optional extension until Oct. 15, 2024.

Who Should Consider Filing for an Extension?

Filing for an extension can be beneficial in several situations:

1.Incomplete Information: If you haven’t received all your tax documents by the deadline, an extension gives you time to collect everything you need.

2.Complex Returns: Taxpayers with more complicated financial situations, such as those with multiple sources of income, investments, or self-employment income, might require additional time to ensure their return is accurate.

3.Unexpected Life Events: Major life events, such as illness, death in the family, or natural disasters, can disrupt your ability to file on time. An extension provides the necessary breathing room.

4.Tax Planning: In some cases, taxpayers may need extra time to make decisions about certain tax-saving strategies, such as contributions to a retirement account, that could affect their return.

Get an extension when you make a payment

When you make a payment towards your estimated income tax due, you can request a tax filing extension by selecting an option that indicates the payment is for an extension. This can be done through various methods, including accessing your IRS Individual Online Account, using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or paying with a credit or debit card. By choosing the extension option when making your payment, you eliminate the need to file a separate extension form. After completing the payment, you'll receive a confirmation number for your records. This process streamlines the task of obtaining a tax filing extension by combining it with your payment, ensuring that the IRS is aware of your request for additional time to file your return.

Conclusion

Filing for a tax return extension is a useful option for taxpayers who need extra time to file their return. While it doesn’t extend the deadline for paying any taxes owed, it does provide a six-month grace period to gather your documents and prepare your return properly. Whether due to incomplete information, complex tax situations, or unexpected life events, an extension can offer the necessary flexibility to ensure your tax return is accurate and complete. Just remember, the sooner you file your return, the sooner you can receive any refund you might be owed or get your tax situation settled for the year.