Tax Day 2021 is Monday, so you only have a few more days to file your taxes before the deadline.
If you dropped the ball and don’t think there’s enough time to submit your documents by May 17th, it’s not too late to file for an extension.
Tax extensions are available to everyone and help protect you and your family from penalties and costly fines.
Failure-to-file penalties can quickly add up to 25% of what you owe, Turbo Tax reports.
Whether you were unable to find the proper tax documents, had trouble receiving your latest W-2, or even just procrastinated on getting the tedious work out of the way, you’re still eligible for an extension. The IRS won’t probe into your reason for needing extra time.
Filing an extension automatically pushes back the tax filing deadline until October 15, and wipes out potential penalties entirely. If you owe money, the extension only gives your more time to file. You will still need to pay what owe by the tax filing deadline of May 17th.
Once you file the extension, you will be required to submit your proper paperwork by October 15. If you expect to receive money from the government, there are no monetary benefits, or disadvantages, to filing by the later date.
Here’s how to file an extension
To file an extension, you must submit IRS Form 4868 electronically by the original filing deadline, May 17. You can also print the form and mail it to IRS address for your state by the deadline.
As long as all of the proper information is provided to the IRS at the time of request, the extension will be granted automatically.
Be ready to provide the IRS with your estimated tax liability, whether you owe or expect to receive money.
Discover more Tax Day 2021 content on Audacy
—9 mistakes that can cost you time and money when filing your taxes in 2021
—Are both parents eligible for child tax credit if they share custody?
—Recently filed your 2020 taxes? You may be eligible for a federal 'plus-up' payment
—IRS says face masks, hand sanitizer, and other PPE are tax-deductible expenses
—How has the pandemic impacted your taxes?
—IRS moves tax filing deadline to May 17
—Will my pandemic relief be taxed?
Tax Day 2021 is on May 17. Get the latest tax season news and updates on Audacy.