An extension to file a tax return allows an individual or business extra time to file their tax forms and paperwork. This request grants an extension of up to six months and is due before the common tax due date of April 15th for individuals and March 15th for businesses. Below is a brief overview of how extensions work and the associated forms for individuals and businesses.
How Tax Filing Extensions Work
When filing for an extension it is important to keep the following in mind:
Paperwork and Guidelines
Getting an extension for your yearly tax filing is not uncommon. Both individuals and businesses do so every year for a variety of reasons. However, tax regulations are highly complex and there are several different forms related to tax extensions with some focused on highly specific occurrences such as Estates or Gifts. To assure your taxes are reported properly (no matter if personal or business) hiring an experienced tax professional is advisable to ensure that your forms are filled out properly and the right forms are submitted at the right time.
Please do remember that if you choose to file an extension and you will owe money to the government, payment must be made by April 15th. Penalties and interest will be assessed if payments are not received by April 15th.