Requesting a Tax Extension: What You Need to Know
Wednesday, 20 March 2024, 11:00
Importance of Requesting a Tax Extension
Being late with your tax return could lead to penalties. If you owe the IRS money and are late submitting your return, you may face substantial penalties.
Understanding Tax Extensions
A tax extension gives you more time to file your return but does not extend the time to pay your tax bill. Make sure to estimate your tax debt accurately and pay as much as possible by the deadline to minimize penalties.
Strategies for Minimizing Penalties
- Estimate your tax debt and pay as much as you can by the deadline.
- Use tax software to help with estimating the amount owed to the IRS.
- Request a tax extension if you need more time to complete your return.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.