Tax Extension: What It Is And How To File One?

Tax extensions offer more time to file returns, not to delay tax payments – a crucial distinction.

Taxpayers can file for a six-month extension but must estimate and pay taxes on time to avoid penalties.

Filing a tax extension is not inherently bad; however, late or insufficient tax payments can lead to penalties.

Filing tax extensions online, including Form 4868, is possible, with October 15 as the final return deadline.

Timely tax payment remains essential even with an extension to avoid penalties; disaster area residents might have special considerations.