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Hello, I’m Nick from TurboTax with some helpful information for taxpayers in need
of a little extra time filing their tax return. There may be a tax year when you can't just
get that return finished by the April deadline. Luckily, the IRS offers automatic extensions
of time to file all types of tax returns. For most personal returns, the filing deadline
for tax returns is April 15 of each year. However, by filling out form 4868 and mailing
it to the IRS by April 15th, you can get an extra six months to file your tax return without
incurring penalties. It is important you don't confuse an extension
of time to file with an extension of time to pay your taxes.
If you know that you'll owe tax, you should still send the payment to the IRS with your
form 4868; otherwise, you may end up paying late payment penalties.
The IRS gives businesses, estates and trusts extra time to get their tax returns filed
as well. If you're responsible for filing a partnership,
estate or trust tax return, a six-month tax extension is available if you submit form
7004 by the original due date of the return. All other types of businesses such as a corporation
are eligible for a five-month tax extension. Just like with your own tax return, this is
not an extension of time to pay. Interest and penalties will apply if you do
not pay the taxes in full by the original filing deadline.
For more tips and information to help you get your taxes done smarter, visit TurboTax.com
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