File tax extension to get more time to file your federal income tax return. You can file a tax extension online in under 5 minutes. Having unpaid taxes isn’t a problem and won’t be in your way to file an extension.
The Internal Revenue Service allows taxpayers to file a tax extension and pay taxes at the same time. If you don’t have any tax liability for the previous tax year, that’s even better! Before we get to how to file a tax extension online, let us explain what a tax extension does.
Normally, the tax filing deadline is April 15. Given the tax season starts at late-January, you have about three and a half months to file a tax return. Although this is enough for most of us, sometimes we need extra time. Assume you haven’t received a tax form that reports a portion of your income but you haven’t received it yet. If you’re not a risk taker, the most logical thing is to wait for it.
For example, you’re an employee and your employer hasn’t filed your W-2 yet and you don’t want to file Form 4852 as a substitute. The safest option would be filing an extension and waiting for your W-2. By filing a tax extension, you will have an extra six months to file your tax return, pushing the April 15 deadline to October 15.
Here is how you can file a tax extension online.
File Tax Extension Through Direct Pay
Before you get to filing an extension, you need to figure out whether or not you are liable to pay tax.
The best way to do this is by figuring out your taxable income by subtracting deductions and adjustments from your gross income, finding your gross tax liability, and minus tax credits you’re eligible to claim.
If the amount you’re left with is below $0, you don’t have any tax liability for that year. However, you must make sure that you’re eligible for everything you accounted for. If you’re not, you may end up owing to the IRS at the time you file a tax return after extension. The tax extension only gives you extra time to file a tax return. You still need to pay taxes before April 15.
To file an extension online, you need to go to IRS Direct Pay. Click here to open Direct Pay.
Direct Pay allows taxpayers to make tax payments using their bank account. It is free of processing fees so you won’t pay to any third-parties.
On Direct Pay, the select reason for payment as Extension. The second step to filing a tax extension online is filling out the identity verification form. After this, you can place your payment. If you’re not liable to pay tax, make the minimum payment. Since it will contribute to your tax refund, you will get your money back.
Filing a tax extension online to get six more months to file a tax return is as simple as that. You can also file a tax extension by mail but assuming you have an internet connection (duh), filing it online is going to be a lot more convenient.