Need a Filing Extension?
— -- If there's no way you can wrap up your tax return by midnight on April 15, you can always get more time.
You can push the filing deadline back to Aug. 15 by filing a form called 4868 to get an automatic extension.
You have to send it in by April 15th. But Kevin McCormally of Kiplinger's Personal Finance magazine believes it is not a way to delay paying what you owe.
"The trick is that although this gives you more time to file your return, it doesn't put off the deadline for paying your taxes," McCormally said. "If you'll owe money when you get around to filing, you're supposed to send it in when you ask for the extension. If you're short, you'll be hit with a penalty."
But most taxpayers get refunds, so they don't have to worry about sending in money when they ask for an extension.
"In fact, if you're sure you have a refund coming, you don't even have to file the 4868," said McCormally. "Don't tell the IRS I told you, but there's no penalty for missing the deadline if you have a refund coming."
Of course, if you're expecting a refund, you'd want to file as soon as you can to get your money back.
Click here for interactive tax explainers and calculators
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