Need to File an Extension on Your Taxes? Here's What You Need to Know

Doing that can buy you more time although the IRS still wants your money Monday, even if they don’t have all your numbers and info.The top thing to know: Tax Day is your deadline to avoid a late filing penalty , so get the extension filed Monday before the midnight deadline.

Next thing to know: You’ll need to estimate your taxes and if you owe, PAY that amount when you file for your extension.You can e-file your extension for free online with the IRS, using their Free File software.Your Adjusted Gross Income is your total income minus any deductions or adjustments Uncle Sam allows you to take.-- if your AGI is more than $79,000. This software works for anyone and any income.

Want to do both Federal and State extensions? The IRS partners with SIX companies that help you file for free and some of them will do both --and mail it to the IRS if you don’t want to file free online. You just have to make sure it’s postmarked before midnight.PRO: This part’s pretty simple. It’ll buy you some time and taking more time could help you save more money.

CON: You have more time to worry about your taxes. Kiplinger’s personal finance folks say if you don’t need more time, don’t take more time.If I file an extension, how much time until I have to file my taxes?

Taxes Extension IRS Deadline Filing Penalty E-File Adjusted Gross Income Deductions Federal Taxes State Taxes

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