Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.A tax extension gives you an extra six months to file your return beyond the original April deadline.
Payments are usually due by the original deadline, not the extension deadline, unless you've worked out a payment plan with the IRS.Some active military members and people in federally declared disaster zones have additional time to file.filed for an extensionFiling for an extension with the IRS is a simple process and gives the taxpayer an additional six months to file beyond the original April 15 deadline. A tax extension doesn't postpone a tax bill, however.
This year, the coronavirus pandemic prompted the IRS to delay the federal tax deadline — for payment and filing — to July 15, but the extension timeline remained the same. Two types of taxpayers do not have to meet the October 15 deadline: members of the military serving in a combat zone and people inThe good news is that if you're expecting a and don't file your federal income tax return on time, there's no late charge. The bad news is that you won't get your refund until you file.
Even if you filed a tax extension, you're still required to pay any tax you owe by the original deadline or your balance will begin to accrue interest and you will be charged a separate failure-to-pay
Source: News Formal (newsformal.com)
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