Thursday April 14, 2022 – Tax Season is coming to a close. Your tax return must be filed (or postmarked) by April 18, 2022. Every year, a large portion of taxpayers ask for an extension.
Here are some things you should know about an IRS extension. First, extensions are automatic, as long as you file a request with the IRS before the deadline. Next, even you get an extension, the extension is only an extension of time to file the return – not to pay any tax that is due.
That begs the question: how do I know how much to pay the IRS if my return hasn’t been completed? The answer is – you won’t know. But, you can estimate. And you should estimate on the high side if you want to avoid any penalty. If you overpay you will receive a refund – like most Americans.
Attorney Steven A. Leahy reviews tax return extensions AND what you should know about them.