Federal Tax Extensions

• admin
• January 28, 2025
• 6 min read

Federal Tax Extensions

Need more time to file? File an IRS tax extension and you can wait until October 15th to file your income tax return, with no penalties whatsoever.

An IRS tax extension allows you to put-off tax day for six additional months. The IRS will gladly give you this extra time to file, even if you owe taxes. As long as you file your tax extension on or before the original filing deadline (typically April 15th) and then file your return by October 15th, you will not be penalized.

It’s important to note that filing a tax extension is not a free pass to ignore your taxes. Rather, it’s an agreement with the IRS that you will file your taxes within the six extra months you’ve been granted. Once you file the extension, it’s recommended that you take the proper steps to file your actual return. Once October 15th rolls around, there is absolutely no delaying your taxes any further.

Also remember this: a tax extension only gives you more time to file, not more time to pay. If you owe taxes, you must still send your payment to the IRS by the original due date of your return (usually April 15th). Keep this in mind when you are filing for a tax extension using IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return), because you must report any balance due in Part II of that form. Your payment should be submitted with your 4868 Tax Form ― otherwise, you will be charged interest on any amount that not paid by the original deadline.

Who Can Get a Tax Extension?

Almost everyone qualifies to file for an income tax extension. The IRS doesn’t ask you to submit any explanation as to why you want or need an extension. Almost all rejected extensions are the result of submitting incorrect information, such as a name or Social Security Number that does not match IRS records.

Personal IRS Tax Extensions

You will need to obtain a copy of IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). This one-page form will help you get a six month automatic extension to file your taxes. You can call the IRS to request this form or print it out online. If you are working with a tax professional, they can supply you with a tax extension form as well as any others that you may need.

Fill out Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and submit it to the IRS by the due date, which is April 15. Note that Form 4868 can be filed electronically or by paper mail.

It would be in your best interest to pay in full, but sometimes this is not possible. Again, you are not buying yourself more time to pay your taxes when you file for a tax extension. The longer you wait to pay, the more you will owe in late fees.

While filling out Tax Form 4868 you will need to provide personal information such as your Social Security number, address, and an estimate of the amount of tax that you owe. Since you are not filing a complete return, you can estimate your tax liability and then pay that amount.

If you are due a tax refund you do not need to file a tax extension. There is no penalty for filing late unless you owe the IRS additional money.

Business IRS Tax Extensions

Corporations, partnerships, REMICs, and certain trusts that need extra time to file may request a 5- or 6-month tax extension using IRS Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns). Note that this is only an extension of time to file and any tax owed must still be paid by the original due date.

IRS Tax Form 7004 is the Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. Form 7004 has three parts ― depending on the type of tax extension being requested, you must complete Part I or Part II, and everyone must complete Part III.

Corporations, including S-Corporations, operating on the calendar year for tax purposes must file for their tax extension by 11:59PM on the 15th day of the 3rd month following the close of their tax year (typically March 15). Partnerships, LLCs, and sole proprietorships have until 11:59PM on the due date of their personal income tax return (April 15) to file for their tax extension.

Corporations, multi-member LLCs, and partnerships operating on the calendar year for tax purposes are given an extended tax deadline of 5 months (generally to September 15). Sole proprietorships and single-member LLCs are given an extended due date of 6 months (October 15).

For most business types, you will simply need your Tax-ID number (EIN) to file your business tax extension (IRS Tax Form 7004). If you are filing for a single member LLC business, you should file for a personal tax extension (IRS Tax Form 4868) and use your Social Security Number, rather than a Tax-ID (EIN).

Single member LLCs only need to file for a personal tax extension (IRS Tax Form 4868), which will extend both the personal and business tax deadline, since your LLC is a “pass-through entity” and your business tax return is part of your 1040 personal tax return on Schedule C.

Sole proprietors have their business tax returns flow directly to their personal tax return as a Schedule C. Therefore, you should only submit a personal tax extension, which will extend the filing deadline for both your business as well as your personal income taxes.