Tax season is in full swing, and it’s crucial to have all your dates straight. While the April 15th deadline is the one most people have circled on their calendars, it’s far from the only important date for taxpayers this year.
The Internal Revenue Service is anticipating a massive filing season, expecting to process around 164 million tax returns. For the vast majority of us, the standard deadline of April 15th applies, unless that date happens to fall on a weekend or holiday.
However, if you are living outside the United States or are serving in the military abroad, you automatically receive a different deadline. You have an extension until on or around June 15th to file your individual income taxes without facing a penalty. It’s important to note, though, that while you get more time to file, you will still owe interest on any unpaid taxes if you haven’t paid by the original April 15th due date.
What if you simply need more time to get your paperwork together? You can request an extension, which pushes your filing deadline all the way to October 15th. This is a common option for those who need a few extra months. To get this extension, you’ll need to file Form 4868, the “Application for Automatic Extension of Time to File.” You can do this through your tax software, an accountant, by mail, or via the IRS’s Free File program.
A critical detail often overlooked is that an extension to file is not an extension to pay. You must still estimate and pay any taxes you owe by the original April 15th deadline to avoid potential penalties and interest.
This year, the IRS has also announced automatic extensions for taxpayers in specific areas of Louisiana and Montana who have been affected by natural disasters. For everyone else, if you’re expecting a refund, the processing time can vary, but you can typically expect to receive it within two to three weeks after you file, assuming your return isn’t overly complex.
