What is an extension?

Individual income tax returns are due on April 15th or the first business day after if the 15th lands on a weekend or holiday.  However, the IRS allows taxpayers an automatic six-month extension to file your taxes every year, as long as you complete Form 4868.  The extension is guaranteed for everyone and there is no penalty or fee for requesting one. Common reasons for requesting an extension include a lack of organization, missing information, unanticipated events or tax planning issues. it is important to notes that if you obtain an extension to file, you must still pay your income tax in full by the April deadline.  This is because the extension is an extension to file and not an extension to pay.