HOUSTON – Need to file an extension on your taxes?
Doing that can buy you more time although the IRS still wants your money Monday, even if they don’t have all your numbers and info.
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The top thing to know: Tax Day is your deadline to avoid a late filing penalty, so get the extension filed Monday before the midnight deadline.
Next thing to know: You’ll need to estimate your taxes and if you owe, PAY that amount when you file for your extension.
How to file a free extension
You can e-file your extension for free online with the IRS, using their Free File software.
You have three options with the IRS Free File software:
- Here’s your starting point if your adjusted gross income is less than $79,000 a year -- IRS Free File: Guided Tax Software
Your Adjusted Gross Income (AGI) is your total income minus any deductions or adjustments Uncle Sam allows you to take.
- Start here -- Free File Fillable Forms -- if your AGI is more than $79,000. This software works for anyone and any income. BUT it’s only for your federal taxes, it won’t allow you to file extensions for your state taxes.
- Want to do both Federal and State extensions? The IRS partners with SIX companies that help you file for free and some of them will do both -- Free File: Everyone can file an extension for free.
You can fill out Form 4868 and mail it to the IRS if you don’t want to file free online. You just have to make sure it’s postmarked before midnight.
Form 4868 in Spanish.
Pros and cons of filing an extension
PRO: This part’s pretty simple. It’ll buy you some time and taking more time could help you save more money. You’ll have more time to get all your documents in order and look more thoroughly, either on your own or with a tax professional, at deductions, charitable contributions and other areas where you can save.
CON: You have more time to worry about your taxes. Kiplinger’s personal finance folks say if you don’t need more time, don’t take more time.
CON: Your refund is delayed if you’re expecting to get any money back.
If I file an extension, how much time until I have to file my taxes?
You’ll have until October 15, 2024.
MORE “HOW-TO” AND WHAT TO KNOW IF YOU’RE FILING LAST MINUTE:
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