IRS File for Tax Extension: how to apply and where to apply to IRS Form 1138
Tuesday 18 April is the deadline for filing the return and paying taxes. Need more time? We’ll explain how to apply for a six-month extension.
April 18 is the deadline to file the 2022 tax return. However, taxpayers can get more time to complete their return by requesting an extension from the Internal Revenue Service (IRS).
Taxpayers who need more time to complete their return can request an automatic six-month extension by filing the extension form or by using Direct Pay. Taxpayers who are granted an extension will have until October 16 to file their tax return, but you’ll still need to pay any taxes that are due by the April Tax Day deadline.
Extension form
Individual taxpayers can use the Free File tool to electronically request an automatic extension for filing taxes using Form 4868. In order to obtain the extension, you must estimate the tax liability on this application and pay any amount due.
Direct Pay
Another fast, free, and easy way to get an extension includes using the IRS Direct Pay option. When you make an electronic payment and indicate that it is for an extension, the IRS will automatically process the extension.
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It is important to note that an extension to file is not an extension to pay taxes, so taxes must be paid by the original due date (April 18). It is necessary to pay taxes on time to avoid penalties. However, it is worth mentioning that certain taxpayers can obtain an extension for the payment of taxes.
IRS Document for Tax Extension: How to Apply and Where to Apply to IRS Form 1138
The IRS has Form 1138, ‘Extension of Time For Payment of Taxes By a Corporation Expecting a Net Operating Loss Carryback’. A corporation expecting a net operating loss in the current tax year can submit this form to extend the time to pay taxes for the immediately preceding tax year.
Also, if a taxpayer can’t pay their taxes, the IRS offers some help such as payment plans. Online payment plans include:
- Short Term Payment Plan: The payment period is 120 days or less and the total amount you owe is less than $100,000 in combined taxes, penalties and interest.
- Long-Term Payment Plan: Payment period is longer than 120 days, paid in monthly payments, and the amount you owe is less than $50,000 in combined taxes, penalties, and interest.