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FINANCIAL NEWS

Tax deadline 2022: how long is the tax extension for 2022?

The IRS is giving filers up to six months extra to submit their tax returns, but remember to make any tax payments due as soon as possible.

Update:
The IRS is giving filers up to six months extra to submit their tax returns, but remember to make any tax payments due as soon as possible.
BloombergGetty

The deadline for submitting tax returns with the IRS was Monday, 18 April, but it is not too late to take advantage of the tax agency’s filing extension.

Taxpayers in the United States can apply for an extension which will give them an additional six months to complete their filing, meaning that they have until Monday, 17 October to do so. However bear in mind that while this extends the filing date substantially, any tax payments you are required to pay will still be due on the original date.

There are also certain groups, such as residents in states who experienced a natural disaster during the past year, who will automatically be granted extra time for their filing.

How can I apply for a tax return extension?

As has been the case for the past two tax season, the IRS is under enormous pressure to oversee the filing process while also administrated various pandemic-era financial relief programmes. This, combined with the inability to work as normal due to covid-19, has left the agency with a huge backlog of unprocessed tax returns.

As such, is recommending that anyone who wants a tax filing extension should take advantage of the online Free File tool to request an automatic tax-filing extension electronically. All individual filers, regardless of their income, will be able to use the portal for this purpose.

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To request the extension you will need to provide an estimate of your tax liability for the 2021 tax year. This will allow you to pay any amount due and avoid facing late charges and financial penalties while you work on the actual tax return.

You can also trigger the automatic extension by paying all, or at least part of, the estimated income tax that is due and selecting the option to use the payment for an extension. You can do this using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. You will not need to file for an extension separately and you will receive a confirmation number for your records.

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