Yes, you can get an extension on your taxes – but not more time to pay if you owe

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For the 2021 tax year, individual income tax returns are due by Monday, April 18, 2022. However, the IRS acknowledges that not all taxpayers can meet the deadline for one reason or another. Maybe you're waiting for documents you need to submit with your return, or maybe you need extra time to track down receipts.

To accommodate situations like this, the IRS allows for a six-month tax extension for anyone who needs one. So if you need more time to file your 2021 tax return, here's what you need to know about filing an extension, along with other important details.

if you do file an extension this year, the deadline for filing your 2021 tax return is Monday, Oct. 17. 

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What a tax extension is and isn't

First, it's important to realize that a tax extension gives you more time to file your tax return, not more time to pay any balance you owe. Your 2021 tax payment (or at least your best estimate of what it'll be) is still due on the normal April tax deadline.

A tax extension gives you six months from the usual standard deadline of April 15 to file your tax return. So, the extended tax deadline is October 15 – unless a weekend gets in the way, which it does in 2022. To make a long story short, if you file an extension this year, you have until Monday, Oct. 17 to file your 2021 tax return.

Before we move on to the "how," one final point to keep in mind is that while you're technically requesting an extension, it's an automatic process. If you file an extension by the April 18 tax deadline, you'll receive the additional time.

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How to file a tax extension

If you need to file an extension for your taxes, you have a couple of options.

You can print out IRS Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and mail it to the IRS. And to clarify, if your submission is postmarked by the tax deadline, it's considered on time, even if it arrives a few days past the deadline.

For an alternative (and easier) method, you can electronically file an extension through a tax software provider. For example, if you typically use TurboTax to file your return, you can also use that platform to file an extension. You can also find a tax prep software partner at IRS Free File and submit your extension.

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If you can't pay, file anyway

A tax extension can be a valuable tool if filing your return by the deadline would be impossible or impractical. But again, it is not a way to delay payment of your taxes. If you are unable to pay the tax you owe for 2021, you should still file your return (or an extension).

Without getting into too much detail, the penalty for failure to file your tax return in a timely manner is 10 times greater than the penalty for failure to pay. You're charged interest and penalties on any unpaid balance, but it's far better than the alternative. The bottom line is that the IRS makes filing an extension quick, easy, and automatic. Even if you can't pay, be sure to file your tax return or an extension by the April 18 deadline.

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