![]() ![]() Failing to pay taxes in time can result in penalties and interest charges.” Common Mistakes People Make When Filing a Tax Extensionįor the 2022 tax year, most taxpayers must make their payment by the original filing deadline of April 18, 2023-even if they file for an extension. ![]() “This is the biggest mistake that taxpayers make: thinking that the extension applies to the payment of the tax as well. “Taxpayers need to make tax payments by the original filing deadline based on their best estimate of what the tax will be,” Curtis says. You will still owe any taxes due as of your tax filing deadline. The extended deadline allows them to gather the necessary information and documentation to file an accurate return.īut importantly, the extension applies to filing the return only, not to the payment of the taxes. Most people who request an extension for filing their tax return have more complicated taxes than, say, Americans who receive a W-2 from their employer and a handful of forms for mortgage interest and student loan interest. “The request form is automatic, so taxpayers do not need to wait for any sort of approval confirmation once the form is submitted,” said Nell Curtis, an accounting instructor at Milwaukee Area Technical College in Wisconsin. All extensions will be applied automatically. The official form to request an extension is Form 4868 and it is less than half a page long. Taxpayers can complete the extension request form through the IRS Free File website. Best Tax Software For The Self-Employed 2023įiling for an extension is simple and free.On Cash App Taxes' Website What You Need For Your 2022 Taxes ![]()
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