Pros And Cons Of Filing For A Federal Tax Extension
If you need more time to finish filing your taxes, it can come as a great relief that the Internal Revenue Service offers a tax deadline extension. First, the IRS has given a cushion of an additional month to get taxes in, but there’s also an extension beyond that date. The extension deadline allows those who request more time to file by October 15. But does a filing deadline mean you have more time to pay? What are the advantages and disadvantages of going beyond this year’s already extended deadline of May 17, 2021, to the fall? In this guide, we’ll look at the pros and cons of filing for a federal tax extension. How to Apply for A Federal Tax Extension With the pandemic and its associated economic challenges, it’s understandable that many people may be having a hard time getting their finances in order in time for Tax Day. So if the May 17 date still doesn’t afford you enough time to get your taxes filed, you can request an extension using IRS Form 4868 which asks the Internal ...