This year’s tax-filing deadline of April 18 is right around the corner. If you have put filing your taxes at the bottom of your to do list, you may be eligible to get a six-month extension from the IRS by submitting a “free extension to file” request. Requesting an extension will provide you with an additional six months (until October 16) to prepare and file your taxes.
Some circumstances give taxpayers more time to file without having to file the extension. These may include:
>U.S. citizens and resident aliens who live and work abroad
>Members of the military and others serving in a combat zone. These taxpayers can typically wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due.
>Individuals affected by certain natural disasters. A list of recent disasters that have been granted an extension can be found here.
Although this extends your time to file it does not give you additional time to pay your owed taxes. You still need to pay any anticipated owed taxes by April 18 to avoid a late-filing penalty or interest on the balance owed. In the case that you were to overpay your taxes, you will get a refund.
Please note that some people aren’t eligible for extensions. Taxpayers who were approved for an Offer in Compromise must file by the April deadline during their five-year probationary period. The IRS has the right to revoke the agreement and re-instate the original amount owed if they do not file by the deadline. For more information on filing extensions with the IRS, visit irs.gov.