How to File for a Tax Extension if You Can’t File on Time

With the 2020 tax deadline approaching (July 15th is almost here!), you may be stressed with the realization that you are not able to file on time. If that’s the case, don’t worry; the IRS allows filing extensions for individuals and business owners. However, the extension deadlines remain the same as normal years.

Keep reading for everything you need to know about requesting a filing extension and how long you receive that extension.

Who Does the July 15th Deadline Apply to?

The July 15th deadline applies to all taxpayers – individuals, trusts, and corporations – who file and pay Federal income taxes. This year’s July 15th extension is automatic and applies to both filing AND paying taxes, with any late fees and interest for failing to file and/or pay beginning on July 16th.

If you are concerned that you cannot file by July 15th, the IRS offers filing extensions for individuals and businesses at no penalty, as long as you request the extension by filling out the appropriate form by July 15th.

How to Request an Extension if You Can’t File by July 15th

For individuals who need to request an extension to file their taxes, complete the filing Form 4868 by using the link on the IRS website or through your tax professional.

Businesses need to use file Form 7004. Corporations expecting a net operating loss carryback need to use Form 1138.

Note: You must complete the appropriate form in order to receive a filing extension to avoid penalties beyond the July 15 deadline.

Filing Extension End-Dates Remain the Same

Normally, individuals and businesses would receive a 6-month extension to file their taxes beyond their filing deadline. However, the end-dates for filing extensions remain the same as normal for 2020, in relation to regular filing deadlines (April 15 for individuals and C-corps, and March 15 for S-corps and partnerships).

Individuals and C-corps have until October 15th 2020 to file 2019 taxes (as normal), getting an additional 3 months.

S-corps and partnerships have until September 15th 2020 to file 2019 taxes (as normal), getting an additional 2 months to file.

Do you need more time to file your taxes? Get in touch with Paul Anderson CPA today to ensure you receive a filing extension to avoid failure-to-file penalties.