Tax Deadline Looming? Here's What You Need to Know

Tax season is here, and the deadline is fast approaching. If you're feeling the pressure and need more time, don't worry. The IRS has options for you. But remember, an extension to file is not an extension to pay. If you owe taxes, you still need to pay them by April 15 to avoid penalties and interest. First things first, let's talk about how to get that extension. You have a few choices. The easiest way is to use the IRS Free File program on their website. It's free for everyone, no matter your income. You just need to estimate your tax liability and file by the deadline. If you owe money, you can pay online and select "extension" as the reason for your payment. You'll get a confirmation number for your records, and that's it—no extra forms to fill out. Another option is to file Form 4868. You can do this by mail, online with an IRS e-filing partner, or through a tax professional. On the form, you'll estimate how much tax you owe for the year, subtract what you've already paid, and pay the balance. This is a bit more old-school, but it gets the job done. Now, some people get an automatic extension without even asking. For example, members of the military on duty outside the U. S. and Puerto Rico get an extra two months to file. This year, they have until June 16. But remember, tax payments are still due by April 15. Those serving in combat zones get even more time—at least 180 days after leaving the combat zone to file and pay. U. S. citizens and resident aliens living and working abroad also get an automatic two-month extension. They have until June 16 to file, but again, taxes are due by April 15. And if you're in a federally declared disaster area, you might get an extension to both file and pay. Check the IRS website for the latest info on tax relief for disaster situations. If you owe taxes, you have several ways to pay and get that automatic filing extension. You can use your IRS individual Online Account, IRS Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or even pay with a credit card, debit card, or digital wallet. Just make sure you pay by April 15 to avoid those pesky penalties and interest.