There are certain dates that every American knows by heart: Christmas is on December 25, Valentine’s Day is on February 14, and April 15 is the tax deadline
But what if you cannot meet the tax deadline? Now that the tax season is winding down, it’s a good time to review how and when to file for an extension, as well as the possible delays in filing and receiving your refunds.
Tax Due Dates
We all know the significance of the April tax deadline, but what about June 15 and October 15?
If you are living outside of the country on April 15, you are allowed two months extra time (June 15) to send in your tax return without needing to file for an extension.
Tax Extension Deadline: October 15 is your new tax filing deadline if you file for an extension.
The Facts of a Tax Extension
There are certain circumstances when a person needs to file for an extension from the April 15 filing deadline. While filing for an extension does not extend the timeline for paying any taxes owed, it will grant you extra time to get your paperwork in order.
If you know that you owe money, you should pay this money by the April tax deadline in order to avoid any penalties or fees associated with late payment (you can estimate your taxes owed either by using your previous year’s taxes as an example, or by using an online tax estimator).
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