There’s no need to panic if you can’t get all your information together to file a tax return by the deadline. If you believe you are owed a refund, simply file your return as quickly as possible, even if it’s after the deadline. If you believe you may owe taxes, you’ll need to file a simple request for an extension of time to file. Click here to read or watch more IRS Help resources.
Do as much of the work as you are able to determine the approximate amount you’ll owe, and be prepared to send a check with your extension. This is an extension of time to file, not of time to pay, so keep that in mind. If you’re unable to pay but have your information in order, go ahead and file then works out a payment plan. You can be penalized or charged fees for both failure to file and failure to pay, so it’s important to file even when you don’t have the money on hand to pay the bill. An extension gives you time to file, helping you avoid late filing penalties, giving you three additional months to get the paperwork handed in and saving you money. Check out these tips for filing an extension, or ask your tax professional for assistance.