Tax return extensions: Why you should (or shouldn’t) do it and how to request one
Sometimes, you just need more time.
The deadline to file a tax return with the Internal Revenue Service is drawing near and there are options for people who don’t think they will make the April 15 deadline.
The average tax refund issued by the IRS as of March 1 is $3,182, a 5.1% increase compared to the similar filling period in 2023. The trend may not hold as refund amounts dropped 13% between March and April in 2023, according to Barron’s.
It is not recommended to delay filing with the IRS, however, circumstances may impact a filer’s ability to meet the deadline.
An extension, if approved, provides filers a six-month grace period to file, though it does not provide an extension to pay. If a filer does not pay they will face penalties and interest charges.
“Even if you cannot finish your tax return, make a payment. That can help reduce the penalties and interest.” Larry Pon, a certified public accountant and tax professor at the College of San Mateo, told USA TODAY Blueprint.
Here’s what to know about filing an extension for your tax return.
