Extend the April 15 Deadline to October 15

Last updated on April 14, 2014

If you cannot file your tax return by April 15^th, you can receive a six-month extension of time to file. More time to file must not be confused with more time to pay. By filing for an extension to file, you only get a six-month extension to file your tax return, not more time to pay the taxes you owe.

If you are unsure of the amount of taxes you owe, you should make and pay an estimate of the amount you owe. It is generally recommended that you pay a little bit more than what you estimate. The IRS will issue a refund for the amount overpaid. On the other hand, if you pay less than what you owe, the IRS may charge penalties and interest on the balance that remains to be paid.

To calculate how much you owe, you may use Form 1040-ES, Estimated Tax for Individuals or consult a tax preparer. If there is little difference in your income and expenditures in tax year 2012 and tax year 2013, then for 2013 you can simply pay a little more than the amount paid for 2012 to cover up for extra taxes, if there are any.

Getting an extension is helpful in preparing tax returns accurately. Small businesses and individuals that still need to gather various receipts and documents for making deductions must get an extension to file so that they can accurately prepare their taxes. In case of an earlier tax debt that remains to be paid, filing for an extension will not make any difference to the amount of penalties and interest being charged on it.