Last-Minute Tax Tips: Filing an Extension and Avoiding Common Mistakes

As George Harrison once sang, “I’m the tax man, and you’re working for no one but me.” Today, April 15, is the day when tens of millions of Americans are expected to file their tax returns with the Internal Revenue Service (IRS). If you’re one of those millions, you might be wondering what to do if you need more time to file your tax return.

In this article, we’ll provide you with essential tips for filing an extension and avoiding common mistakes.

1. Understand the Basics of Filing an Extension
   Filing an extension gives you six months to file your tax return, but it does not extend the time to pay your taxes. For the 2023 tax year, most taxpayers must pay by the original filing deadline of April 15, 2024, even if they file for an extension.
2. Use Software for Last-Minute Filing
   Software like TurboTax, TaxSlayer, and Cash App Taxes can help you file your taxes quickly and accurately. These tools eliminate simple errors and make it easier to complete your return before the deadline.
3. File an Extension if You’re Unsure
   If you’re unsure about your tax liability, filing an extension can help you avoid the failure-to-file penalty, which is based on how much tax you still owe. However, you’ll still need to make your tax payments by the original filing deadline.
4. Avoid Common Misconceptions
   One common misconception is that filing a tax return extension increases the chance of an audit. However, there is no significant evidence to support this claim. Another misconception is that an extension extends your payment deadline, but this is not the case.
5. File an Extension Electronically or by Mail
   You can file for an extension electronically using Form 4868 or by mailing a paper form. If you file electronically, make sure to use the correct address for taxpayers in your area to avoid delays or rejections.
6. Be Prepared for Postmarking
   If you’re mailing your extension request, make sure it is postmarked by the deadline to ensure it is considered timely.

As the tax deadline approaches, it’s essential to remain calm and avoid making hasty decisions. Remember, haste makes waste, and taking the time to file accurately can save you from potential penalties and missed deductions.

What steps can you take to ensure a smooth and accurate tax filing process, even when facing a last-minute deadline?