Tax Day is fast approaching, with Americans facing an April 18 deadline to file their 2022 tax returns with the IRS.
But if you aren't ready, there is a pressure valve that can provide some relief: Asking for an extension to file.
However, receiving more time to file your tax return doesn't mean you'll get a break on sending any overdue taxes to the tax agency. As the IRS " penalty. The good news is that the IRS provides an automatic extension to everyone who asks, but you'll still need to file some paperwork with the IRS. . This one-page document asks for basic information such as your name, address and Social Security number. It also asks you to estimate how much you owe in taxes.
Yes, the IRS says it may provide an"automatic extension" to people who live in areas designed by FEMA as hit by disasters, such asIf you live in one of these areas, you don't have to file extension paperwork or call the IRS to ask for extended time to file, the agency says.Wait, I still need to pay the IRS?
If you can't pay what you owe by April 18, you can also set up a payment plan with the IRS, O'Connell Rodriguez said.The bad news is you'll have to wait until after the IRS processes your tax return to receive your tax refund. That means if you wait until October 16 to file, you won't get that tax refund until later that month — with the IRS estimating that most taxpayers get their refund within 21 days.
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