Step 4: Respect the deadline

Form 4868 must be submitted by April 18, 2023, even if you are unable to complete your return by that date. By doing so, your filing date might be pushed out to October 16, 2023.

If you want to submit a request, you must first estimate your tax obligation for 2022 on the form and then pay any remaining amount. If you expect to owe money to the IRS for taxes, you should ask for an extension as soon as possible.

The IRS has the ability to give you a late-filing penalty of 5% per month of the tax owed and a late-payment penalty of 0.5% per month of the tax owed if any or both of these requirements are not met by the due date. So pay attention to the deadline and respect it if you don’t want to pay more money than you should!

Penalties for submitting or paying late might go up to 25% of the total amount due, which is quite a large percentage. By submitting Form 4868, you might prevent the hefty late filing penalty from rising.

…Do you need extra help with your taxes? Here’s what you should know: Tax Season Knocking at the Door? 6 Easy Steps to Get Ready!