Overview
Filing for an extension on a tax return is a common practice that gives you additional time to file and obtain financial records and tax documents. You are still responsible for submitting any payments owed to the IRS by the tax filing due date, but your tax return can be submitted later.
Important
If you are filing as a Sole Proprietor, individual tax return (Form 1040) and are not tax ready by April 1st you will need to complete the extension survey in Heard to file an extension.
Key Considerations
- You are still responsible for submitting any payments owed to the IRS by the tax filing due date. Failing to pay on time may result in penalties and interest, specifically the Failure to File Penalty from the IRS.
- Contrary to popular misinformation filing an extension will not increase your likelihood of an audit.
What is a tax extension?
A tax extension is a formal request to the IRS and your state's tax agency for additional time to file your tax return. While we encourage you to fill out your Tax Checklist as soon as possible so we can get working on your tax return, an extension is put in place to protect your business and help you avoid any fees or penalties from the IRS or your state. The extension filing deadline is identical to the federal tax filing deadline, April 15th.
What do I need to file for an extension?
- Your tax-identifying information
- Your filing status and if applicable your spouse's information
- Your estimated income and quarterly estimated tax payments
- Prior year tax return
How can I file for an extension?
You can file for an extension using the Extension Survey in Heard by going to Taxes then Annual. You will need to answer a series of questions and after submission, you will be connected to your Tax Preparer.
How much does a tax extension cost?
There are no additional fees associated with filing an extension. Though you are required to submit any payments owed to the IRS and state by the tax filing due date. The extension survey will calculate how much you should pay based on your tax liability but if you underpay you can still be subjected to penalties and interest for underpayment and late fees.
After you've filed an extension
If you owe any payments you must submit payment by April 15th in order to avoid being subjected to a penalty. Please see: How to submit a federal extension payment. Once your extension has been filed your filing deadline is October 15th. Heard will continue to request your necessary tax documents in order to file your return.