It’s tax time! Your taxes are due April 17, 2018, but if you’re a procrastinator — don’t worry! Fourteen million tax returns were filed after the deadline last year, and most of them filed the necessary extension paperwork. (Make sure you’re not one of the two million who were late and didn’t file for an extension!)
You can extend your deadline to file your return until October 15, 2018. But remember, you can’t extend your deadline to pay; any taxes you owe are still due in April. If you miss the deadline and you owe, you’ll get hit with a late fee and interest. And IRS interest isn’t like credit card interest; it accrues daily, not monthly.
When you file for an extension, you’ll have to estimate what you’ll owe in taxes. Get as far on your return as you can in order to make the best estimate. Then pay it here, and select “extension” from the drop-down menu.
If you know you’re not going to meet the deadline, file for an extension. Some states may require you to file a separate extension there too, so make sure you check your state’s rules.