How to File for a Tax Extension

As the tax deadline on April 15th draws near, many Americans realize they may not be able to file their taxes on time. This can obviously be a bit scary, but please don't worry because there is something you can do. 

You can file for a tax extension online. Basically all you need to do is make an estimate of the taxes you or your business will owe, and then you pay on that estimate. You then get an extra 5 or 6 months to file your taxes depending on if you are filing for a personal tax extension or a business tax extension. This means you do your actual tax return in the fall. At that point you will have figured out exactly how much you owe. If you underpaid with your original amount you're going to have to pay a fine (the fines are always going to be more if you don't file your taxes or don't file a tax extension). If you overpaid you are going to get a refund. We recommend that people try and be as accurate as possible with that estimate, but lean on the side of overpayment.