How to File for a Tax Extension

As tax day, 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 an online tax extension and all you'll need is your name, address and your taxpayer identifiaction number (Social Security number of Employer Identification Number or EIN). Keep in mind that you are only filing for more time to file your return, not pay your taxes so to avoid penalties and interest charges, you should also estimate how much, if anything, you'll owe in taxes when you file your tax return and electronically pay that amount with your extension. Once approved by the IRS, you will be granted an automatic extension of time to file and will have an additional 5 or 6 months to file your tax return, depending on whether you are filing for a personal or a business extension.