Here are some things to note about taxes!
For the 2021 tax year, individual income tax returns are due by Monday, April 18, 2022. However, if you're unable to reach this deadline, the IRS allows for a six-month tax extension for anyone who needs one but you have to apply for it.
So if you need more time to file your 2021 tax return, the deadline for filing your 2021 tax return is Monday, October. 17,2022.
You can print out IRS Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and mail it to the IRS. And to clarify, if your submission is postmarked by the tax deadline, it's considered on time, even if it arrives a few days past the deadline.
For an alternative (and easier) method, you can electronically file an extension through a tax software provider like TurboTax or you can also find a tax prep software partner at IRS Free File and submit your extension.
If you can't pay, file anyway
A tax extension is not a way to delay payment of your taxes. If you are unable to pay the tax you owe for 2021, you should still file your return (or an extension).
The penalty for failure to file your tax return in a timely manner is 10 times greater than the penalty for failure to pay. You're charged interest and penalties on any unpaid balance, but it's far better than the alternative.
Why a smaller tax refund is a blessing in disguise
Getting a refund means you gave the IRS an interest-free loan last year. It isn’t a bonus. It is earnings you could have had used, invested, saved, or paid down debt with all year. Now, it may be a pleasant surprise having it returned, but as the name implies, it is a refund. It is the equivalent of finding a $20 in your Levis. Yours all along, but you just may have forgotten about it.
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