How tax extensions work.
Looking at a tax extension? If an extension is something you’re considering, the deadline for filing your taxes will be here before you know it. If you didn’t file for a tax extension, maybe it’s something worth considering in the future. We’re here to help. Here’s what you should know about filing income tax extensions.
What is a Tax Extension?
If you file an income tax extension, you delay filing your taxes from April to October.
Deadlines
- The last day to file for an extension is April 15.
- The deadline for the extended taxes is October 15.
The key thing to remember here is that an extension doesn’t delay paying your taxes. If you owe taxes, you are still required to pay them by April 15, even if you file for an extension. The extension merely delays when the paperwork is due.
How to File an Extension
You can file for a tax extension in a few different ways.
- Website. The easiest way is via the IRS’s website.
- Software. If you’re using tax software, it also provides a place where you can ask for an extension.
- Paper Forms. You can also file for an extension by mailing the Form 4868 to the IRS.
A tax extension is free of charge.
Why File an Extension
The most common reason for filing an extension is that you need more time to locate and/or complete tax documents and other paperwork.
Do One Thing: If you need more time on paperwork, file for a tax extension so that you don’t get hit with any late filing fees.
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About Penn East Federal Credit Union
“Have a positive impact on our members, our community, and each other.” That is the common thread that goes across all of Penn East Federal Credit Union’s endeavors. With over eighty-five years in business and 24,000 members, the community-oriented credit union is a vital part of Northeastern Pennsylvania. Penn East FCU serves Luzerne, Lackawanna, Wayne and Wyoming counties with four branches and a 24/7 digital banking service through their website www.penneastfcu.org and their Penn East Mobile Banking App. Penn East FCU provides trusted financial solutions, integrity, and reliability to its members and community.
