How to File an Extension on Federal Taxes

If you forget to file your federal taxes on time, you might be subject to penalties. You can avoid trouble by paying your taxes and filing for an extended deadline with the IRS.

Instructions

Difficulty: Moderately Challenging

1. Download Form 4868, if you're filing as an individual. Form 4868 is the IRS form for filing for an automatic 6-month extension. You can download it from the IRS website, and you must file it by the April 15th tax due date.
2. Complete and submit IRS Form 7004 if you're filing an extension for a business. Form 7004 is the application for an automatic 6-month extension for businesses. Review the form and its instructions to see if your business qualifies.
3. File Form 1138 if you're filing for a business that's expecting a net operating loss carryback.

Tips & Warnings

• Completing and submitting the above forms doesn't excuse you from paying your taxes on time. If you don't pay your taxes by the due date, the IRS can charge you a late payment penalty and interest on the amount you owe.
• Special rules may apply if you're living outside of the U.S., out of the country when the 6-month term expires or serving in a combat zone or hazardous duty area. Visit the IRS website for more details.