Tax Extension Deadline 2025 Is Near—Here’s the 1 Form That Buys You 6 Months
The good news? Refunds are up. Here’s the fastest way to file or extend
Key Takeaways
- A tax extension gives you until October 15 to file but does not delay any payment you owe.
- File Form 4868 on the IRS website for a free six-month no-questions-asked filing extension.
- Missing the deadline without an extension can trigger a 5% failure-to-file penalty if you owe.
We are officially less than one day away from Tax Day, and if you’re one of the millions of Americans who hasn’t filed yet, keep reading. Woman’s World recently sat down with CPA Lisa Greene-Lewis, a TurboTax Expert, who shares everything you need to know about filing late or asking for a tax extension to help ease the burden of finishing your taxes by 11:59 p.m on April 15.
What is a tax extension?
A tax extension is an interest-free delay that allows people to file their federal income tax returns at a later date. This option is helpful for millions of Americans, but if you owe, an extension doesn’t necessarily delay what you have to pay.
“If you owe money, pay as much as you can and then you can contact the IRS for an installment agreement, which allows you to pay what you owe over six years,” advises Greene-Lewis. “Don’t let the thought of owing hold you back from filing; by the time you get all of the deductions and credits available, you may not owe money.”
How to file for a tax extension
If you decide to file for an extension, Greene-Lewis advises filling out Form 4868, which is available on the Internal Revenue Services (IRS) website. This will give you a six-month no-questions-asked extension to file federal income taxes, moving your deadline from April 15 to October 15.
Some of the most common reasons people file for an extension include missing or inaccurate W-2s, 1099s or K-1 forms, experiencing an unexpected life event, having a complicated tax situation, waiting for a new Social Security Number for a dependent and simply just wanting to double check a return.
“If you have all your documents together, there’s no reason to file an extension. You still have time. You can file up until 11:59pm on April 15, whether you do your taxes yourself or have someone file for you,” Greene-Lewis says. “If you’re missing any important forms that report income, like W-2s or 1099s or documentation that shows expenses you can deduct, then you may want to file an extension.”
Is it bad to file for an extension?
In general, filing for an extension isn’t bad and is actually quite common. That being said, Greene-Lewis still advises filling on time if you are able.
“If you have everything together, I would get filing out the way, especially since you may have a refund coming. The majority of people do receive a refund, and refunds are up this year,” she explains. “If you don’t have everything you need to file an accurate return, it’s not bad to file an extension, but remember that it is an extension to file and not to pay, if you owe.”
The common tax-filing mistake to avoid
Many people who don’t file their taxes by April 15 decide to not to file them at all. They don’t ask for an extension; they don’t file them late. But that can do more harm than good, warns Greene-Lewis.
“If you missed the deadline, file as soon as possible to avoid any penalties,” she explains. “If you file an extension by the deadline, then you will avoid the ‘failure to file’ penalty if you owe money. If you don’t file an extension, owe money and don’t file or pay, you will receive a ‘failure to file’ penalty of 5 percent of what you owe and a ‘failure to pay’ penalty of ½ of 1 percent of what you owe.”
“If you are getting a refund, you should still file as soon as possible to get closer to your refund,” Greene-Lewis continues. “Plus, the IRS gets a copy of the forms your income is reported on and eventually will calculate how much they think you owe without knowing your deductions and credits you’re eligible for.”
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