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Behind on filing your tax return? Make this key move
Taxes made easy for newlyweds and new parents
Sponsor Content: Tax advice for recently married couples and new parents filing in 2022
Many of us pledge to tackle our taxes early every year, only to land in a scenario where instead, we're running up against the deadline and aren't ready with our returns. If that's what's happening to you right now, you're no doubt in good company. But you also don't want to be late with your return.
Now to be fair, if you're owed money by the IRS, there's no penalty for being late with your taxes. In that case, being late will delay your refund, but that's your loss, not the IRS's, so the agency won't penalize you for missing the deadline.
It's when you owe the IRS money that filing a tax return late becomes a big problem. And if that's the situation you think you're looking at, there's one key move you'll need to make sooner rather than later.
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Ask for more time
If you don't think you'll be able to get your tax return in by April 18, which is this year's filing deadline, then it's important that you ask the IRS for an extension by or before that deadline. To do so, you'll need to file Form 4868, which you can do electronically.
Once you submit that form, you automatically get an extra six months to complete your tax return. You don't need to sit back and wait for the IRS to approve your request.
In fact, you don't even need a specific reason to be asking the IRS for more time. And you'll notice that Form 4868 won't ask you for one.
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