An income tax extension is a period of time during which you can continue to file your taxes using the same filing status and adjusted gross income (AGI) as in previous years. Generally, you must file an income tax extension if you are due a federal income tax return but don't submit it by the April 15th deadline. You may also be able to file an income tax extension if you need more time to prepare your return. An income tax extension does not extend the time for paying any taxes that are due.
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How to apply for an income tax extension?
The IRS allows individuals who have paid all of their taxes for the year, as well as those who have received a refund or will receive one in the future, to file for an extension. In order to be eligible for an extension, you must timely file your federal income tax return even if it is not perfect. You cannot use an income tax extension to avoid penalties that may result from filing late.
In order to apply for an income tax extension, you must provide certain information to the IRS including your name, social security number (if applicable), date of birth, and employer identification number (EIN). You may also need to provide copies of your federal income tax returns for the previous three years if they are available.
Additionally, you will need to provide documentation of qualifying expenses such as deductible mortgage interest and charitable contributions.