With the April 15 tax filing deadline looming, many Americans are feeling the pressure. But here’s some reassuring news: you’re not alone in your procrastination. According to a January survey by IPX1031, nearly one-third of U.S. taxpayers admit to delaying their filings, and a quarter haven’t even started preparing their returns. The IRS has already received 80 million filings but expects a total of 140 million by the deadline. So take a deep breath — and consider filing for an extension to October 15. Here’s how to do it seamlessly and avoid penalties.
Key Reminder: Extension ≠ Tax Payment Delay
Jo Anna Fellon, a director at CBIZ, emphasizes that while an extension grants extra time to file your taxes, it doesn’t postpone the payment deadline. If you owe taxes, failing to pay by April 15 will trigger penalties and interest. The IRS charges:
- Late payment penalty : 0.5% of unpaid taxes per month (capped at 25%).
- Late filing penalty : 5% per month (also capped at 25%).
- Interest : Currently 7%, accruing daily from April 15.
To minimize costs, estimate your tax liability and pay as much as possible by the original deadline.
Three Free Ways to Request an Extension
Filing for an extension is simpler than you might think. Follow these steps:
Method 1: Skip the Paperwork — Go Digital
While Form 4868 (Application for Automatic Extension) can be mailed, experts strongly discourage this outdated approach. Paper filings are slower, prone to delays due to IRS backlogs, and more vulnerable to fraud. Opt for electronic submission instead.
Method 2: Pay Now, Extend Automatically
Tommy Lucas, a financial planner at Moisand Fitzgerald Tamayo, recommends the easiest option: when making a tax payment via the IRS website, select the “extension” checkbox. The system will automatically file Form 4868 on your behalf. The process takes five minutes, and you can verify the submission through your IRS online account.
Method 3: Use IRS Free File (No Income Limit)
IRS Free File, a partnership between the IRS and tax software providers, allows all taxpayers — regardless of income — to request an extension for free. Note: While income restrictions apply for full tax filings in 2025 (AGI under $84,000), extensions are universally accessible.
After Extending: Don’t Procrastinate Further
An extension buys time but shouldn’t be wasted. Use the extra months to organize documents, consult a tax professional, or refine your return with software. Remember: October 15 will arrive sooner than you think.
Pro Tip: Plan Ahead for Future Tax Seasons
Avoid annual stress by adopting year-round tax planning. Stay informed about deductions, credits, and law changes to streamline future filings. Proactive preparation is the key to turning tax season from a headache into a routine task.
Bottom line: April 15 isn’t a cliff edge. If you’re unprepared, file for an extension today — penalty-free — and tackle your taxes with confidence later.