Spring is in the air. Flowers are blooming, the air is rich with pollen and allergens. And taxes are coming due. The deadline to file your individual income tax return for 2018 is Monday, April 15th 2019. Amazing how the time creeps up. And with this important deadline approaching, some of you may be wondering if you should consider filing an extension to buy yourself more time to file. As always, you should consult with a tax professional regarding your situation. But for the sake of getting the conversation started, let’s look at some of the facts surrounding tax extensions:

According to the IRS ( www.IRS.gov ), there are a couple ways a filer can request an extension. Taxpayers can use IRS Free File to not only file their taxes for free, but also request an extension. While you have until April 15th, 2019 to file an extension for your 2018 taxes, if you know you are not going to make it by the deadline, it is best to not wait until the last minute. There is always the possibility of technical issues, so why add stress to an already potentially stressful situation?

You (or your tax preparer) can e-file form 4868 to request an extension or mail the form in if you prefer. According to form 4868, which is available on www.irs.gov , you can potentially extend your filing for up to 6 months from the filing deadline if successfull. To qualify you must:

• 1. Properly estimate your 2018 tax liability using the information available to you
• 2. Enter your total tax liability on line 4 of Form 4868
• 3. File Form 4868 by the regular due date of your return

Also included on form 4868 is the following important information that possible extenders should heed:

“Although you aren’t required to make a payment of the tax you estimate as due, Form 4868 doesn’t extend the time to pay taxes. If you don’t pay the amount due by the regular due date, you’ll owe interest. You may also be charged penalties. For more details, see Interest and Late Payment Penalty on page 2. Any remittance you make with your application for extension will be treated as a payment of tax. You don’t have to explain why you’re asking for the extension. We’ll contact you only if your request is denied. Don’t file Form 4868 if you want the IRS to figure your tax or you’re under a court order to file your return by the regular due date.”

So while you may extend the filing of your taxes, this does not extend your time to pay. Penalties and interest may accrue during this time, leaving you to owe the IRS even more.

Special rules may apply if you are living outside the US or are serving in the military in a combat zone. If you have special circumstances or concerns or need more assistance in determining how to file an extension or whether it is right for you, you can contact a tax professional or even try calling the IRS directly. Just be aware that during tax season, wait times may be even longer than the standard (long) wait times.

All in all, receiving an extension to file may help some in a pinched situation who need some extra time to sort through their information or situation. If there are extenuating circumstances that are prohibiting you from filing on time, asking for an extension may be a good way to avoid extra penalties and fees and help keep yourself on the right side of your taxes. However, if you are looking to avoid paying taxes for the time being or are looking to make additional interest on the money you have saved, guess again. If you are procrastinating the inevitable, it seems like it would be more of a headache to go through the extension process than just bite the bullet and get it done. Whatever you choose to do, get it done quickly so you can get outside and enjoy the spring air!