If you’re overwhelmed, under pressure, and don’t know where to begin, save yourself the anxiety by turning to a Tax Pro. If you won’t be ready by the deadline, filing for a federal tax extension has its perks. While an extension won’t get you out of paying your taxes by the regular tax deadline, it will give you more time to ensure you’re taking advantage of the right tax deductions before you file your tax return with the IRS. You may be asking, isn’t the whole point of getting a tax extension so that you don't have to pay right away? Unfortunately, it’s not.
There are some still waiting for one or two forms to trickle in, and others who have had all their paperwork for a while, but simply can’t find the time (or the patience) to actually file. Whatever the reason: If you want an extension to file your income taxes, the IRS will give you one, NO questions asked. The beauty of the tax extension is that it gives you more time to file your taxes - but don't be late filing the extension itself. You MUST file for an automatic six-month extension by Wednesday, July 15 in order to have your deadline pushed back to October 15, 2020.