Tax return preparation can often be overwhelming—what with changes to the tax codes and your own circumstances potentially wildly affecting your paperwork from year to year. If events in your life have prevented you from dealing with your documents and it’s already approaching the deadline, file an extension rather than face a late filing fee. Here is what you should know about this process.

3 Facts to Know About Filing an Extension

1. Give Yourself More Time

To file for an extension, you must fill out Form 4868, which can be downloaded from the IRS website. This form must either be filed electronically or postmarked no later than April 15. If accepted, you don’t have to submit your tax returns until October 15. Check your state rules for state extensions, as guidelines can vary by location.

2. Payment Due Dates

While filing for an extension may delay the need for tax return preparation, it doesn’t change your payment schedule if you owe money to the IRS. You still have to make a payment by April 15 if you think you will owe money on your taxes this year. Otherwise, you could be subjected to fines and other late payment penalties. However, you will get refunded if you overpay.

3. Installment Agreements

If you have concerns over your ability to pay your full tax debt by April or October, the IRS may allow you to enter an installment agreement. This breaks your debt into more manageable payments while helping you avoid potential tax penalties.

In need of an extension? For tax return preparation help of all kinds, count on Young Hoy & Burnett, CPA in Texarkana, TX. Serving the Four States area for over 40 years, their certified accountants will get the job done right so you can file with confidence. To learn more about their tax services, visit them online. Call (903) 794-2211 to set an appointment.