393: How to Delay Filing Your Taxes Legally

Learn how to delay filing your taxes until October 15th.

If you're not ready to file your taxes on April 15th, you can file paperwork to delay.

An estimated 14 million people will file extensions in 2018.

I do it every year and it's one of the best decisions I make!

It feels like such a luxury to not have to file until October.

This year the deadline to pay tax is Tuesday, April 17th. That's because the 15th is a Sunday and Monday is the Emancipation Day holiday in WA DC.

To be able to file later than April 17th, you have to file the right forms. File IRS Form 4868, Application for Automatic Extension of Time to File US Individual Tax Return.

You will have an automatic extension to submit your paperwork until October 15.

You can file through a computer, or submit a paper version.

You can also have a tax professional submit it using IRS e-file online.

Be sure you understand, the money is still due on time!

If you don't pay enough tax, you will owe interest and possibly penalties until it's paid in full.

Again, the money is still due on April 17th! Please don't misunderstand me!

Sometimes you just want some more time to get the paperwork done, or you may be waiting on some special forms, such as a K-1. K-1's come from alternative investments like partnerships and can be slow to arrive in the mail. They often don't arrive at your door by April 15th, so an extension is necessary.

Remember, your state taxes are NOT included in the extension, so check with your state's agency for their rules.

In summary, you can put off filing the forms, but you still owe the tax, so be sure the money is in by April 17th and properly request your extension. Then you have until October 15 to get your return filed.