How to File an Extension

by | Mar 22, 2023 | Tax

It is not uncommon to have a need for more time to prepare your federal tax return. This post provides valuable information on how to apply for an extension of time to file. Please be aware that:

  • An extension of time to file your return does not grant you any extension of time to pay your taxes.
  • You should estimate and pay any owed taxes by your regular deadline (April 18, 2023) to help avoid possible penalties.
  • You must file your extension request no later than April 18, 2023.

E-file Your Extension Form for Free

There are three options when it comes to filing for an extension.

  1. Complete and mail in IRS Form4868: https://www.irs.gov/pub/irs-pdf/f4868.pdf
  2. Individual tax filers, regardless of income, can use Free File to electronically request an automatic tax-filing extension.
    • Filing this form gives you until October 16, 2023 to file a return.
    • To get the extension, you must estimate your tax liability on this form and should also pay any amount due.
  3. Get an extension when you make a payment.
    • You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. This way you won’t have to file a separate extension form and you will receive a confirmation number for your records. Be sure to select Form 4868 or extension.

    Extension Forms by Filing Status

    Below are forms that you may need depending on your filing status:

    Individuals

    Michigan Residents: (only need to file an extension if you owe, otherwise the federal extension will cover a Michigan extension)

    Special rules may apply if you are:

      Always remember, Senter, CPA is here for you if you need any assistance.

      Don't hesitate to give us a call at 248-934-0550, or contact us below.

      1099 Filing Requirements Update! Yes, this is good news!

      The reporting amount threshold has increased. Yes, you read that right! The old $600 filing requirement for 1099-MISC & 1099-NECs has been increased to $2,000, with some minor exceptions.

      To jog your memory, if you need it, you are required to file 1099s to those who you pay for rent, contract labor (not through your payroll), interest, etc. The 1099-MISC is most commonly used to report rent, while the 1099-NEC is mostly used to report non-employee compensation to most everyone.

      Mid-Year Financial Checkup Checklist: Are You on Track for 2026?

      Summer is a good time to check in on your finances. The year is already halfway over, which makes it easier to see what’s working and what might need attention. Maybe your income has changed. Maybe you’ve spent more than expected or fallen behind on a savings goal.

      Understanding Quarterly Estimated Tax Payments

      If you’re self-employed, a freelancer, or a small business owner, quarterly estimated tax payments are an important part of staying current with your federal tax obligations. Because taxes typically aren’t withheld from self-employment income, the IRS requires many taxpayers to pay taxes throughout the year instead of waiting until they file their annual return. Making timely estimated payments can help avoid a large tax bill and potential underpayment penalties.

      Why I Visit Our Accounting Clients

      Every couple of years, I spend part of my summer leaving the office.

      That probably sounds strange coming from a CPA.

      Have You Moved Recently? Make Sure the IRS Has Your New Address

      Moving into a new home is an exciting milestone, but one important task is often overlooked: updating your address with the IRS.

      Sunshine and Spreadsheets: A Bookkeeper’s Summer

      Summer means different things to different people.
      For some, it’s beach vacations, backyard BBQs, and long weekends.

      Mileage Matters. Don’t Let Those Miles Go to Waste! Let Them Reduce Your Tax Bill!

      Do you own your own business? If so, make sure you are not missing this one simple deduction! If you use your car for work, your mileage could be saving you money on taxes.

      What to Bring to Your First CPA Appointment as a Small Business Owner

      Walking into your first CPA appointment as a small business owner can feel a little intimidating. You might wonder if you’re bringing the right paperwork, if your records are organized enough, or if your CPA is about to discover the “creative bookkeeping system” you’ve been using since opening day.

      Never Miss a Quarterly Estimated Tax Payment Again: TaxDome Keeps You on Track

      For self-employed individuals, freelancers, business owners, and investors, quarterly estimated tax payments are an important part of staying compliant with IRS requirements. Missing a payment can result in penalties, interest charges, and unnecessary stress. Fortunately, TaxDome makes it easier than ever to stay organized with automated reminders and client communication tools.

      Summer Reminder: Don’t Forget Your Estimated Taxes!

      We know—writing a check to the IRS and State is probably not on your summer bucket list.