How to File a Free Federal Tax Extension

（Palto/Shutterstock）

Most people should have their individual tax forms and payments sent to the Internal Revenue Service (IRS) on April 18 of this year. There is not much time left for tax preparation, but filing a tax extension could buy you more to get your paperwork together. You can file Form 4868 for free to get a federal tax extension.

What the Extension Does Not Give You

Although filing a federal tax extension will give you more time to calculate your tax liability and send accurate tax forms, TaxAct says that it does not give you more time to pay any taxes you might owe. You still need to estimate your taxes and should pay all you owe when your federal taxes are due.

Getting an IRS Extension

The Internal Revenue Service states that you can get an extension another way. You can pay all or part of your taxes and make it known that you would want an extension. If you indicate you want an extension when sending your payment, it is not necessary to send Form 4868 separately.

Even though you may be unable to calculate your federal tax return completely by the tax due date, the IRS says you should attempt to fill in the tax form as much as possible. Estimate the blanks you are unsure of and send them in on time to avoid the late payment penalty—which is 5 percent of taxes not paid on time.

Self-Employed People May File Earlier

If you are a freelancer or self-employed, you can file for a federal tax extension when the first quarterly payment is due—by January 15. When you file before your first quarterly payment due date, you have until Oct. 16 to send your paperwork. Your estimated quarterly taxes, however, are due on Jan. 15.

Some People Qualify for an Extension Automatically

Some people are automatically exempt from having to pay their taxes by April 18 or file an extension to get more time. The IRS says that if you are living outside of the United States and Puerto Rico—and work primarily outside of the United States—you have two extra months (until June 15) to file your taxes. Military personnel, and those in naval service, who are on duty outside of the United States and Puerto Rico, are also given extra time.