The closer we get to the 2022 fiscal deadline, the more we feel like we’re sneaking in.
And although the 2021 tax filing date is later than usual this year – April 18 – it can still be difficult to meet.
If you need more time to prepare your taxes this year, you can ask to file an extension. Here’s what you need to know.
What is a tax extension used for?
According to the IRS, an extension is simply a six-month extension for case your taxes.
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However, it does not grant you an extension for Pay your taxes. You should always pay your taxes on time to avoid any penalties or interest.
Is there a deadline for filing a tax extension request?
Yes. Extension requests must be filed on or before your return’s regular due date, the IRS says on its website.
In other words, the request to file an extension and the 2022 tax deadline are the same day.
This means that this year, your request to file an extension must be no later than April 18.
How do I request a tax return extension? What form should I fill out?
You will need to complete Form 4868 in order to file an extension request. You can file it for free online using Free file.
Who can ask to file a tax extension? Are there any restrictions on who gets an extension?
Any individual taxfiler, regardless of income, can electronically request an automatic tax return extension.
However, to obtain the extension, you must estimate your tax payable on the Free file form, and must also pay any amount owing.
What is the duration of a tax extension?
A tax extension gives you an additional six months to file your taxes.
OK, I filed an extension request. What day are my taxes due now?
October 15 – as long as it falls on a working day.
If October 15 falls on a Saturday, Sunday or public holiday, the due date is postponed to the next business day.
Your return is considered filed on time if the envelope is properly addressed, stamped, and mailed by the due date.
What if I can’t afford to pay my taxes when they’re due?
If you are unable to pay your taxes on the day they are due, you may be entitled to a online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time.
Once your online application is complete, you will receive an immediate notification whether your payment plan has been approved.
These payment plans may include:
- Short Term Payment Plan – The payment period is 120 days or less and the total amount due is less than $100,000 in taxes, penalties and interest combined.
- Long Term Payment Plan – The payment period is over 120 days, paid in monthly installments, and the amount owed is less than $50,000 in taxes, penalties and interest combined.
How soon are tax refunds issued?
According to the IRS, a refund in 10 is issued in less than 21 days.
Since the week ending April 1, the IRS has sent more than 63 million refunds worth more than $204 billion.
What is the average tax refund?
The average refund is $3,226, according to the IRS.
How can I check the status of my tax return?
The Illinois Department of Revenue said “in addition to free filing of Form IL-1040 via MyTax Illinoisindividuals can also use the site to make payments, respond to service requests, and check the status of their refunds using the where is my refund? link.”
Taxpayers can also call the Automated Refund Hotline at 1-800-829-1954.
“Where’s my refund?” can be used to check the status of a tax return within 24 hours of receiving an electronic file acceptance notification.
The message “Where is my refund?” » the tool is only updated once every 24 hours. If more than 21 days have passed since a tax return was filed electronically or more than six weeks since a return was sent, taxpayers can call a tax help hotline to speak to a representative.
What if I’m still waiting for my 2020 tax return?
The IRS says it “continues to make progress in this area and has taken many steps to help address this issue.”
If you’re still waiting for a 2020 tax return, you don’t need to wait for it to be fully processed to file your 2021 taxes.
According to the IRS, those who have unprocessed 2020 tax returnsmust enter $0 (zero dollars) for last year’s AGI on their 2021 tax return when e-filing.
Who do I contact if I have questions?
IDR said it plans to extend its phone hours on April 15 from 8 a.m. to 7 p.m. and April 18 from 7:30 a.m. to 7 p.m. to help answer questions from residents.
For the most up-to-date information, forms, schedules, and instructions for the 2022 tax season, residents can visit tax.illinois.gov.