Tax Day Approaches: Why Filing for an Extension Might Be Your Best Move

Tax Day is fast approaching, and for many of us, it’s a deadline that brings a mix of stress and procrastination. While some taxpayers are racing against the clock to file their returns on time, others are choosing to wait—whether because they’re disorganized, waiting for the right documents, or simply overwhelmed by life. Whatever the reason, there’s no need to panic. Filing for an extension is a simple, free, and guilt-free way to give yourself more time to get your taxes in order.

Why You Might Need an Extension

Life doesn’t always go as planned, and sometimes, filing your taxes by the deadline just isn’t feasible. Maybe you’re waiting for essential documents like a Form 1099 or a Schedule K-1 from a business or investment. Perhaps you’ve got a complicated return this year—whether it’s due to cryptocurrency transactions, selling a home, or inheritance—and need extra time to ensure everything is accurate. Or maybe you’re dealing with personal challenges, like illness, family obligations, or a chaotic schedule, that make it hard to focus on taxes. Whatever the case, the IRS doesn’t require you to explain why you need more time—it’s a no-questions-asked process.

Filing for an extension gives you until October 15, 2025, to submit your return, which can make all the difference in ensuring your taxes are complete and correct. While some people worry that requesting an extension increases the chances of an audit, there’s no evidence to support this idea. In fact, it’s far better to file a well-prepared, accurate return later than to rush through a return by Tax Day and risk errors or omissions that could lead to penalties or missed deductions.

How to File for an Extension

Requesting an extension is straightforward. You can file Form 4868 electronically or by mail, and as long as you submit it by the April 15, 2025, deadline, you’ll automatically be granted an extra six months to file your taxes. While the extension gives you more time to file, it doesn’t extend the deadline for paying any taxes you owe. If you think you’ll owe money, you’ll need to estimate what you owe and make a payment with your extension request to avoid late payment penalties and interest.

If you’re unsure how much to pay, err on the side of caution. The IRS charges a late payment penalty of 0.5% of the unpaid taxes, plus interest, which currently stands at 7%. Paying as much as you can by April 15 will help minimize these charges. While the extension gives you until October to file, remember that your payment deadline remains April 15, 2025.

Automatic Extensions for Special Circumstances

Some taxpayers don’t even need to file Form 4868 to get an extension. For example:

• U.S. citizens or residents living abroad automatically get a two-month extension, moving their deadline to June 15, 2025.
• Military personnel serving in combat or hazardous zones have at least 180 days after leaving the area to file and pay their taxes.
• Those affected by natural disasters may qualify for additional time—check the IRS website for details.

If you’ve already been granted one of these automatic extensions but still need more time, you can file Form 4868 by your new deadline to get until October 15, 2025.

Complete and Correct Returns Are Worth the Wait

While it’s tempting to get your taxes over and done with as quickly as possible, rushing through the process can lead to mistakes that cost you money or invite unwanted scrutiny from the IRS. By filing for an extension, you give yourself the time to double-check your return, ensure you haven’t missed any deductions or credits, and avoid the stress of last-minute filing.

Even if you work with a tax professional, an extension can give you both the space to review your return carefully and address any questions or concerns. And if life has thrown you a curveball—whether it’s a chaotic schedule, a complex financial situation, or personal challenges—an extension is a practical way to take control of your taxes without feeling overwhelmed.

In the end, the IRS understands that life isn’t always straightforward, and sometimes, you just need a little more time. So if you’re feeling unprepared or overwhelmed, don’t hesitate to file for an extension. It’s a smart, stress-free way to ensure your taxes are handled right.