Missed the IRS tax deadline in April and panicking about how to get your taxes filed without fines or penalties? 🚨 Learn how in our IRS tax extension guide. 👉
Yes. You request an extension with the IRS to file your tax return - but there are two important points you need to consider:
You can get an automatic tax extension by filing Form 4868. This generally extends your due date by 6 months to October 15.
You can file Form 4868 online using a variety of tax apps or by posting a paper form.
If you can’t pay your taxes in time, the IRS will subject you to interest as well as potential tax penalties.
If you know ahead of the payment deadline that you’ll be unable to pay, you should contact the IRS. You may be able to agree to a payment installment plan ahead of time. Find out more.
Got complicated circumstances or struggling to figure out what you owe? Speak to a tax professional. You can find experienced US crypto accountants in our directory.
The answer to this question varies from state to state, but yes, there are some states that will require you to file another tax extension alongside Form 4868.
Generally speaking, no. You cannot file for a second tax extension, although US taxpayers living outside the country may be able to request an additional 4 months. See the IRS guidance.
Yes. You can file both a federal and state extension, if needed, using TurboTax. Just go to the extension option in TurboTax and follow the instructions to file. But make sure you do this ahead of the tax deadline in order to avoid penalties for late filing!
We harp on about this a lot - but prep. Taxes take preparation. In fact, preparing your taxes ahead of time can actually help you optimize your tax position and reduce your tax liability.
One of the simplest things you can do is keep good records. Whether that’s of your personal circumstances, or by using a crypto tax calculator like Koinly to help you keep track of your crypto tax liability throughout the financial year - so you’re not stuck facing a large tax bill you can’t afford to pay when the deadline rolls around.
Accidentally avoided crypto tax by failing to report your crypto? Here's what you can do to reduce potential fines and penalties: