Requesting an extension? You still need to pay your taxes on time

Kaitlyn McCormick, Cherry Hill Courier-Post

Today is the deadline to file your taxes, and if you haven't made a plan yet you may need to request an extension.

But how do tax extensions work, and are you sure you need one?

How to request a tax extension

Need an extension? Fill out a request for an extra six months (Tuesday, Oct. 15) to complete your return.

Filing your taxes late may result in a penalty or interest, and, even if you do request an extension, you'll still need to pay the taxes you owe by the April 15 deadline, and should estimate how much you owe.

By using the IRS Free File tool you can request an automatic tax-filing extension.

You can also get an extension while making your tax payment. Do this by paying all or part of your estimated income tax dues and indicating that the payment is for an extension. This saves you from filing a separate extension form.

Do I need to file my taxes?

According to the Internal Revenue Service, most U.S. citizens and permanent residents will have to file their taxes.

This includes those who make a gross income over the filing requirement or who have made over $400 in net earnings from self-employment.

Check if you need to file here.

How do I file my taxes?

If you don't opt to hire an accountant to file your return, there are still options available to make the process easier.

IRS Free File:

Taxpayers with an adjusted gross income of $79,000 or less can file electronically using IRS Free File.

IRS Free File is a free, online option for qualifying taxpayers to do their taxes electronically through an IRS-approved partner site.

Find a Free File provider here.

Those with a higher adjusted gross income can use Free File Fillable Forms.

Fillable Forms are free, electronic forms equivalent to a paper 1040.

Access a Fillable Form here.

Documents and info you may need available include:

  • Social Security number or individual tax ID number for yourself and anyone on your return

  • bank account and routing numbers to receive a refund or pay via direct deposit

  • adjusted gross income and exact amount of the refund from your 2022 tax return

  • paycheck stubs

  • bank statements and checks paid to you

  • records of digital access transactions

  • unemployment benefit checks

  • W-2s, 1099s and other tax forms.

New Jersey income tax:

To file your New Jersey resident income tax, visit the online tax filing page.

This is a free resource for residents who don't want to use a paid service.

Documents you may need include:

  • Last year's New Jersey tax return

  • All applicable New Jersey W-2s

  • 1099s

  • Applicable federal schedules

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This article originally appeared on Cherry Hill Courier-Post: Request a tax return extension, but you still need to pay on time

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