How to File a Tax Extension If You Aren't Ready for Tax Day

Tax Day is rapidly approaching – are you ready for it? If not, there's no need to stress. You can file a tax extension to score extra time to complete your taxes.

To file a tax extension, you'll need to complete IRS Form 4868. You can fill out and file this form online. Or, you can print a copy of the form, fill it out by hand and send it directly to the IRS.

IRS Form 4868 likely won't take long to complete. The form asks you to provide your name, address and social security number, along with individual income tax information. After you fill out the form and file it, the IRS will extend your tax due date up to six months. Therefore, with an extension in place, you'll have until October 15, 2018 to file your 2017 tax return.

Ultimately, there are many reasons why now may be a great time to request a tax extension, and these include:

1. You are running out of time to file your taxes.

Tax Day is April 17, 2018, which is less than a week away. If your 2017 tax forms are still in their original envelopes and you have a full schedule over the next few days, you might not have time to finish your taxes before Tax Day. Fortunately, if you take a few minutes to file an extension, you'll ensure that you can complete your taxes at a later date without having to worry about IRS penalties.

2. You can avoid the risk of costly, time-consuming tax mistakes.

Even the most diligent procrastinator doesn't want to wait until the last minute to file his or her taxes. Because if you're rushing to fill out your tax forms, the risk of making mistakes increases. And if you wind up getting audited by the IRS due to an error-filled tax return, you could face costly penalties. On the other hand, if you file a tax extension, you can take a calm, cool and collected approach to complete your taxes. Rather than rush to finish your taxes in the days to come, a tax extension ensures that you can allocate the necessary time and resources to fill out your tax forms correctly.

3. You can get the help you need to finish your taxes.

If you're struggling to finish your taxes, you're not alone. However, finding a tax professional who is available to assist you in the closing days before the federal tax deadline may prove to be difficult. But if you file a tax extension, you can give yourself extra time to find tax help. And as a result, you can get the assistance you need to maximize your tax deductions after the pre-Tax Day rush winds down.

Of course, if you plan to file a tax extension, you may want to take advantage of TaxSlayer. In addition to providing intuitive, user-friendly tax software, TaxSlayer is offering 20% off federal returns for a limited time only.

File a tax extension today – you'll be glad you did. If you obtain a tax extension, you can avoid the rush to file your tax return by Tax Day.