203-816-5043 
It’s less than a week until the May 17, 2021, deadline for filing individual tax returns. Even with the one-month extension granted this year to everyone, you might still be scrambling to get your records and filing in order. It might seem overwhelming, but there is another way: you can get more time!
File Form 4868 for an automatic filing extension until October 15, 2021.*
Notice we underlined and italicized the words “filing extension”? That’s because you still need to PAY any taxes you owe by May 17 or potentially face a payment penalty and interest charges.
Why pay without filing? Filing penalties are often higher than non-payment penalties. So, make an estimate (there are numerous online calculators to assist you) of what you might owe and pay that to avoid those penalties if you can, but definitely file for the extension if you simply don’t think you can get the filing done in time.
Do you need to file your taxes on time or get an extension if you expect a refund? Technically no, but you can lose your refund if you wait too long and for some taxpayers there are certain tax elections that must be made by the filing deadline.
In summary, if you are struggling to get your filing done, it’s really in your best interest to file an extension and take some of the pressure off.
*(If you are an American citizen living abroad, your regular deadline is June 15, 2021 and you can file Form 2350 for an extension until December 15, 2021.)
** Credit to Steve Miller for this post’s title — love the song “Fly Like an Eagle” 🙂