About the 2022 Tax Extension

Updated: Apr 12


Shawna Echols March 14, 2022


What is a Tax Extension?

As spring approaches, so do the tax deadlines. A tax extension can be filed by anyone for any reason. Even if you do not have all your paperwork. An extension gives you six more months to file your tax return. While this gives you more time to file, it does not give you more time to pay the IRS. You can pay what you owe and send the payment with your tax extension form.


When Do I Need to File?

For your personal, sole proprietorship, or single-owner LLC tax return, you will need to file for an extension by April 18th, 2022 for an extension to October 15, 2022, in order to avoid penalties and interest. For a C-Corp, S-Corp, or partnership March 15th was the deadline to file for an extension for September 15, 2022, using form 7004. If you have not filed your taxes or for an extension, it is important that you get your return filed as soon as possible as you will incur fines, penalties, and interest until your return is received by the IRS. If you didn’t pay the full amount, it is recommended that you still file your tax return in order to avoid the failure to file penalty. To avoid a penalty, you would have had to pay 90% of the tax for the current year or 100% of the tax shown for the previous year. You can fill out Form 7004 or file an installment agreement with the IRS online. It will still be considered a failure to pay, but the penalty is reduced when you have a payment plan with the IRS. The extension itself is free to file both by mail and electronically.


Which Extension Form Do I Use?

Return Type

Form

Deadline to File

Extension Date

C-Corp, S-Corp, Multi-Member LLC

Form 7004

March 15, 2022

September 15, 2022

Personal, Single-Owner LLC, Sole Proprietorship

Form 4868

April 15, 2022

October 15, 2022