You save the time and postage costs of paper mailings.(State extension where available.) I have done a dry run with each option. Here’s how to e-File a federal and state tax extension for free. The penalty for late filing is many times higher than the penalty for late payment! If you are not 100% sure you can file in time, file for an extension. There are many legitimate reasons to ask for such an extension, and the extension is granted automatically without needing to provide a specific reason. It does not extend the time to pay any tax due, although due to the coronavirus the IRS has extended the tax payment deadline by 90 days for everyone. If you file for an extension before that date, you can extend the time allowed to file your return by six months to Thursday, October 15, 2020.
This year, the deadline for federal tax filing is Wednesday, April 15th, 2020.
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