Need more time to file your tax return? Experts explain when you should (and shouldn't) ask for an extension

There is now only two weeks left until the April 15 deadline to file your federal tax return. 

While millions of Americans have already filed, you may be considering applying for an extension if you are not sure that you will be able to submit your return on time. 

As of latest data from the Internal Revenue Service (IRS), 80,470,000 returns had been received by the agency as of March 22, with over $169 billion issued in tax refunds.

Residents of some states have already been granted specific extensions because of natural disasters, while others have slightly later filing deadlines due to holidays. 

For residents of other states, if you request and receive an extension, the deadline to file will be pushed back to October 15. 

However doing so does not mean that you have an extension to pay your taxes so you will still face a late penalty if you owe money, experts warn. 

There is now only two weeks left until the April 15 deadline to file your federal tax return

Which states have later deadlines? 

Due to Patriot's Day and Emancipation Day, which fall on April 15 and April 16, Maine and Massachusetts both have a deadline of April 17 for filing a 2023 federal tax return. 

The IRS has also extended the filing deadline to June 17 for residents of several other states who have been impacted by natural disasters.

For example, Tennessee residents who were impacted by severe storms and tornadoes which hit in December 2023, and Californians in San Diego County who were impacted by flooding and storms in January, have until June 17 to file. 

Individuals and businesses in Hawaii who were impacted by the devastating wildfires in August 2023 have until August 7 to file their return. 

Residents who live in these affected areas and have a delayed deadline can still request a tax extension. 

This will extend the deadline until October 15, but any taxes residents owe will still be due at the time of the original deadline. 

Individuals and businesses in Hawaii who were impacted by the devastating wildfires in August 2023 have until August 7 to file their return

How do you file for an extension? 

The deadline to file for an extension is April 15.

Americans can request an extension through the IRS, either by paper or electronically, and it is free of charge. 

Individual tax filers, regardless of income, can use IRS Free File to request a tax-filing extension. You will need basic contact information and your Social Security number. 

What if you think you owe taxes?  

However if you think you owe taxes, it is crucial that you pay your estimated income tax due. 

An extension, if approved, may provide a grace period to file, but it does not give an extension to pay - so you will face fees and interest charges if you owe tax.

Larry Pon, a tax professor at the College of San Mateo, told USA Today: 'Even if you cannot finish your tax return, make a payment. That can help reduce the penalties and interest.'

The late-payment penalty is usually 0.5 percent per month of the outstanding tax not paid by the filing deadline, maxing out at 25 percent. 

Individual tax filers, regardless of income, can use IRS Free File to request a tax-filing extension (Pictured: IRS Commissioner Danny Werfel)

The IRS can also issue a late-filing penalty of 5 percent of the amount due for every month or part of a month your tax return is late.

If the return is more than 60 days late, the minimum late-filing penalty is whichever is smaller of $450, or 100 percent of the unpaid tax, CNET reported. 

If you are having difficulty paying your full tax bill, the IRS offers online payment plans to pay the balance off with penalties and interest, depending on your eligibility.  

Will your tax refund be late if you file an extension? 

If you are owed money by the IRS, it will take longer to to receive it if you file later. 

Even if you are granted an extension until October 15, that does not mean you have to wait until that date to file your return. 

Some refunds, especially for more complicated returns or if there are errors that need corrections, take longer to arrive. 

But the IRS says it issues more than 90 percent of refunds in less than 21 days.