TurboTax® Easy Tax Extension File IRS Tax Extension for Federal Taxes

These are just a few of the potential small business tax deductions that might apply to your business—a tax preparer may be able to help you find even more. This is why it’s important to keep a detailed record of all of your business expenses to maximize your tax deductions and reduce your taxable income. For those wondering how to file small business taxes and lower your tax bill, itemizing your expenses can help you do just that. The IRS will work with taxpayers who cannot pay the full amount of tax they owe. Other options to pay, such as getting a loan or paying by credit card, may help resolve a tax debt. Most people can set up a payment plan on IRS.gov to pay off their balance over time.

Just like a personal income tax return, small businesses also have a tax obligation to the federal government and the state (depending on where you live). South Carolina automatically grants a filing (not payment) extension to October 15, 2023, if you filed a federal extension and don’t owe. However, if you owe, either mail  Form SC4868 with your payment or pay online via MyDORWAY by April 18, 2023, to avoid penalties and interest. 90% of any tax due must be paid by this date to avoid a late-payment penalty.

Additional tax relief

New Hampshire will grant a filing and payment extension to November 15, 2023 if you paid an amount equal to or greater than your 2021 tax liability by April 18, 2023. Michigan automatically grants an extension to October 15, 2023, if you don’t owe and you filed a Federal extension (make sure to attach a copy of the Federal form 4868 to your Michigan return. Alabama gives you an automatic filing (not payment) extension to October 15, 2023.

Oklahoma automatically grants a filing (not payment) extension to October 15, 2023 if you filed a federal extension and don’t owe. To file a Nebraska extension, print and mail Form 4868N by April 18, 2023. However, if you owe, make sure to pay by April 18, 2023 to avoid penalties and interest.

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However, if you owe, make sure to pay by April 18, 2023 to avoid penalties and interest. Maine automatically grants a filing (not payment) extension to October 16, 2023, for filers who don’t owe taxes. An additional two-month extension is allowed if submitted in writing prior to the end of the six-month period. It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April filing deadline.

• If you’re not making an estimated tax payment by credit or debit card, then you can include a check made out to the U.S.
• If you believe you will owe money this year, you’ll need to estimate the amount after filing for an extension and make a payment by the April filing deadline.
• Any of these options will extend your filing deadline six months to October 16, 2023.
• Every state  has its own rules, meaning you may need to file a separate tax extension.
• New Hampshire will grant a filing and payment extension to November 15, 2023 if you paid an amount equal to or greater than your 2021 tax liability by April 18, 2023.
• The late-filing penalty is generally five percent per month and the late-payment penalty is normally 0.5 percent per month.

To request a state tax extension, you’ll need to check with your state tax authority. Every state  has its own rules, meaning you may need to file a separate tax extension. Some states, such as Wisconsin, Alabama, and California, offer automatic extensions to file your state income tax how to file an extension on turbotax return without having to file any additional forms. States like New York will only grant you an extension if you request it. If you live in a state that doesn’t charge a state income tax, not only will you not need to request a tax extension, you won’t need to pay state income tax.