Hi, I'm Hector Garcia. I'm a CPA based out of Miami, Florida. Every year, as the April 15 deadline approaches, I increasingly get the same question from a lot of my customers, which is, "Can I extend my tax return? Can I put an extension to file my tax return later because I will not have time to file it by April 15th?" So, I'm going to answer that question in a detailed fashion by talking about several scenarios. So, first rule of thumb, yes, you are allowed to extend your personal tax return from April 15th through October 15th of the same year. However, the extension is to file the return, not to pay your taxes. So, if you don't know how much potential tax you owe and you file your extension, and then later on you find out the return, you owe money, there's going to be a penalty - a failure to pay your taxes on time penalty plus some interest. So, it's really, really important to be able to estimate how much taxes you're going to pay even if you haven't filed your return. It's good to make the exercise so you can make the payment with the extension. And if you overpaid, you will get a refund once you prepare the return. Anyway, if you underpay, you will only pay the difference once you prepare the return, and then whatever penalties are only applied to that difference. So, that's really, really important to make an estimated tax payment before April 15th. And different years could have different days if the 15th lands on a weekend and that sort of thing, but it's around April 15th. If you make that payment before that, it doesn't matter if you file the return a couple months later, you're not...
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