Need to File An Extension?

Here's everything you need to know...

Do you need more time to prepare your tax returns? Taxes are due April 18 this year. If you need additional time, file an extension.

Things to know before filing your extension…

  • An extension of time to file your return does not grant you any extension of time to pay your taxes.
  • You should estimate and pay any owed taxes by the tax deadline to help avoid possible penalties.
  • You must file your extension request no later than the due date of your return.

To request a Federal tax extension, file Form 4868, available on the IRS.gov website.

Ohio will accept your federal extension, but to submit a payment for an Ohio extension, use form IT-40P or submit your payment online.

School district payments can also be submitted online at the same website, or by filing form SD-40P.

To request a Lancaster City Income Tax Extension, you can send a letter, visit the city’s income tax website for an extension form, or include a copy of the federal extension form when you file your return.

If you anticipate owing any tax, send your payment in prior to the due date to avoid penalties and interest.

Reminders…

If you file quarterly estimates for federal, state, school or city taxes, the first estimated tax payment is also due April 18. If you can’t pay both your 2022 tax and your 2023 estimate by the due date, pay as much as you can towards the 2022 tax first.

Don’t forget, contributions to IRAs or HSAs for 2022 are also due by April 18. If you deducted the contribution on your tax return, make sure you have made your contribution by the due date and that it is designated as a 2022 contribution.

Taxes can feel overwhelming, especially with so many items due at once. Working with a tax professional and doing some tax planning can alleviate some of the stress.

Filed under: Dollars & Sense, News
Profile photo of Penny Wasem, CPA, CFP, PFS, owner of Lifetime Financial Planning Solutions in Lancaster, Ohio.

By Penny Wasem, CPA, CFP, PFS

Penny L. Wasem is the owner of Lifetime Financial Planning Solutions, LLC. A summa cum laude graduate of Ohio University, Penny earned a Bachelor of Business Administration with focus in accounting and mathematics. She serves on the board of The Fairfield Medical Center Foundation, is a member of the Investment Committee of The Fairfield County Foundation and has been active on many non-profit boards in the community. Penny lives in Lancaster with her husband Eric Hubbard and is parent to Clark and Olivia Hubbard.