6 Weeks to File and How to Get It Done

September is here, bringing pumpkin spice lattes and the changing color of leaves. And for some Americans, taxes. The final day to file your taxes if you received an extension ahead of the original April 15 “Tax Day” deadline is six weeks away.

Those who filed Form 4868 ahead of the April 15 deadline have until Oct. 15 to file their taxes. People delay their filing for a number of reasons, from family or financial emergencies to simply not being prepared to file. There are also circumstances where the filing deadline can be extended automatically, like living or working internationally, being impacted by severe weather, or certain military service.

How Common Is Late Tax Filing? The Surprising Numbers

Last year, the IRS projected that about 19 million Americans would file for an extension on their 2023 taxes. This year, the agency said more than 140 million returns were filed by early May.

Experts recommend filing as early as possible, both to reap the financial benefits of knowing whether you will get a refund or have to budget for paying the IRS, but that’s not a possibility for all Americans.

CNN reported ahead of this year’s Tax Day that Internal Revenue Service data showed that tax filings were down about 1% year-over-year through early April, with a higher number of people either filing for extensions or not having filed yet. Former IRS officials and tax experts told CNN that some Americans may have hoped that staffing cuts at the IRS could let them get by this year without filing, while some undocumented immigrants may be worried that information from their tax filing could be used to deport them.

“The extension filing is really great for self-employed individuals, as it gives more time for accurate income planning, as well as opportunities for those who have self-employed retirement plans, like a Cash Balance Plan or Solo 401(k),” said Abby Rose, a financial planner with Keeler Nadler. “The extension does not give them extra time to pay their taxes but gives a greater planning opportunity for these plans and fine-tuning business income.” Rose says that can be difficult to do before the April deadline.

Do This Before You File: Key Tax Prep Steps Everyone Should Take

First, it’s important to make sure you paid any taxes you owed before you requested an extension, as not doing so could lead to penalties. The Form 4868 extension is just an extended deadline to file your tax return, not pay any taxes that may be owed.

The filing process should be the same as filing taxes ahead of the April deadline, so it’s vital to ensure you have all the proper documents and know what your options are for filing up to the Oct. 15 deadline. Be on the lookout to avoid common mistakes like misspellings or filing with income or Social Security numbers that don’t match IRS data.

Mark Stancato of VIP Wealth Advisors told Investopedia that it’s common for high earners to file for an extension because some documents for private investments or real estate may not arrive until after the April 15 deadline. That’s why Stancato recommends Americans have enough cash to pay for their bills ahead of Tax Day, and know what the extension gets them.

“Nothing stings like selling investments or scrambling for cash to cover an April bill you thought you ‘pushed,'” he said