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What to know before filing for an extension on your taxes

It's a common move, but there is an important factor to remember.

CHARLOTTE, N.C. — The deadline for tax returns is about a month away on Monday, April 15 — but that doesn't apply to everyone. 

For example, some states have different deadlines for state tax returns.

The deadlines can be as late as May, although it's worth noting neither North Carolina nor South Carolina are on the list of later state file dates -- both want your state taxes by April 15, matching the federal deadline. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

If you need more time though, you can join the roughly 19 million taxpayers that filed for an extension back in 2022.

It's a common move, but there is an important factor to remember: An extension could give you more time to get paperwork together, but it doesn't change the deadline for paying your taxes. 

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An article from the online magazine Money notes you would still need to estimate what you owe and pay it by the original deadline, or risk facing IRS penalties for late filing. 

You'll need to pay all or some of your estimated tax bill and denote the extension. Then you can submit what's called Form 4868; you can do this online through the IRS free file, regardless of your income.

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Of course, you can always print the form and send it in the mail -- this will just take longer. This process will give you an extra six months to file your federal taxes, extending your tax deadline to Oct. 15.

Contact Kia Murray at kmurray@wcnc.com and follow her on FacebookX and Instagram.

WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.

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