Final answer:
If a taxpayer can't file by the original deadline, usually April 15th, they can file for an extension, which provides an additional six months, making the new deadline around October 15th. An extension to file doesn't extend the payment due date for any taxes owed.
Step-by-step explanation:
If a taxpayer is unable to file a tax return by its original due date, typically April 15th, they must file for an extension. The Internal Revenue Service (IRS) allows for an extension that generally gives taxpayers an additional six months to file their taxes, making the extended due date around October 15th. It is important to note that while this extension grants more time to file, it does not extend the time to pay any taxes owed. Taxpayers should estimate and pay any owed taxes by the original deadline to avoid possible penalties and interest.
Filing a tax return by the deadline is crucial because it how we report our earnings to the government. Based on these filings, taxes are calculated on the income earned over the year. Government uses these tax revenues to finance a broad range of purchases of goods and services. If a tax refund is due because more was paid than owed, the government will issue a refund for the difference.