Should I File a Tax Extension?

Heads up: the deadline to file taxes this year is just a few days away, falling on Monday, April 18, 2022, per the IRS website. 

That date shouldn’t be too surprising – Tax Day traditionally falls smack-dab in the middle of the month on April 15 and has only been moved back because of the Emancipation Day holiday. 

Bonus: Taxpayers who live in Maine and Massachusetts will have one extra day, with a deadline of April 19, 2022, thanks to the Patriots’ Day holiday those states celebrate. 

But many of us enjoyed the breathing room we had to file our taxes over the last two years. Due to the pandemic, the federal government moved back the tax deadline from its normal April position to July 15, 2020, and May 17, 2021, so this year’s Tax Day might have snuck up on you. 

Enter the tax extension.

If you do request an extension, your new deadline will be pushed back six months to Monday, October 17, 2022, according to an IRS news release – but again, the extension is only for filing your return. You’ll still need to pay whatever taxes you owe in full by the April deadline, and failing to do so could result in costly penalties.No matter when you file, you can get your tax refund up to 5 days early¹ when you direct deposit with Chime and file directly with the IRS.