What is the purpose of filing for a tax extension using Form 4868?
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Explanation
Form 4868 grants an automatic 6-month extension to file your return (to October 15), which is useful if you're waiting on documents. However, it does NOT extend the deadline to pay taxes. Any tax owed must still be paid by April 15 or penalties and interest will accumulate. If you expect a refund, there is no penalty for filing late.
The standard deduction for 2025 is $15,000 for single filers and $30,000 for married couples filing jointly. Itemizing only benefits you if your deductions exceed these amounts.