If you need more time to file your taxes—maybe you were missing a tax form or your dog ate your W-2—a tax extension gives you six extra months to file your taxes. So, instead of your tax return being due on Tax Day (usually April 15), it’ll be due in mid-October, just in time for Halloween.

But here’s a word of warning: An extension doesn’t buy you more time to pay your taxes. If you owe taxes and you don’t pay by Tax Day, get ready to add late payment penalties (0.5% of your tax bill a month up to a max of 25%) plus interest to your tab. But filing an extension will help you avoid some hefty failure-to-file penalties, which are 5% of your tax bill each month (up to a max of 25%).⁴

Filing an Extension

To file an extension, all you need to do is fill out Form 4868.⁵ The form asks you to put down some personal information—your name, address and Social Security number . . . you know, the basics.

You’ll also need to estimate how much you owe in taxes and look up how much in federal taxes you already paid through withholding (you can find that on your W-2). You need to report this info so you can make a tax payment to the IRS when you file your extension. If you don’t owe taxes, you don’t have to file an extension (but you’ll be missing out on a refund).

Request Online

One way to file an extension is to do it online through the IRS website or with your tax software. If you want easy-to-use tax software with no hidden fees, check out Ramsey SmartTax.

If you owe taxes and make a full or partial payment online, you’ll get an automatic extension without having to fill out Form 4868. But you still have to file your tax return . . . eventually.

Request by Mail

If you’re a bit more old-fashioned, you can download Form 4868 from the IRS website, fill it out, and snail mail it to the IRS along with a check or money order for your tax bill.

This method usually takes a little longer to approve since millions of folks file for an extension each year. So, if you want a quick response from the IRS, you should try to file electronically.