What is the difference between a tax extension and a tax return?

A tax extension and a tax return are two different things related to the filing of income taxes. A tax return is a document that a taxpayer submits to the government to report their income and calculate their tax liability for a given tax year. Tax returns are typically due on April 15th each year for individuals and C corporations, and the due date may vary for other types of businesses.

On the other hand, a tax extension is a request for more time to file a tax return beyond the regular due date. This request can be made by filling out IRS Form 4868 for individuals, or Form 7004 for businesses. The extension gives the taxpayer an additional six months to file their tax return. However, it is important to note that a tax extension only extends the time to file the tax return, not the time to pay any taxes owed. Taxpayers who do not pay the amount owed by the original due date may be subject to penalties and interest.