Trump is filing for an extension on his tax returns -- here's how you can, too

  • Donald Trump has filed for an extension on his 2017 tax returns.
  • Anyone can apply for an extension through the IRS website, which moves the filing deadline to October 15, 2018.
  • Payment plans are also available for people who can’t pay their tax balance in full.

President Donald Trump is filing for an extension on his 2017 tax returns.

“The President filed an extension for his 2017 tax return, as do many Americans with complex returns,” White House press secretary Sarah Huckabee Sanders said Tuesday, which is Tax Day. She also said Trump will file his return by the extension deadline of October 15.

Trump’s request for an extension isn’t atypical among high-income individuals, since paperwork for various investment structures and partnerships can slow down the preparation process, reports Business Insider’s Bob Bryan.

Taxpayers with complicated returns, or those who are just chronic procrastinators, must apply for a filing extension with the IRS by April 17 or face interest charges and penalties.

Filing an extension is free and there are different options for individuals and businesses. Keep in mind that if you file for an extension, you’re also delaying your refund, which will typically be available within 21 days if you file electronically.

The IRS also has payment plans available for those who cannot afford to pay their taxes in full at the deadline, but you will be subject to interest payments and fees. The IRS encourages taxpayers to file by the deadline even if they can’t afford the full balance to minimise penalties.

Read more before filing your tax return this year:

Protect yourself against tax scams:

See how you compare to other taxpayers:

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.