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From USTAXX
2026 Tax Prep Guide: Filing Late vs. Tax Extensions for Owner-Operators6 steps · Checklist
Extension or late filing: the difference
What an extension does and does not buy.
File Form 4868 for more time to file, not more time to pay.
Pay what you estimate you owe by the original deadline anyway.
Remember the failure-to-file penalty is the heavier of the two.
Do not rely on a postmark; mail is dated when the service processes it.
File before the IRS issues a substitute return in your place.
Keep issuing the 1099s you owe to your own subcontractors.
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