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

Associated Press/Carolyn Kaster

Trump needs more time for tax returns.

• 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 minimize penalties.

Read more before filing your tax return this year:

• Here's when you can expect your tax refund to hit your bank account, according to the IRS
• How to figure out if you should do your own taxes or hire a pro
• I tried 11 websites that let you file your taxes online for free - and there's something for everybody
• We compared H&R Block and TurboTax for filing your taxes this year - and the winner is clear
• How to use H&R Block to file your taxes for free in 2018
• How to use TurboTax to file your taxes for free in 2018

Protect yourself against tax scams:

• The IRS isn't calling you - it's a scam, and here's what to do if it happens to you
• Identity thieves are running the same scams this tax season - with a new twist
• Last year my tax refund was stolen - here's what you should do so it doesn't happen to you

See how you compare to other taxpayers:

• What Americans pay in state income taxes, ranked from highest to lowest
• The size of your tax refund depends on where you live - here's how much the average person gets back in every state
• I filed my own taxes for the first time ever using TurboTax - and got the biggest refund I've ever received
• Getting a huge tax refund can be a costly mistake - here's why a financial planner would rather get a bill