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In this video, the presenter explains how to file a tax extension for free online, allowing you to extend taxes and not file by the due date (which is normally April 15th, but extended to May 17th this year). They cover the process of requesting an extension for taxes and tax payments, addressing the question of how to extend if you owe taxes. The presenter, Amanda, simplifies business and finance concepts to help viewers succeed and encourages them to subscribe for more content.