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The April 15 tax-filing deadline is fast approaching. If you need extra time to file your tax return, you can get an automatic six-month extension from the IRS.
Here are 2 important things you need to know about filing an extension.....
1. Extra time to file is not extra time to pay. You may request an extension of time to file your federal tax return to get an extra six months to file (until October 15). Although an extension will give you an extra six months to get your tax return to the IRS, it does not extend the time you have to pay any tax you owe. You will owe interest on any amount not paid by the April 15 deadline. You may also owe a penalty for failing to pay on time.
2. File on time even if you can’t pay. If you complete your return but you can’t pay the full amount due, do not request an extension. File your return on time and pay as much as you can. You should pay the balance as soon as possible to minimize penalty and interest charges. If you need more time to pay, you can apply for a payment plan using the Online Payment Agreement tool on IRS.gov.
Contact me if you would like help navigating through your tax extension options...I'm here to help!
**Information taken from IRS Tax Info Email