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Filing your taxes late may result in a penalty or interest, and, even if you do request an extension, you'll still need to pay the taxes you owe by the April 15 deadline, and should estimate how ...
Failing to pay any taxes owed upon filing or receiving an extension will charged a monthly penalty of 0.5% of unpaid amounts. The IRS states an extension to file is not an extension to pay.
Otherwise, the fee can be as much as 5% of the unpaid tax each month up to a maximum of 25%. Late payment penalties are generally 0.5% of the unpaid tax per month, though that can build to as much ...
Using your online tax software, or the Free File program offered by the IRS, obtain and fill out IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
Tax filers can use IRS Free File to request an extension electronically. If you prefer to mail a paper version of the extension, called form 4868, make sure it's postmarked no later than April 15.
According to the IRS, the late filing penalty is 10 times as costly as the penalty for not paying. Here are a few ways to request an extension to file your taxes from the IRS: E-file an extension form
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