The IRS is reminding taxpayers that while they can request a six-month extension to file their federal tax returns, any taxes owed must still be paid by the April 15 deadline. Failure to do so can result in penalties and interest, even if an extension is granted.
Core Facts
- April 15 Deadline for Payments: Taxpayers who owe money must pay it by April 15, even if they file for an extension. The extension only applies to filing the return, not to paying taxes owed.
- Penalties and Interest: Missing the payment deadline can trigger penalties and interest, which can compound daily, increasing the total amount owed over time.
How to File an Extension
Taxpayers can request an automatic six-month extension by submitting Form 4868 by the original due date. The form can be filed electronically or by mail, with electronic submissions being the preferred method due to faster processing and confirmation.
Payment Options
The IRS offers several ways to pay taxes owed, including short-term payment plans and longer-term installment agreements. Taxpayers who cannot pay the full amount by April 15 are advised to file on time or request an extension and pay as much as possible to limit penalties and interest.
Expert Advice
Tax experts emphasize that ignoring the deadline is the worst course of action, as it can lead to multiple penalties and interest that quickly add up. Filing on time or requesting an extension can help avoid the higher penalties associated with failing to file.
Special Considerations
U.S. citizens and residents living abroad have special rules and deadlines, and taxpayers are encouraged to consult the IRS website or a tax professional for specific guidance.