It doesn't even matter why you need an extension to file your taxes. Maybe you're waiting on a 1099 form for some freelance work you did, or perhaps you haven't been able to prepare your tax return because of a broken wrist. Here is how to get an extension and what to do if you can't pay your tax bill. If you owe the IRS money, not filing your taxes can result in several kinds of penalties, and you'll still be on the hook for the tax bill you owe, which will accrue interest until you pay. (And there is no penalty for filing your taxes late if the IRS owes you money.)
After all, most Americans get refunds come tax day anyway. It's also not a bad option if you don't think you owe the IRS any money. But for people who are still trying to find documents and pull together their return, the extra time can be a saving grace. Getting an extension may be more hassle than it's worth, since you have to cough up the cash now anyway.
While you have until mid-October to get all your paperwork in order and filed, you still need to pay any tax you owe on tax day, which is April 18 this year. In some cases you can even get on a payment agreement for installments.OK, back to business: Note that we wrote "file" your taxes, not "pay" your taxes. The IRS even recommends getting a loan or taking on credit card debt to pay, because even those interest rates might be more desirable. In that case, you won't get a penalty for a late return, although you can still get fairly hefty penalties for not paying. If this is the case, the IRS recommends you file on time and simply pay what you can. Sometimes, it's not the filing that's the problem but rather ponying up the cash. This option automatically tells the IRS you're going to be late, so there's no need for a Form 4868. If you think you owe taxes still, you can use IRS Direct Pay, online or by phone, which lets you pay from your bank account. Since you have to mail this form by April 18th, it's due when the post office closes. The classic option is to use Form 4868, which gives you an automatic extension to file. Then you have until October 17th to finish up. If you need an extension, you can use IRS Free File to ask for it by midnight by going to the website and filling out the e-file request form. Here's what you need to know about filing for an extension. The IRS has seen and heard it all, and they know this happens. If they're not ready, that's not the end of the world.
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