An Extension to File is Not an Extension to Pay

April 01, 2014 by Karen Reed, EA
Tax Extension

If you cannot file your return by the due date, you can request an extension of time to file. But it’s important to keep in mind that filing for an extension of time to file does NOT give you an extension of time to pay your tax bill. If you do not pay by the due date, you will owe interest on any past-due tax, and in addition you may be subject to a late-payment penalty.
 

To receive an automatic six-month extension of time to file your tax return, file Form 4868 by the due date. It’s a good idea to include in the payment you send with your extension request any additional amounts you might owe.
 

The rules vary for state filing extensions. Check your state’s requirements.

SEARCH

 

Karen Reed, EA

 

During her years as an audit representative for TaxAudit, Karen successfully defended the company’s members throughout the entire federal and state audit processes, handled cases assigned to US Tax Court, and developed procedures to make the audit process easier for taxpayers. Karen attributes a great deal of her tax acumen to the six tax seasons she spent as a return reviewer, analyzing thousands of returns. Responding in writing to questions from taxpayers, she became familiar with the common mistakes self-preparers make. Karen was previously the manager of the Tax Education and Research Department and the Director of Communications at TaxAudit. Her tax advice has been featured in U.S. News and World Report, the Los Angeles Times, the Chicago Tribune, and other publications.


 

Recent Articles

Levy written on a calculator
Receiving notice of an IRS levy can cause a lot of anxiety. How you can prevent an IRS levy from occurring or release a levy once it has occurred?
SEP IRA
When shares of a limited partnership held in a SEP-IRA are completely sold are the gains subject to recapture as ordinary income as shown on the K-1 taxable?
Sold House
Two siblings were listed on the title of a home with their mother. She died and the siblings sold the home and distributed the funds to the other siblings.
Grocery bag full of food
Groceries you buy for your household are a personal expense and are not deductible. But there are numerous cases in which food can be deductible.
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.