Filing for tax extension does not mean the time to pay is extend - kotanow.com- Scottsbluff Area News, Sports, and Weather

Filing for tax extension does not mean the time to pay is extended

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Tax day has finally come, but if you're planning on filing an extension, you may face some confusion.

As some tax payers can breathe a sigh of relief today, others may still have work to do.

If you are not ready to file taxes, you typically have the option to file an extension, however accountant Dana Weber says that the process of filing an extension is a bit different.

"It's different in the sense that extending the time to file is only for extending the time to file," says Weber. "It doesn't extend the time to pay."

Weber says that if an extension is needed, the request must be filed tonight before midnight.

According to the IRS, if you're going to file for an extension, you:

  • Fill out Form 4868-- you'll have to qualify for the extension, of course.
  • You can also file for an extension for free using Freefile at IRS.gov.
  • If you don't want to file for an extension on your own, ask a tax preparer for help or use a service.
  • If you are granted an extension, note that you still must estimate and pay what you owe by April 15. Be sure to include a payment with your extension request -- or face paying interest and possible penalties.
  • If you can't pay now, the IRS does offer monthly payment plans. See above. Just be sure to pay what you can when you file your return and let the agency know.
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