Income tax filers can request an extension
It’s getting down to the wire for filing income taxes.
Request an extension.
Filers can request an automatic six-month extension by submitting Form 4868 by April 15. This can be done quickly through the free file link on IRS.gov.
This gives taxpayers until Oct. 15 to file a return and avoid hefty penalties for late filers.
But here’s the catch. An extension for time to file is not an extension of time to pay, the Internal Revenue Service and CPAs emphasize. To avoid penalties when filing for the extension, taxes owed must be estimated and payment included.
Once the final return is filed, the IRS will calculate how much was overpaid or underpaid.
Can’t pay all at once?
Payment plans are available. But the IRS doesn’t give late filers a pass on interest, which is 3 percent a year, compounded daily.