A Common Misconception Regarding a Tax Extension Form
Filling out a tax extension form, either by requesting one from the IRS or filling out the form at an online income tax preparation website seems like a good way to put off paying your taxes, doesn’t it? Many people file for an extension believing this, but it’s a common misconception. You still have to pay what you believe you owe, the extension is only granted for filing our return. Also, you should note that if you owe taxes and don’t pay them, and you file for an extension, the IRS will charge you interest from the tax deadline and not the extension date.
Penalties and interest will be applied to taxes not paid by April 15th. Unfortunately for most taxpayers, their deadline to file a tax extension form has already passed. The faster you file now will help reduce your penalties though, so don’t put it off any longer. If you’re filling out the short form you can have your return done online, sometimes even for free.
If you are owed a refund, and you’re not in a hurry to get the money, you can file a tax extension form and fill out your return at your leisure, at least your leisure until October 15 when your extension expires. If you don’t believe you even needed to file a return, never take anything for granted with the IRS, double and triple check everything.