Mark Steber, Chief Tax Officer at Jackson Hewitt Tax Service, reminds us that an extension gives you six extra months to file your paperwork not more time to pay your tax bill.
"You owe your tax liability on April 15th or at least the majority of it, 90 percent of it. And if you don't pay that 90 percent of your tax liability by that date with your extension, then penalties, interest and invalid extension, all of those tend to come into play."
Steber says many people who file for an extension could file on time if they made a little more effort to get the missing documents they need from their bank, brokerage firm, mortgage company or employer.
"You can either get the actual documentation or a pretty good enough estimate to make your tax return accurate. So it's probably worth the effort, since you have to do it to get a valid extension, to go that extra effort to get the information necessary to file your tax return and avoid the whole extension process altogether unless you really have to."
For more information
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IRS: 'What if I cant pay my taxes?
IRS: Extension of time to file tax return