An extension of time to file is NOT an extension of time to pay. You can file an extension if you owe taxes, but the IRS expects you to estimate the tax you owe and pay it when you file your extension. If you do not pay what you owe on or before the deadline, you will be assessed a failure to pay penalty of .5 percent for each month the tax is unpaid. You will also be assessed interest on the unpaid tax. |
