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Considering Postponing TAX Payments?

You do not get an extension to delay your tax payments.

You can postpone the date when your tax filing is due by filing an extension which will move the deadline from April to October 15.

It’s a common misconception that a filing extension applies to payment extensions; however, it only applies to the filing. You will be punished if you owe money but are unaware of it.

How significant is the hit? 

For each month, if you carry a balance, the penalty equals 0.5 percent of the unpaid taxes you owe, up to a maximum penalty of 25 percent of the total tax bill.

You should still file even if you cannot pay the total amount you owe. According to a LendEDU poll, one-third of taxpayers who could not pay their tax bill last year chose not to file. However, that results in an extra, much worse penalty: 10 times more expensive than the penalty for not paying your tax bill is the penalty for filing a late return. Five percent of your total unpaid taxes for each month your return is late, up to 25 percent of the amount you owe.

A brief payment extension or an installment payment arrangement are both options. The agency will still charge interest on unpaid taxes even if penalties aren’t applied.

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