“If you owe money, you need to estimate the amount, then file your extension and make your payment by April 15. “The extension only pushes back the due date for the paperwork,” TurboTax explains. If you can’t pay your taxes in full, the IRS offers payment options such as installments. To pay this amount, you can use IRS Direct Pay online or by phone. If you don’t, you’ll pay interest on the amount anyway and may face a penalty as well. A tax extension mostly just allows you get your records in order. You still have to estimate how much you’ll owe in taxes and pay that estimated amount by April 15. By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.

We use cookies to give you the best possible experience on our website. Answered by a verified Tax Professional. Just because you’re filing for an extension doesn’t mean you’ll have more time to pay what you owe. What is the deadline for filing taxes for 2016 Thanks. These forms don’t ask you to explain why you are filing for an extension. You can also use Form 4868, as long as you mail it to the IRS by April 15. One way is to use Internal Revenue Service’s Free File to electronically file a request for an extension. There are a few ways to file for an extension, a process that you must complete by April 15. Scrambling to organize your finances and pay your taxes by Wednesday? If you live outside the country or file according to the fiscal year rather than the calendar year, you might be able to file for a tax extension and get an extra six months to fill out all those forms.

File 2016 tax extension for business