Tax deadline day – at least for large parts of the country – is today, April 15.
But what should you do if you can’t meet that deadline? The Internal Revenue Service provides options for those filers but an extension on submitting your return doesn’t mean you won’t have to make your payment today.
Filers who are unable to meet today’s deadline can electronically request an automatic tax-filing extension through IRS Free File Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. People who don’t want to submit the form electronically must fill it out and have it in the mail today.
Getting a filing extension doesn’t mean you don’t have to pay any money owed and failure to do so can result in penalties. Payments have to be made today using Direct Pay, debit or credit card or digital wallet and should include a notation that the money is for an extension.
The tax agency does offer payment plans for people who are unable to pay their full tax bill. There are long-term plans for people who owe less than $50,000 with payments spread out over 10 years. There are also short-term plans covering filers who owe $100,000 or less that provide an additional six months to pay.
Interest and late-payment penalties continue to accrue on amounts under a payment plan but the IRS cuts the failure to pay penalty in half during the terms of the agreement.
