Every year people file an extension believing it buys them time to pay. It does not, and that misunderstanding costs money in interest and penalties.
What an extension does
It extends the deadline to submit your return. That is all. If you owe, the amount is still due on the original deadline, and interest and penalties accrue from that date regardless of the extension.
When an extension makes sense
- You are waiting on a document that has not arrived.
- A business return you depend on is not finished.
- Your situation is complicated and rushing would produce an error.
- You had a life event that made the deadline unrealistic.
What to do if you owe and cannot pay
- 01File anyway, on time. The penalty for not filing is generally much larger than the penalty for not paying.
- 02Pay what you can with the return.
- 03Ask about a payment arrangement. The IRS has options and they are more manageable than ignoring the balance.
- 04Do not simply not file. That is the most expensive choice available.
Deadlines shift when they fall on weekends and holidays, and disaster declarations can change them for a region. Confirm the current date rather than assuming.
Come in early
The best way to avoid needing an extension is to start before the last two weeks. Call (432) 257-7547 or come by 700 C Andrews Hwy in Midland. We work in English and Spanish.
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