ATLANTA, Ga. -- Are you worried about filing your tax returns by the Monday, April 15 deadline? The Help Desk wants to help ease your stress by letting you know how to file for an extension.
Filing for an extension will give you six more months to complete your taxes. According to the IRS, the best way to get an extension is through Free File. This is a free service where you can access the tax extension form, Form 4868.
Filing for an extension will give you extra time to get your paperwork together, but it will not extend the time you have to pay the taxes you owe. The IRS will charge you interest on any amount not paid by April 15, and you may be subject to extra penalties. If you submit Form 4868 via computer you will be given an option to pay your expected balance from a checking or savings account to avoid interest charges.
Tax payers should not ask for an extension if your return is complete, but you can't pay the full amount of tax due. File your return on time and pay as much as you can. The IRS will then send you a bill of the remaining balance that you can pay in full or with payments.