ATLANTA — It's a day that can fill many people with dread -- tax deadline day.
Tax returns are due today, Monday April 15.
If you are among the many people who simply left it too late and you won't have all your documentation in order today to get it done under the deadline, there's a bit of relief you can turn too -- filing for an extension is relatively easy, and automatic.
But here's the important added note on that: An extension is not a silver bullet that gives you more time to pay your taxes.
"If you don't pay it, you're gonna get penalties and interest added to your tax return bill when that time comes," Andrew Poulos, who operates Poulos Accounting & Consulting and contributes to 11Alive as a financial expert, said.
If you're using an extension, it merely gives you an extra six months to prepare your tax forms. So before reading on, here's what you want to know about paying:
There's no extension for paying your taxes | What you can do
If you aren't filing today, because you're going to file for an extension, you still have to pay your taxes. This applies to everyone.
- If you're getting a refund and don't owe on taxes: Congratulations, you're in the clear here. You can request an extension and take the time you need to get your tax return in order.
- If you owe on taxes: H&R Block notes when you file the extension document, you'll need to estimate what you owe -- and pay that.
IRS payment plans
If you don't have the money to pay your tax bill off in one swoop, you can apply for a payment plan through your account at the IRS website here.
For details on eligibility for a payment plan and various associated fees, see this IRS web page.
- Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
- Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.
- Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect.
How to file for an extension
Alright, so now that we understand what an extension does and doesn't do for you in regards to your actual money, here's how to file for that extension.
- Go to this website
- Click one of the approved links
- Use that website to file for the extension. It is automatic and will give you until October 15 to finish filing your taxes.
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