How to file a tax extension for an individual By filing an extension and making a large enough payment, you may be able to avoid interest charges as well as any IRS penalties related to late filing and/or late payment 2. The penalties for failure to file a tax return or pay taxes when due can increase your tax bill the longer you delay, and can each approach 25 percent of the tax due.
If you owe any taxes, payment is still due by April 15. Your tax payment may be reduced by any amounts already paid through withholding or prior estimated tax payments. You still have to pay taxes owed by April 15įiling for a tax extension only means you can extend the deadline to submit your tax paperwork.