What filing an extension on your taxes really means
TULSA - Whether you want another six months to procrastinate or you're hoping to put off the pain of paying the IRS it's important to know what filing an extension actually means. Many people are surprised to learn the extension is for filing your tax return but you still have to pay on time.
The deadline is April 15. So how can you possibly know what you owe without preparing that return?
The IRS says there's a form for that. Form 4868 is just a few lines long and helps you figure out how much to pay. Then you have another six months to fill out your full return and get it in by Oct. 15. If you take the extension and don't pay any taxes owed by April 15 your tax bill will go up, according to IRS spokesperson David Stell.
"If you owe tax when you finally do file sometime between then and October 15 you will pay late payment penalty and interest on any unpaid balance," said Stell. Click here to access form 4868. You can also get more help from the IRS figuring your tax bill by calling 1-800-829-1040.