Tax Deadline Extension: No Extension to Pay Taxes
April 15th Deadline Approaches
As the April 15th tax filing deadline draws near, the Internal Revenue Service (IRS) reminds taxpayers that filing an extension does not grant them an extension to pay their taxes. While individuals may request an extension to file their return beyond the deadline, any taxes owed must still be paid by April 15th.
Estimating and Paying Taxes
Taxpayers who anticipate owing taxes and intend to file an extension must estimate the amount owed and make a payment by April 15th. Failure to pay the estimated taxes on time may result in penalties and interest charges.
The IRS encourages taxpayers to use the IRS website or phone to estimate their tax liability and make payments. Taxpayers can also work with a tax professional to help them determine their tax obligations.
Consequences of Not Paying Taxes on Time
For those who do not pay their taxes on time, the IRS may take various actions, including sending a Notice and Demand for Payment, imposing penalties and interest charges, and even seizing assets.
To avoid these consequences, taxpayers are urged to estimate and pay their taxes by the April 15th deadline, even if they file an extension to file their return.
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