A tax extension filed with the IRS provides a tax payer additional time to file their return not pay their taxes. With that said, making your payment to the IRS at the same time as you file your extension is not a requirement. If you are unable to pay your bill you can still apply for the extension.
Since this does not extend the time to pay, can I get additional time?
April 15th is the deadline to pay your tax bill. If you do not pay the amount due by this date, you may owe interest and/or penalties. Under most circumstances the IRS is not willing to postpone this date.
Why do I need to file an extension if it does not give me any more time to pay?
You always want to file your return or extension, even if you cannot pay, because the penalty is far greater if you do not file anything. The penalty for failing to file a tax return or extension is 5 percent of the outstanding unpaid taxes. In comparison, if you file for extension but fail to pay the penalty is ½ percent versus 5.
The IRS provides a wide range of options for taxpayers to pay their income taxes. If you wish to send bank account information with your extension you can do so using our site. If you wish to mail your tax payment, you can find more information on where you should mail it on this page https://www.irs.gov/filing/where-to-file-addresses-for-businesses-and-tax-professionals-filing-form-4868. For those that want to pay with a credit card or another approved method you can find more information on this page http://www.irs.gov/Payments.
Note, credit and debit card payments are processed through third-party companies. Each processor charges the taxpayer a different amount for convenience. Convenience fees start between $2.79 and $3.95. Processors also may charge debit or credit fees that are equal to almost 3 percent of the transaction amount. The benefit of using this service is that it is posted to the taxpayer’s taxes right away.
Finally, a taxpayer can also use a personal check or money order. The money order or check must have a legible name, address, telephone number and social security number on it. It should also list the tax year/return for which the payment corresponds with. Taxpayers can visit an authorized IRS office or send the payment in the mail to the address that was listed in the paperwork for payment.