The May 17 tax deadline is just around the corner. If you haven’t filed yet and are feeling pressed for time, don’t panic. You may want to consider an extension.
The IRS doesn’t care what your reason is. Maybe you lost tax documents, experienced a family emergency or just procrastinated. Regardless of the issue, you can still get an extension to file until Oct. 15. This could give you more time to review your return to ensure that you’re taking advantage of all the tax benefits available to you.
Although it may sound tempting, there are a few things to keep in mind. Filing an extension when you owe taxes only gives you more time to file, not more time to pay. That means your payment is still due at the tax filing deadline.
So if you don’t pay your estimated tax due by May 17, the IRS will charge you interest on the unpaid balance.