Does Filing an Extension Extend The Time to Pay Your Tax?

Individual, trust and corporate tax returns are due April 15.

Extensions can be filed to allow an additional 6 months of time to file. This means you won’t be subject to a late filing penalty.

However, extensions do not extend the payment deadline. Therefore, interest and late payment penalties start on April 16.

Also keep in mind, the IRS uses daily interest compounding.

To schedule your tax return preparation contact me today.