Can't make the May 17 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you need to know about filing an extension:
Avoid major penalties. If you owe the IRS, you must pay your tax in full by May 17. If you do not pay your tax bill in full, the IRS will calculate penalties and interest on your outstanding balance. The penalty for not filing is 5 percent per month, up to a maximum penalty of 25 percent of the balance due. By contrast, the failure-to-pay penalty is one-half (0.5) percent per month, plus interest. The bottom line? If you think you owe, file an extension as a way to avoid the late-filing penalty.
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