An Extension to File, is Not an Extension to Pay

    The tax filing deadline of April 18, 2022 is coming up soon. For those who need more time to gather their documentation and file a tax return, they can file an extension. That is much better than facing a failure to file penalty. However, from the point of view of the Internal Revenue Service (IRS), this does not mean that there is extra time to pay any taxes owed.

    When payments are made late, penalties and interest are applied. So if a taxpayer were to wait until the extension date of October 17 to pay taxes that are due, there would be extra fines that could have been avoided. The filing date can be adjusted, but you must pay on time. If you need help, your Qualified Tax Professional can assist you in avoiding unnecessary penalties.

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