If you need more time to do your taxes, you’re not alone.
Millions of taxpayers are granted extensions every year for all kinds of reasons, including that they just couldn’t get their paperwork together in time.
The good news is that getting an extension from the IRS is fairly easy. However, before you kick the tax can down the road, it’s critical you understand how tax extensions work and why delaying filing your return this tax season doesn’t defer your tax liability.
In other words, a tax extension gives you more time to file but not more time to pay.
Kaz Weida | Yahoo Finance