IRS Extension

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IRS Extension

H&R Block Tip: After all the paperwork and calculating, you find that you owe money this year. Good news: you're not alone. But in some cases, it's not financially feasible to pay the balance due in one paymet. The IRS has payback programs, but it's important to note that if you do not pay the balance due by April 17, you will also have to pay interest and penalties that accrue until you pay it off. A good rule of thumb is to pay what you can with your tax return and the IRS will bill you for the rest. By doing this, you will avoid a late-filing penalty. The IRS will not impose a filing penalty if you do not include a payment with your Form 4868. The IRS will, however, assess interest on the tax amount due. If you need an extension on filing your IRS forms, consult your H&R Block tax preparer.

   

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