I have a question about tax extension payments. When I request extension of tax payments, what should I count as my tax payments?
An extension can allow you more time to file, but it does not allow more time to pay taxes due. You must estimate your taxes and subtract what you have already paid. Tax payments are the payments you’ve already made that include:
- Withholdings from your paychecks
- Estimated payments you made during the year
To figure your balance due or refund:
- Figure your taxes.
- Subtract the tax payments you already made.
When you file extension using Form 4868, the IRS expects you to pay the taxes you owe at that time.
Related Resources
You can be personally penalized if your business fails to pay employment tax. Read the IRS definition and get more insight from the experts at H&R Block.
IRS direct deposit is a convenient way to receive your tax refund. Find out the benefits of using direct deposit and how you can set it up for your tax return.
The IRS has placed an identity theft marker on your account. Learn more about IRS letter 4402C from the tax experts at H&R Block.
Learn more about letter 2202, why you received it, and how to handle an IRS examination with help from the tax experts at H&R Block.
