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.
What happens if you miss the tax extension deadline of October 15? Understand the consequences of late tax filing from the experts at H&R Block.
Learn about income that was underreported to the IRS. Read the IRS definition of underreported income and get more insight from the experts at H&R Block.
Learn about your options to pay your tax debt. Read the IRS definition and get more insight from the tax experts at H&R Block.
Did you receive IRS Letter 3338C? Learn more about letter 3338C and how to handle it with help from the tax experts at H&R Block.