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 an extension using Form 4868, the IRS expects you to pay the taxes you owe at that time.
Find out how long the IRS has to audit your return, when most audits normally start, and how to know if you've been selected for audit.
The IRS reduces or takes refunds (called refund offsets) for many reasons. If you received an IRS notice about a refund offset, learn what to do next.
Do you need to file an extension for your partnership LLC? Learn more from the tax experts at H&R Block.
Worried about your kids and child identity theft? Learn how to prevent child identity theft with 6 tips from Laura Adams, the Money Girl, and H&R Block.