METRO DETROIT (WXYZ) — On this tax day, if you need more time. you can request an extension, to give you until October 15.
But I spoke with a local tax attorney, who told me some people think an extension means you have more time to pay your tax liability.
What if people owe money, and they want to file an extension? When do they need to pay what they owe?
“So, if you owe money, the tax liability is due on the 15th, and if that liability is not paid, interest and penalty start to accrue right from April 15th," said Markwei Boye.
So , if you don't want to pay penalties and interest, pay the IRS what you owe today.
Markwei told me the IRS offers three main ways to file an extension:
- Request an extension online through irs.gov, using the 'online payment option' and check the box that you are paying as part of filing an extension.
- Request an extension by mail using form 48-68.
- UseIRS Free File to electronically request an extension, using guided tax preparation software
For more information, click the links above or visit IRS.Gov and search "extension".
