According to the IRS, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due.
If an individual taxpayer owes taxes but cannot pay in full by the extension deadline of Oct 15th, they should still file their tax return.
People who owe tax and do not file their return on time may face a failure-to-file penalty for not filing on time. The extension of time to file is not an extension of time to pay. An extension gives taxpayers until October 15, 2024 to file their 2023 tax return, but taxes owed were still due by April 15, 2024 or the IRS continues to add interest to the balance.
Taxpayers who owe should pay as much as possible by their original due date to avoid a large failure-to-pay penalty. They should also set up a payment plan either by filing Form 9465 or apply for a payment plan on IRS.gov.
Meadville Tax Service will file your Form 4868 electronically and help you set up your payment plan with the IRS.
Contact your local tax professionals at 814-333-2488 or by email at info@meadvilletaxservice.com.
