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 May 17, 2021 deadline, they should file their tax return or request an extension of time to file by the May 17 deadline.
People who owe tax and do not file their return on time or request an extension 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, 2021 to file their 2020 tax return, but taxes owed are still due May 17, 2021.
To get an extension to file taxpayers must file Form 4868 through their tax professional, tax software, or using Free File on IRS.gov.
Taxpayers who owe should pay as much as possible by the May 17 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.