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Steve's avatar

If you file for an extension, you will still have to pay a penalty and interest; check this on the IRS website.

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Tricia's avatar

Yes. I would discourage this. The penalties and daily interest rates are insane. The IRS tells you what a ‘minimum’ payment could be for deferments even but the interest accrued quickly piles up and your balance becomes insane. I’m still paying off my failed small business tax bill from Covid. My CPA has told me several times to take out a personal loan and get out of the IRS debt owed disaster ASAP.

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Anne hoadley's avatar

Rebel Stephen, does the IRS still exist send the fine to Musk.

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Becca's avatar

Partly wrong. As long as you pay what you think you owe you get a 6 month extension AND sometimes you can make payment arrangements if you owe a lot.

Extensions are complicated.

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