Educational Tax Tip: How IRS Extensions Work?

Do you know what really happens when you request a tax extension? Filing an extension with the Internal Revenue Service gives you additional time to file your tax return—but not more time to pay what you owe. Your tax liability is still due by the original deadline, and any unpaid balance may be subject to penalties and interest. An extension can help you avoid late filing penalties, but it’s important to estimate and pay as much as possible on time to minimize extra costs.

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