Be sure to file your return on time even if you owe tax
DALLAS - If you cannot pay the full amount of taxes you owe by the April 15 deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. Contact the IRS to discuss payment options at 800-829-1040. The agency may be able to provide some relief such as an installment agreement.
"Most taxpayers who are eligible for an installment agreement can apply using the Web-based Online Payment Agreement application available on IRS.gov," said Clay Sanford, an IRS spokesman. "You can make monthly payments through an installment agreement if you're not financially able to pay your tax debt immediately."
If the mid-April tax deadline clock runs out, you can get an automatic six-month extension of time to file. However, this extension of time to file does not give you more time to pay any taxes due. If you have not paid at least 90 percent of the total tax due by the April deadline you may also be subject to an Estimated Tax Penalty. To obtain an extension, just file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The easiest way to file a Form 4868 is through Free File at www.irs.gov/freefile. Forms are also available for downloading at http://www.irs.gov or you can call 800-TAX-FORM (800-829-3676) and have a paper form mailed to you.