MYTH: FILING AN EXTENSION PUTS OFF PAYMENTS
If taxpayers owe money to the government, it still needs to be paid by April 18 this year to avoid potentially costly interest and penalties — even if an extension is filed. The failure-to-pay penalty is half of 1 percent of the money owed, which applies each month starting April 19. There is no stigma attached to filing for an extension — the government does not ask for a reason, just the proper filing and at least 90 percent of the money owed. Of course, when the full return is filed, anything still owed to the government must be paid.
