What if you can't make a reasonable estimate of your 2015 tax liability (and you can't determine if you've paid 90 percent of your 2015 tax liability) before the deadline? If you want to avoid the failure-to-pay penalty, you have another option. The IRS will charge you 4 percent interest on an unpaid balance. When you do this, just know that if you file an extension and you don't pay 100 percent of your 2015 tax liability by the April 18 deadline, you'll have an unpaid balance due when you finally do get around to filing.
What to know before filing your tax return 03:37
According to IRS instructions, you can file the Form 4868 online and you can send a payment using the agency's electronic payment options.
#Can i still file my 2016 tax extension free#
Log on to the IRS website and use its Free File service. Instead, you can file for one online - it's easy and free. That will get you an automatic six-month extension to file your final 2015 return.īut what if it's after business hours and the post office is closed? Don't wait until tomorrow to mail an extension. So, what should you do if your tax returns aren't ready, or there's no way they'll be filed electronically or mailed by the deadline, and you want to avoid getting slapped with these stiff penalties? You should file a Form 4868, Application for Automatic Extension for Time to File U.S. If both the 5 percent failure-to-file penalty and the 0.5 percent failure-to-pay penalties apply in any month, the maximum penalty that you'll pay for both is 5 percent each month. And if you're also paying after the deadline, the failure-to-pay penalty is 0.5 percent per month of the unpaid tax amount.
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