If you won’t be able to file your taxes in time, there’s always that six month extension.
Just don’t be fooled into thinking you’re off the hook. While you won’t be charged the failure-to-pay fine, they will tack on .5% of what you owe which starts accruing the first day you’re late. You’ll also be charged another whopping 3% daily on the compounding interest of what you owe.
Tax experts advise you file by April 15th, even if you can’t pay the whole thing. The IRS looks kindly on taxpayers who at least file their returns. You’ll want to file even if you don’t owe any taxes. The IRS estimates close to a million people don't bother filing federal tax returns each year, forfeiting around $1 billion in refunds - which average several hundred dollars apiece.
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