iStock/ThinkstockMaybe you panicked because you realized you owe Uncle Sam when you thought you were getting a refund. Maybe it took a former employer a long time to get your statements to you. Or maybe you just procrastinated.
For whatever reason, you got a late start and now you realize you won’t be able to file your income tax return by the April 18 deadline.
“I think it’s smart to file an extension and not rush to finish your tax return,” says accountant Janice Hayman.
She says you can get an extension from the IRS but it’s only to file your taxes, not to pay them — you still need to do that on time.
“If you pay it with the extension and it ends up being an over payment, you’ll get that money refunded once you do file,” Hayman explains.
A tax preparer can file your extension for you or you can do it yourself. You can find the instructions on the IRS’ website, IRS.gov.
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