i know you can get an extension to file your taxes but does that also allow you to pay them late? do you have to send a deposit on your taxes if you owe?

I owe money this year and can pay if i have to but life would be alot easier if i could wait 2 weeks.

TIA

 

i believe you have to send in an estimate even if you file an extension or else they will charge you a penalty.

 

yeah your supposed to send an amount you estimate what you will owe(if any) or you can just file for an extension without a deposit and just take the penalty

 

hint hint penalty is the word. Why pay the Fed Gov extra money on your own money.
I would say pay them now event if it is not convenient. You can survive for two weeks and not have to come up with penalty money.

Regards

Nick

(who paid $275 in penalties this year grrrr..... even though I overpaid).

 

This is NOT tax advice.

You need to send in your estimated taxes with the extension request.

If you estimated within 10% there will be no penalties, only simple interest of 1%/month.

If you send in less than 90% of what is actually due, you will have to pay penalties and interest and interest on the penalties - this can add up quicly. So if you are going to file late, pay at least 90% of the full ammount and if you are going to fudge on your taxes don't fudge more than 10% of the ammount owed because if you get caught it can hurt.

Good Luck.

 

Even if you don't have to pay, if you're not filing on time and you expect a refund you have to file an extension.