Tax Day is Tuesday, April 15. If you’re not ready to file a federal income tax return or you can’t pay what you owe, read on for options to consider.
HOW TO FILE AN EXTENSION FOR FREE
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WATCH HEREIf you can’t prepare and file a tax return on time, you have to request an extension with the IRS by April 15. Fill out . It’s a short form with nine questions.
You don’t have to provide a reason for an extension, but you do have to estimate if you owe taxes. An extension to file a return is not an extension to pay. The IRS still requires payment by April 15.
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SIGN UP If you need to estimate the taxes you may owe, , an enrolled agent at Decision Financial, said, start by looking at last year’s return. If your income and situation haven’t changed, Hengesbach said consider paying that amount when you file the extension.
You can file an extension form electronically for .
“As we've all heard recently, there is a big upheaval in the Internal Revenue Service. So, you really want to try to do everything electronically as much as possible,” said Hengesbach. “That is paying what you believe is due on your extension and filing that extension electronically.”
You can mail Form 4868 to the IRS. Hengesbach said she recommends taxpayers mail the form and estimated tax payment via certified mail with a return receipt. It must be postmarked by April 15.
Hengesbach reminds quarterly estimated taxpayers that their is due April 15 as well.
WHAT IF YOU CAN’T PAY YOUR TAXES?
If you owe federal income tax and don’t pay by Tax Day, interest and penalties start accruing immediately. Requesting an extension to file a return does not give a taxpayer more time to pay without penalties or interest.
If you’re ready to file a tax return but can’t pay what you owe, Hengesbach said the cheapest option is to file the return on time, pay what you can and set up a payment plan with the IRS. The IRS still charges interest and penalties, but you avoid steeper penalties for failure to file on time and failure to pay.
“You do have interest accruing on the balance, yes. Unfortunately, there is a convenience fee to set up the payment plan and there are penalties because you didn't pay the full amount that is due, but it is a lot less,” said Hengesbach. “The worst thing you can do is put your head in the sand when you owe the Internal Revenue Service money.”
You can and . You have to create an ID.me account if you don’t already have one.
If you request a payment plan and you notice the IRS isn’t deducting payments, Hengesbach said you should follow up with the IRS and make payments on time. If you're already on a payment plan and paying a balance for a previous tax year, Hengesbach said you’d have to call the IRS. It doesn’t accept multiple payment plan agreements.
The IRS said it takes . There is a processing fee. For example, the IRS said a credit fee for a $1,000 payment ranges from $17.50 to $18.50, depending on the processor.
Hengesbach said taxpayers should crunch the numbers and consider the IRS’s interest rates and penalties versus the credit card interest rate.
“If you have a 0% interest credit card, then maybe you might want to utilize that. But I'm really an advocate to say, go on the payment plan,” said Hengesbach.
The IRS said its is 7% per year, compounded daily. According to , average credit card interest rates were about 21% as of February 2025.
The IRS offers due to circumstances beyond your control.
Some taxpayers may settle a tax debt for less than the full amount they owe, depending on certain hardship circumstances. You can read more about an .
HOW TO AVOID TAX SCAMS
The IRS wants you to . It’s worth noting the IRS will not call, text or contact anyone on social media to demand an immediate tax payment. According to the IRS, it contacts taxpayers for the first time via U.S. Mail. It may contact you other ways with your permission.
The IRS said it won’t ask you for immediate payment on social media or accept gift cards or prepaid debit cards to settle a tax bill.
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