If you already anticipate needing some extra time to file your federal tax return, there’s some good news. You can always file for an extension.
While it might seem easier to file for an extension -- and depending on your circumstances, maybe you’ll have to -- don’t just look at this option as a way to buy some time. Only do this if you really have to. You still have to pay now, or you’ll risk the IRS coming after you , or having to pay a bunch of interest.“File all tax returns that are due, regardless of whether or not you can pay in full.
“If you have received a notice, make sure to send your past due return to the location indicated on the notice you received.”“You risk losing your refund if you don't file your return. If you are due a refund, you must file your return to claim it within 3 years of the return due date.” “We hold income tax refunds in cases where our records show that one or more income tax returns are past due -- until we get the past-due return or receive an acceptable reason for not filing a past-due return.”
“If you are self-employed and do not file your federal income tax return, any self-employment income you earned will not be reported to the Social Security Administration and you will not receive credits toward Social Security retirement or disability benefits.” “Loan approvals may be delayed if you don't file your return. Copies of filed tax returns must be submitted to financial institutions, mortgage lenders/brokers, etc., whenever you want to buy or refinance a home, get a loan for a business, or apply for federal aid for higher education.”You can request an additional 60 to 120 days to pay your account in full through the Online Payment Agreement application or by calling 800-829-1040.
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