Procrastinators have an out, but it’s not necessarily a free pass.
You can get an automatic six-month extension by filing Form 4868 or using your tax preparation software to e-file an extension request.
The catch is that the form only gives you more time to file your taxes. It doesn’t give you more time to pay any additional amount you owe. That means you’ll owe interest and penalties on the amount not paid by the original April 15th tax deadline. So it behooves you to estimate what you’ll owe and send a check along with your extension form, says Los Angeles CPA Rob Shelter. Then finish your taxes and file as quickly as you can.