An extension only gives you more time to file — not more time to pay. It bumps your paperwork deadline from April 15 to October 15.

But if you owe tax, the balance is still due by the April deadline. If you don’t pay, you’ll rack up penalties and interest, extension or not.

Sometimes it’s smart:

• Your documents are late (like K-1s from partnerships).
  
  
• You need time to make sure you get every deduction you’re entitled to.
  
  
• You switched tax pros and need a clean handoff.
  
  
• You’d rather file right than file rushed.
  

An extension can protect you from costly mistakes if you truly need it.

An extension is not an excuse to procrastinate. Bad reasons:

• Hoping you’ll magically have more money later.
  
  
• Kicking the can down the road with no plan to fix missing pieces.
  
  
• Avoiding tough choices like paying a big balance due.

Extensions without a plan just grow the mess.

Not technically — but if you owe and don’t pay something with your extension, you’ll rack up penalties for late payment. Smart move: estimate what you owe and pay at least 90% by April to minimize fees.

Very rarely — but yes, if you file it wrong or the data doesn’t match IRS records (like wrong Social Security Number). If your extension is rejected and you don’t fix it quickly, your return is late and penalties kick in. That’s why I double-check every client’s extension.

Nope — there’s no proof an extension itself triggers an audit. But rushed, sloppy returns absolutely do. If more time means a cleaner, accurate return, an extension can actually protect you.

You don’t get multiple bites at the apple — the IRS gives you one automatic six-month extension. After October 15, you’re officially late. If you still don’t file, you’re in late-filing penalty territory (5% per month, up to 25% of the tax due).

File something — even if it’s not perfect — and amend later if needed.

Ask yourself:
📌 Do you have all the info you need to file accurately?
📌 Will rushing mean you miss deductions or screw up the math?
📌 Are you trying to avoid a big payment you can’t afford?

If you’re just procrastinating, run from the extension. File now and face it. If you truly need more time to get it right, file the extension and handle it properly.