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If I may owe taxes do I need to pay them today with an estimated

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filing when I am seeking...
If I may owe taxes do I need to pay them today with an estimated filing when I am seeking an extension? My tax advisor said it was up to me with no guidance.
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
4/19/2016
Tax Professional: Richard, Tax Attorney replied 1 year ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,810
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good evening Ann. My name is ***** ***** I look forward to helping you. You do not have to pay the estimated taxes owed when filing your extension. The purpose of an extension is to extend the time for filing your income tax return so that you don't get a late-filing penalty. The extension is automatic whether or not you pay the estimated taxes. The only adverse impact is that the IRS will assess interest and a late payment penalty for not paying your taxes timely. You can verify this at the following IRS link: https://www.irs.gov/uac/Newsroom/Eight-Facts-on-Late-Filing-and-Late-Payment-Penalties Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!
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Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,810
55,810 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

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