extending your tax deadling from the 10/15/2007 deadline?

Question

What if you just wait to send in your taxes after the deadline without actually filing yet? Say you owe and the deadline extension is october 15th 2007 and you wait to file when you have some or most of what you owe?

Answer 1

You'll be facing late filing penalties as well as late payment penalties. File by the deadline. That will stop the clock on late filing penalties, which run 5% per month in addition to the late payment interest and penalties.

Answer 2

Go ahead and file on time anyway, even if you don't have all the money that you owe - otherwise there will be additional penalties for not filing, plus the ones for not paying.