Avoid Tax Penalty
Although the extension provides you with six additional months to file your form it’s important to keep in mind that the extension only applies to the filing of the return. The extension does not provide the filer for an extension to pay any tax that may be owed. The IRS states that all owed taxes must be paid on or before April 15th. If any tax owed is not paid on the due date as directed by the IRS, by any individuals, independent contractors, sole proprietorships (Schedule-C), and single-member LLCs will be subject to a late filing penalty with interest, this may vary from 1/2% to 25%.