Getting an extension on your taxes isn’t the best idea

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It’s easy to call off the IRS dogs on Monday and get an extension on filing your tax return, but it might not be a good idea. That’s because the tax ticker keeps running — and with interest, certified public accountants say.
Requests for extensions can be filed online through the Internal Revenue Service’s Web site or by mail using Form 4868, but it must be postmarked no later than Monday.
“You can get a six-month extension on filing, but you can’t get an extension in paying taxes,” says Bernard Kiely, a New Jersey CPA. Kiely notes that the total interest rate along with penalty on filing late was recently 5 percent.
And that may not be the end of it, says Kenny Morris, a Las Vegas CPA with clients on Long Island. Delaying could hurt you years from now.
Extending by six months also delays by six months the statute of limitations taking effect, which can protect the taxpayer down the road.
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