I Don't Have To Pay The IRS Until October Since I Filed An Extension

WRONG! BUZZZZZZZ! Thanks for playing.

Many people don't realize this but when you file for an automatic extension to file your annual Form 1040 with the IRS you only get an extension on the filing of the return. You do not get an extension on paying any tax due. For those who are wondering what IRS form allows you an extension to pay, there is none. There exists no extension to pay program with the IRS.

So you filed your extension and didn't pay. Now what?

Well, write a check ASAP for an estimated amount on what you'll owe when you do get around to filing the return (before October 15th of course). That should stop the bleeding on some of the penalties and interest that have been accruing for the past 5 days.

If you can't do that then get that return in ASAP and request an Installment Agreement, Currently Not Collectible Status, or consider your eligibility for an Offer in Compromise. (See my previous post on these options). But remember, the return must be filed and the tax assessed before you can petition for any of these IRS resolution options.