Tax Day Is Here: What Happens When You File An Extension

Tax day is here; but what if you can't file — or pay — your taxes on time?

The IRS said Friday that even with just days to go until the deadline, about 50 million taxpayers had yet to file their tax returns. If you are among them, don't despair — there are options.

Don’t delay

If you don't think you will be able to complete and file your taxes on time, request an extension.

Filing an extension helps taxpayers avoid penalties for a late return, according to the IRS. You can seek an extension through the IRS website, your tax preparation professional or most tax preparation software companies.

If you can't file (or pay) taxes by midnight April 15, here's what to do.
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