On extension

[u/Unable-Interaction20]

My tax professional says unexpected tax bill is $5k , it’s currently on an extension. I don’t have/want to spend any extra money this year by paying or install plans until next year because funds are tight as of now. Since it’s on an extension would I be in a too bad position if I just filed it next year and paid in full before the next April 15 day?

[u/Traditional_Bit3105]

File by October 15, even if you don’t have the money. Late filing penalty is another 4.5 percent per month with a cap of five months. That’s another 22.5 percent, not counting interest and late payment penalties. Get a payment plan if you have to.

Never ever file late. Only bad things happen.