Of course, the extension is to file your tax return, it is not an extension of time to pay. In fact, on the contrary, given all the advantages of an extension, one can argue that an extension can actually help reduce your audit risk. But I still say extensions encourage reflection and care, and that alone reduces audit risk. To extend, you can submit a Form 4868, ask your tax return preparer, use commercial software, or do it yourself electronically. For more guidance, check out IRS tax topic 304, covering extensions of time to file your tax return.

Source: Forbes April 04, 2019 12:53 UTC