By filing a tax extension,one does not have to pay his income tax liability until October 15.

Question

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Filing a tax extension only extends the deadline for filing the tax return, not for paying any tax liability. Taxpayers must estimate their tax liability and pay at least 90% of the owed tax by the original deadline (usually April 15) to avoid penalties and interest. The extension gives them time to file the return and reconcile any differences between their estimate and the actual tax liability, but not to delay payment.

By Filing a Tax Extension,one Does Not Have to Pay