Avoid Tax Penalty
The extension gives you six more months to submit your form, but it only applies to filing
the return. It does not give you extra time to pay any taxes you owe. The IRS states that
all owed taxes must be paid on or before April 15th. If you don't pay your taxes on time,
the IRS will charge a penalty with interest. This applies to individuals, independent
contractors, sole proprietorships (Schedule-C), and single-member LLCs. The penalty can
range from 1/2% to 25%.