Missing the April 15 deadline costs you. The IRS charges a filing penalty, a payment penalty, and interest on what you owe. File an extension by April 15 and you skip the filing penalty, though you'll still owe the other two if you don't pay in full.
Paying your taxes late is bad news. The IRS actually has several different penalties that they apply. There's a penalty for filing late, there's a penalty for paying late, there's interest that's built on, on top of that. There's just a lot of added costs involved with not paying your taxes by April 15th. But by filing this extension, at least you'll be able to avoid the penalty for filing late. You won't get charged that penalty because you're filing an extension on time by April 15th.
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