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Financial Planning Tips

Test Your Tax Knowledge
(Updated: 01/10/2017)

True or false? Applying for an extension to file your tax return using IRS Form 4868 does not entitle you to additional time to pay any federal income taxes you owe.

Answer: True.

Form 4868 allows you to extend the deadline to file your return; it does not extend the time you have to actually pay your taxes. If you expect to owe taxes, you should make an estimated payment with your extension request in order to avoid interest and penalties.

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