The IRS and most states require that you pay your taxes with your extension.
If you do not pay at least 90% of the taxes owed with your extension form, the IRS and most states, nevertheless, will grant you an extension. However, you must make a reasonable estimate of your tax liability. If you do not pay you will be subject to 1/2 % per month late payment penalty, (6% per year) plus 4% interest, therefore you will be paying 10% on your late payments.
Please note that New Jersey will invalidate your extension if you pay less than 80% of the taxes owed.
New York City UBT will invalidate your extension if you pay less than 100% of prior years’ tax or 90% of the current years’ taxes owed.
Extension Request (to send to our office) is an abbreviated 1-2-3 form designed to provide us with enough information to determine your tax situation and to prepare extension forms. Please print it out, fill it in and email or fax it to us. (2 pages).