Don't Let This Tax Misconception Hurt You
The April 15 tax-filing deadline will be here before you know it, and if you're already struggling to complete your return, you may be toying with the idea of requesting an extension. The good thing about tax extensions is that you don't need a specific reason to qualify for one. All you need to do is submit Form 4868 by the April 15 deadline, and the IRS will generally grant an extension without asking questions.
It makes sense to get a tax extension if any of the following apply to you:
But many people who get tax extensions fail to realize one key thing: The only thing that an extension will do is give you an extra six months to file your return. It won't give more time to pay your taxes, and if you owe the IRS money, you'll incur costly penalties if you don't pay up by the April 15 filing deadline.
Source Fool.com