Did you know that filing a tax extension doesn’t actually allow you more time to pay your taxes? This is a common myth among taxpayers, however if you file an extension it actually only gives you extra time to file your taxes; if you owe money on your tax bill, it must be paid by April 15th. If you can’t pay your entire bill, it’s highly recommended you pay installments against your amount owed. If you are going to file an extension also be sure that you file it correctly so that it is not invalidated by the IRS. This can cause more headaches than actually taking the time to ensure you’ve filled out the extension form correctly.