Are you one of those “wait till the last minute” type of people? Every year, millions of taxpayers file extensions thinking that this is their way of delaying the inevitable. This is only a partial truth. The IRS is glad to give you an extension if you OWE, because they are going to charge you penalties and interest in the meantime. If you are due to RECEIVE money, the IRS isn’t exactly in a rush to deliver your payment, and therefore the penalties do not apply. Therefore, we always recommend you think twice about an extension... especially if you are going to owe a balance for that particular tax year.