Yes, you can file for an an extension but, remember, an extension just postpones the date that you file your tax return. It does NOT postpone the date that taxes are due (i.e., April 15 or the next business day if April 15 falls on a weekend). Since the issue for you is that you are unable to pay the taxes, you'll need to contact the IRS and request an installment agreement plan. Always file your return, even if you can't pay your taxes because failure-to-file penalties are steep (5% of the tax due on the return you file late for each month or part of a month you filed late, up to 25% of the tax due). In the future, it may be easier for you to make monthly or quarterly payments to the IRS to pay your self-employment Social Security taxes. You can get a coupon book from IRS or your tax preparer so that it will not be such a large amount at one time. Consult the Internal Revenue Service Web site www.irs.gov for more specific information regarding self-employment taxes, time extensions, and installment payment options. We would like your feedback on this Personal Finance Frequently Asked Question.

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