Extension of Time to Pay Tax

There is a way to extend your payment of tax for six months from the due date of your 1040 return. You have to file form 1127 and show that the payment would be an undue hardship. You have to show that you can't sell any assets without severe losses or borrow money under reasonable terms. If the extension is approved then you are not subject to the late payment penalty of .5% per month. You are still subject to interest charges.