It's best to file on time. You will avoid the 5% per month late filing penalty. And you can request an installment plan. You should know that many people are afraid to file a return if they can't pay. That fear can start a cycle of not filing for multiple years. Penalties build up to the point that they can add as much as 50% to the tax. This creates a "hole" that is very difficult and expensive to dig your way out of.
