Filing a late return will subject you to a penalty of 5% per month on any unpaid balance.

Use Form 4868 to apply for an extension to file.

An extension doesn't extend your time to pay. If you don't pay at least 90% of the tax by April 15, a 0.5% per month late-payment penalty will apply to any unpaid balance for up to 50 months.

Get an automatic 2-month extension if you reside outside the U.S. during filing time.

Why file an extension?
Without a valid extension, a late-filed return is subject to a 5% per month penalty on any unpaid balance. The combined penalties for late-filing and late-payment can be as much as 47.5% (see below) of the unpaid tax.

Filing Extension
File Form 4868 to automatically extend your filing deadline 6 months to Oct. 15. more information here Extension of Time to File Your Tax Return 

If you don't file your return on time, both the late-filing and late-payment penalties apply. If both penalties apply, a penalty of up to 25% of the balance due will be charged in the first 5 months. The 0.5% failure to pay penalty will continue to apply for up to 45 more months. Note: Interest on the unpaid balance and accrued penalty will continue to be charged until the balance due is paid.

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