Filing by the October 15  Extension

It’s the final countdown.

If you requested an extension on your taxes, you have a little over two weeks to finish your taxes and get them filed without penalty.

What happens if I miss the October 15 tax extension deadline?

💸 You’ll owe more interest. A tax extension gives you more time to file your return, not more time to pay.

💸 You may owe a higher late-payment penalty. The maximum penalty is 25%. You’re supposed to pay at least 90% of your tax liability by the regular filing deadline.

💸 You may owe a late-filing penalty. The IRS can also stick you with a late-filing penalty of 5% of the amount due for every month or partial month your tax return is late. The maximum penalty is 25% of the amount due.