April 15 is here. Whether you're filing, extending, or paying, here's exactly what you need to know to get through tax deadline season without penalties, surprises, or stress.
Filing vs. Extending: Know the Difference
An extension gives you more time to file your return — not more time to pay. If you owe taxes, you must pay your estimated liability by April 15 even if you file an extension. Failure to pay on time results in a 0.5% per month penalty plus interest. An extension is a smart move if your documents aren't complete or your return is complex — but it's not a free pass on payment.
What Happens If You Miss the Deadline
If you miss the April 15 deadline without filing an extension, the failure-to-file penalty is 5% of unpaid taxes per month, up to 25%. The failure-to-pay penalty is 0.5% per month. These penalties add up fast. If you're going to miss the deadline, file an extension immediately — it eliminates the failure-to-file penalty even if you can't pay in full.
Business Return Deadlines You May Have Missed
S-corporation and partnership returns (Forms 1120-S and 1065) were due March 15. If you missed that deadline and didn't file an extension, you may already be accruing late-filing penalties. C-corporation returns (Form 1120) are due April 15. If any of these apply to you and you haven't filed, call us today — the sooner we act, the lower the penalty exposure.
From the Firm
Our team is in full tax season mode through April 15. We appreciate your patience with response times during this period. After April 15, we'll be scheduling post-tax-season strategy sessions for all clients. These are a great opportunity to review your return, discuss planning opportunities, and set goals for the rest of the year.