Overview

• The IRS emphasizes that tax extensions extend the filing deadline to October 15 but do not change the April 15 payment deadline for taxes owed.
• Failure to pay taxes by April 15 results in penalties of 0.5% per month and interest on the unpaid balance, currently at a rate of 7%.
• Taxpayers are advised to estimate their liabilities using prior-year returns and make payments with their extension request to minimize penalties.
• Filing extensions electronically through the IRS website or tax software ensures timely processing and reduces the risk of delays.
• Automatic extensions are available for certain groups, such as U.S. citizens living abroad or military members serving in combat zones.