When Is the October Tax Extension Deadline?
Understand the October tax extension deadline. This guide clarifies the difference between an extension to file and the original deadline for paying your taxes.
While the primary tax deadline in April is widely known, a second date in October governs the filings for many taxpayers. This later deadline is not available to everyone; it is specifically for those who have been granted an extension from the Internal Revenue Service (IRS) to file their annual income tax returns.
The October Tax Filing Deadline
The deadline for individuals who requested an automatic six-month filing extension is October 15th. If this date falls on a Saturday, Sunday, or a legal holiday, the deadline is pushed to the next business day. This extension is granted to taxpayers who submitted Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by the original April tax deadline.
An extension to file is not an extension to pay. Any tax liability you owed for the year was still due by the original April deadline. Failure to pay by the April date means that interest and penalties began to accrue on the unpaid balance, regardless of the filing extension.
Consequences of Missing the October Deadline
Failing to file your return by the October 15th extension deadline can lead to financial penalties. The Failure to File penalty is 5% of the unpaid tax for each month a return is late, capped at 25%. If your return is over 60 days late, the minimum penalty is the lesser of $510 or 100% of the unpaid tax.
A separate Failure to Pay penalty applies if you did not pay all taxes owed by the April deadline. This penalty is 0.5% of the unpaid taxes for each month the taxes remain unpaid, also capped at 25%. If both penalties apply in the same month, the Failure to File penalty is reduced by the amount of the Failure to Pay penalty. Interest can also be charged on underpayments and unpaid penalties.
How to Pay Your Tax Bill
The IRS offers several methods to pay your tax bill.
- IRS Direct Pay allows you to make a payment directly from your checking or savings account at no cost and does not require pre-registration.
- You can pay using a debit card, credit card, or a digital wallet through one of the IRS’s third-party payment processors, which charge a fee for this service.
- The Electronic Federal Tax Payment System (EFTPS) is a free online service for making electronic payments.
- You can mail a check, money order, or cashier’s check made out to the “U.S. Treasury.”
State Tax Deadline Considerations
The October 15th deadline is for federal taxes. Many states have separate income tax systems with their own filing requirements and extension deadlines that may not align with the federal date. You must verify your obligations with your state’s tax agency, as each has its own forms, procedures, and deadlines for extensions and final returns.