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It’s a taxing time.
While the official tax day is always April 15, if you filed an extension, Oct. 15 is your new deadline. The new due date gives taxpayers six extra months to get their paperwork in order.
According to the IRS, over 20 million taxpayers are expected to file tax returns by the extended due date.
Just note that the extension only delays the filing, not the bill. This means if you owed any federal taxes, they were still due by April 15.
“Filing over the summer helps taxpayers avoid the fall rush and gives them more time to resolve issues or arrange payments, if needed,” the IRS statement reads. “To avoid or minimize penalties and interest, taxpayers should estimate their total tax liability, subtract any payments already made, and pay the remaining balance by the deadline.”
Those who miss this October deadline could face penalties for any unpaid taxes. Watch for the following two types: failure to file and failure to pay.
The failure to file fee is generally 5% per month, up to 25%. Meanwhile the failure to pay is typically 0.5% per month of unpaid tax, up to 25%, however, the rate can change depending on circumstances.
So what exactly happens if you miss the extended, October deadline and you owe taxes — you will receive a failure to file penalty and the failure to pay.
For individuals, this means up to 5% of the tax that is due for each month — or part of a month — the return is late. The maximum penalty is up to 25%.
And don’t forget the interest — the IRS also will hit you interest on any penalties.
What’s more, those with any unpaid taxes will face the failure to pay, penalty. This typically starts racking up after the April 15 deadline. The IRS will send out a notice to anyone who owes a penalty.
Eligible taxpayers can file their taxes for free using the IRS Free File for those with an adjusted gross income of $89,000 or less in 2025. Anyone above that threshold will need to prepare using a third party service.
Those who file electronically by the October 15 date should see their tax returns about 21 days after filing. Most mailed returns will see theirs within six weeks or more.
Just note, this is your last chance to file — kind of.
The government may give you one more opportunity to file 2025 taxes after the October deadline — but it’s only if you are out of the country. Folks who are not in the US can request an additional two months, which would give them until Dec. 15.
To get this, taxpayers must send a letter to the IRS explaining why they need more time.
