So, you filed a tax extension before the April deadline—nice move! An extension gives you some breathing room, but it’s not a free pass to forget about taxes until fall. Now that the initial rush is over, here’s what you should know about what comes next.
What a Tax Extension Actually Does
Filing a tax extension with the IRS gives you an extra six months to file your return, moving your deadline to October 15 (or the next business day if that falls on a weekend/holiday).
Important: An extension gives you more time to file, not more time to pay. If you owed taxes as of April 15, interest and penalties may still be adding up.
What If You Owe Taxes?
If you submitted your extension but didn’t pay an estimated amount, the IRS is still expecting payment. Here’s what to do:
- Pay as soon as you can to reduce late payment penalties and interest.
- Set up a payment plan through the IRS if you’re unable to pay in full.
- Don’t ignore it—penalties can grow fast the longer you wait.
What You Should Do Now
Here’s a checklist to make the most of your extra time:
✅ Get Organized
Gather your tax documents: W-2s, 1099s, bank statements, deduction records, and anything else relevant.
✅ Review Your Situation
Did anything change recently? New job, side hustle, marriage, house, or baby? These all impact your tax filing.
✅ Make Estimated Tax Payments (if needed)
Self-employed? Still working freelance? Don’t forget your quarterly estimated payments while your extension is in place.
✅ Don’t Wait Until October
The extension deadline might feel far away, but the earlier you file, the less stress you’ll face—and the faster you’ll get your refund (if applicable).
What Happens If You Miss the Extended Deadline?
If you don’t file by October 15:
- The IRS can assess late filing penalties (up to 25% of the tax due).
- You may lose your refund if you wait too long (there’s a 3-year window).
- It could impact your ability to get loans, credits, or renew visas/passports.
Need Help Filing Under Extension?
If you’ve filed an extension but haven’t started on your taxes yet, now’s the time to get moving. Whether you’re missing documents or unsure about deductions, our team at RIWA Tax Services is here to help you file correctly and on time—before the October deadline creeps up.
Book your consultation today and let’s get your taxes done right—while you still have the time!
Contact us: +1 (972)-996-6644
Email us : info@theriwa.com Visit our website : https://theriwa.com/
