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Articles from The Insider’s Report archives go back over several years. Some articles may include date-sensitive information or other information that has changed over time.
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PERSONAL TAX EXTENSIONS GOOD ONLY UNTIL OCTOBER 15, 2019 

A lot of bad things can happen if you wait until the last minute.

According to the IRS, filing an extension beyond the filing deadline of April 15 is a privilege.

Sometimes you cannot help but extend filing if circumstances prevent you from getting all your tax information together in time.

But don’t fall into the trap of making it a habit to file in October.  We discourage waiting until October to file your taxes.

Many things can go wrong when waiting until October to file your taxes:

The tax is due on April 15 regardless of whether you have an extension or not.

If you miscalculated your estimated taxes or do not withhold enough and you owe, there will be penalties and interest going back to April 15 and possibly going back to the first quarter of the tax year.

Waiting until the last minute in October to file can cause errors due to rushing.

Waiting until the last minute to submit business information can cause errors due to rushing.

Trying to fix a bad tax move or a mistake made in the prior year may be impossible by October.

Your chances of audit may be higher if you wait until after October 15 to file.

There is no extension after October 15 and technically you are breaking the law if you have not filed by then.  The IRS can use several unpleasant techniques to force filing after that date including paying a visit to you at home or work or assessing you a tax based on whatever sketchy information they have.

Your preparer and tax staff may be unavailable or something else unexpected could cause you not to be able to make the final deadline.

 

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