Tax Extension Deadlines Are Approaching: What Individuals and Businesses Need to Know
If you filed a tax extension earlier this year, your extended filing deadline may be right around the corner. For many businesses, the extended federal tax filing deadline is September 15, while many individual taxpayers who requested an extension have until October 15 to file their federal income tax return.
At Mountain View Tax & Accounting, we’re helping individuals and businesses throughout Bullhead City and the Tri-State area prepare for these important upcoming tax deadlines.
September 15 Tax Deadline for Businesses
For many calendar-year businesses that previously requested an extension, September 15 is the extended federal filing deadline. This commonly includes certain partnerships and S corporations.
If your business filed an extension and you still need to complete your return, now is the time to gather your financial records, bookkeeping information, and any outstanding tax documents.
Waiting until the last minute can make it more difficult to address missing information or unexpected issues before the deadline.
October 15 Tax Deadline for Individuals
If you requested an extension for your individual federal income tax return, October 15 is generally your extended filing deadline.
An extension gave you additional time to file your return, but it did not provide additional time to pay taxes owed. Taxes were generally still due by the original April filing deadline.
If you have a balance due, filing your return as soon as possible is still important. Interest and certain penalties may continue to accrue on unpaid balances, so delaying your return beyond the extended deadline can potentially make the situation more costly.
A Tax Extension Gives You More Time to File—Not More Time to Pay
One of the most common misconceptions about tax extensions is that they also extend the deadline to pay your taxes.
They don’t.
A tax extension provides additional time to file your tax return, not additional time to pay taxes that were due by the original deadline.
If you filed an extension because you were waiting on tax documents, dealing with an unexpected life event, or simply needed more time to organize your financial records, that additional time can be extremely valuable. But as your extended filing deadline approaches, it’s important to make sure your return is completed and filed correctly.
Don’t Miss Your Extended Tax Filing Deadline
If you haven’t completed your extended return yet, don’t wait until the deadline to get started.
Business owners facing the September 15 tax deadline and individuals approaching the October 15 tax deadline should begin gathering any remaining documents and financial information now.
Working with an experienced tax professional can help ensure your return is filed accurately and identify potential deductions, credits, and other tax-saving opportunities that may apply to your situation.
Need Help Filing Your Extended Tax Return?
At Mountain View Tax & Accounting, we help individuals and businesses throughout Bullhead City, Fort Mohave, Mohave Valley, Kingman, Golden Valley, Laughlin, and the surrounding Tri-State area stay on top of important tax deadlines.
Whether you’re approaching the September 15 business tax deadline or the October 15 individual tax extension deadline, our experienced team can help you complete and file your return accurately and navigate any outstanding tax obligations.
Don’t let your extended filing deadline sneak up on you. Contact Mountain View Tax & Accounting today to schedule an appointment and get your return filed on time.