Filing Extensions and Minimizing Penalties

Taxpayers who request an extension to file their 2023 federal income tax returns have until October 15th, 2024. However, an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 15th payment deadline may be subject to late penalties and interest charges.

Electronic payments may be made using the IRS online payment portal (link below). The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.

If you are required to file, you should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.

IRS Online Payment Portal: https://www.irs.gov/payments.