Missed the October 15 Tax Extension Deadline? Here’s What to Do Next
October 15 is the IRS deadline for tax extensions – but what if you missed it? While the situation is serious, there are still steps you can take to reduce penalties, get your books in order, and file as soon as possible.
What Happens If You Miss October 15?
- IRS late filing penalties (5% of unpaid tax per month, up to 25%)
- Interest charges on unpaid balances
- Risk of additional scrutiny or audits
Steps to Take Immediately
- Don’t wait – file as soon as possible to limit penalties.
- Catch up on bookkeeping – reconcile months, close gaps.
- Work with a CPA – they can advise on payment plans and penalties.
Need help fixing reconciliation errors and cleaning your books?
How Catch-Up Bookkeeping Helps After October 15
- Clean financials to support late filing
- Identify deductible expenses you may have missed
- Provide IRS-ready records for compliance
Filing Options After Missing the Deadline
- Late filing – submit as soon as possible
- Installment plans – spread out payment of tax owed
- Penalty abatement – request leniency if this is your first slip
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FAQs
Can I still file after missing October 15?
Yes – file immediately. Penalties and interest grow the longer you wait.
What’s the penalty for missing the deadline?
Typically 5% of unpaid taxes per month, capped at 25%.
How can catch-up bookkeeping help now?
By ensuring your books are reconciled and accurate, making late filing smoother.
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