Reminder: April 15th Income Tax Filing Deadline Approaching
Ensure You’re Prepared to File or Request an Extension
The clock is ticking as we approach the April 15th deadline for filing your income tax return. With only one week left, it’s essential to ensure everything’s in order to avoid last-minute stress and/or potential penalties.
Requesting an Extension
If you’re feeling overwhelmed and worried you’ll be unable to file by the deadline, remember that the IRS offers the option to request a six-month extension to file returns. Meaning you can extend your filing deadline to October 15th and give yourself additional time to accurately prepare your documents.
However, it’s vital to note that this extension only applies to filing your return, not to paying any taxes due.
Payment Deadlines
Any tax balance owed to the IRS must still be paid by April 15th to avoid a late payment penalty.
If you find yourself unable to complete your return by the deadline, we recommend calculating an estimated amount due and sending that to the IRS. Doing so will help prevent penalties and interest from accruing on any unpaid balance.
Estimated Tax Payments
Another consideration for taxpayers who typically pay estimated taxes is the first quarter (Q1) estimated tax payment for 2025, also due on April 15th. One effective strategy to minimize potential underpayment penalties is to include your Q1 estimate as part of your extension payment.
Doing this provides a cushion in the event that you have underestimated your 2024 tax liability. When your 2024 return is finalized, any overpayment is applied to 2025 and the Q1 payment will be considered timely.
Steps to Request an Extension
Requesting an extension is a straightforward process. Taxpayers can file Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” either electronically or by mail.
Another convenient option is to make an extension payment online at irs.gov/payments. When an extension payment is made online, the IRS automatically extends your return.
As always, reach out to your KT Tax Advisor if you have any questions about your specific tax situation.
