So, you filed a tax extension — great move if you needed more time. But remember: an extension gives you more time to file, not more time to pay.
The new deadline to submit your return is October 15, but the IRS still expects payment of any taxes owed by the original April deadline. Here’s what you should do now to stay on track and avoid surprises:
1. Estimate Your Tax Liability and Pay Now (If You Haven’t Already)
Just because you haven’t filed your return doesn’t mean you’re off the hook for payment.
If you think you owe taxes, make an estimated payment as soon as possible to minimize interest and late payment penalties. You can pay online through the IRS Direct Pay system or via your tax software.
2. Get Your Documents in Order
Use this extra time wisely — start gathering your:
- W-2s and 1099s
- Income and expense records (especially if you’re self-employed)
- Mortgage interest statements, charitable donation receipts, and other deductions
- Any other documents relevant to credits, dependents, or investments
Pro tip: Use a secure document organizer or cloud-based folder to store everything in one place.
3. Don’t Wait Until Fall
October may seem far away, but tax season can sneak up fast — especially for business owners, freelancers, and those with complex returns.
Schedule your prep now so you’re not scrambling at the last minute. Early prep also gives you more time to explore deductions and avoid errors.
Need Help? Let’s Make It Easy.
At DanG Financial, we help individuals and business owners take full advantage of the extension period without the stress. From estimating payments to full return filing, we’ve got you covered.
📅 Schedule a consultation today and let’s get ahead of the deadline.