Tax-Filing Extension Deadline Approaching

Taxpayers who filed for an extension have less than a week before the tax-filing extension deadline passes. According to the Illinois CPA Society, there are more than 11 million taxpayers who need to file their returns by October 15 to avoid additional penalties and interests.

Taxpayers who filed for an extension received an additional six months to file their return without incurring any extra fees. Any returns not filed by October 15 will face additional penalties and interest, which have been accruing since April. In addition to additional fees, returns filed after October 15 must be submitted using paper forms. October 15 is the last day for taxpayers to electronically file tax returns.

Taxpayers also need to pay attention to their estimated payment amounts. The tax liability may differ from April’s projected amount and taxpayers may actually owe more than they expected.