Key insights
- The article discusses how US taxpayers can request a tax extension. While extensions are granted until October 15th, estimated taxes are still due by the original April 15th deadline. Failure to file or request an extension results in penalties and accrued interest. This may lead to slightly reduced consumer spending in the short-term as individuals prioritize tax payments.
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April 15 is the last day to file your 2025 taxes. If you need more time to prepare your taxes, it's also the last day to request an extension.
Taxpayers can request an extension, which delays their filing date to October 15. However, taxpayers still must pay the estimated taxes they owe by April 15.
Taxpayers requesting an extension can make an estimated tax payment online and indicate that they are paying under an extension. All taxpayers can also electronically submit an extension form or use the IRS Free File to request an automatic extension.
If you don't file your taxes or request an extension by April 15, you will be subject to a penalty, and any owed taxes will accrue interest until you pay your full balance.
Taxpayers requesting a filing extension still must pay their estimated taxes by April 15.
They can determine their estimated tax by calculating what they owe and subtracting what they have already paid through withholdings or tax payments made throughout the year.
To do this, taxpayers can estimate their owed taxes using the IRS Free File Fillable Forms. This form is an option for taxpayers to calculate their taxes themselves, but it is not guided like most other filing software.
However, there are also several free tax estimators from private tax filing services that guide taxpayers through the calculation process, such as:
Taxpayers who can file on time but need an extension to pay their taxes can apply for a payment plan, though fees apply. Taxpayers can also settle their outstanding taxes for less through an offer in compromise.
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