LAS VEGAS (KTNV) — If you missed filing your taxes in April and requested an extension, time is running out; your final deadline to file is next Wednesday, October 15.
According to the IRS, at least 200,000 more people requested extensions this year compared to last, meaning millions of Americans still need to file before the clock runs out.
WATCH | Shakeria Hawkins spoke to a tax expert to find out more:
Las Vegas resident Sally Johnson says she always files early to avoid the stress and potential penalties that come with waiting until the last minute.
“I always file on time, I even paid my property taxes,” Johnson said. “I don’t want to do that — I can’t afford that.”
But for those still waiting, experts say it’s important to understand what the October 15 deadline really means.
Mark Steber, chief tax officer at Jackson Hewitt, says the extension only gives you more time to submit your paperwork — not to pay any taxes you owe.
“It’s the last day you can legitimately file an extended tax return,” Steber said. “After that, penalties, interest, and other costs start to add up. October 15 is your last chance to successfully file for the 2024 tax year.”
If you missed the original April payment deadline, Steber says interest and penalties have already started building — and they’ll continue until you file.
“An extension is not an extension of time to pay,” he explained. “It’s not extra time to get your house in order or find money. It’s simply an extension to file your paperwork.”
According to Steber, there are three main penalties to look out for:
- Failure-to-file penalty for missing the deadline
- Failure-to-pay penalty for not paying what you owe
- Underpayment penalty, especially for people who are self-employed or have side income
“You can’t just wait until April 15 each year to pay everything at once — the IRS expects you to pay throughout the year,” Steber said.
So what should you do if you still haven’t filed? Steber recommends starting now to avoid additional costs and stress.
“It’s good to develop best practices — like filing on time, paying as you go, and making sure your withholdings are right,” he said. “That way, you’re preparing during tax season, not just on tax day.”
If you’re holding off because you can’t afford to pay your taxes, the IRS does offer payment plans to help manage your balance over time.
For more information on how to file before the October 15 deadline, visit IRS.gov.