Hi,
The individual tax extension deadline is approaching quickly.
October 15, 2026 is the extended federal filing deadline for most calendar-year individual taxpayers who timely requested an extension for their 2025 return. Miss it, and late-filing penalties can begin if you owe tax.
Here is what waiting can cost:
- The late-filing penalty is generally 5% of the unpaid tax for each month or part of a month the return is late, up to 25%. If you owe $20,000, that penalty alone can reach $5,000.
- If the return is more than 60 days late, the minimum filing penalty can be $525 or 100% of the unpaid tax, whichever is less.
- The late-payment penalty is generally 0.5% of the unpaid balance per month, up to 25%, and interest continues until the balance is paid.
An extension gave you more time to file – not more time to pay. Your 2025 federal tax was generally due April 15, 2026. Any unpaid balance may already be accruing interest and possible penalties, so filing now matters even if you cannot pay everything immediately.
Before we can file, this is what usually needs to be compiled:
- W-2s, 1099s, and records of any unreported income
- Final Schedule K-1s from partnerships, S corporations, trusts, or estates
- Brokerage statements and cryptocurrency transaction records
- Business income, expenses, bookkeeping, and mileage
- Rental-property income, expenses, and improvements
- Mortgage interest, property taxes, and charitable contributions
- Health insurance and retirement contributions
- Foreign income, foreign taxes paid, and foreign account information
- Estimated-tax payments and extension-payment confirmation
- Details of major life changes, including marriage, divorce, a new dependent, or a move
Waiting for one missing document is not a reason to wait on everything else. We can identify what is outstanding, reconcile the information already available, and tell you exactly what is needed to complete the return.
State returns, fiscal-year filings, taxpayers abroad, and taxpayers receiving disaster relief may have different deadlines. The first step is confirming exactly which dates and filing requirements apply to you.
Reply to this email by Wednesday, and we will schedule a free 15-minute call with our senior tax advisor. Bring your most recent return, available 2025 tax documents, and extension confirmation so we can identify what is missing and whether your return can be completed before the deadline.
October 15 is the filing deadline – not the day to begin gathering the records.
Sincerely,
—
George Dimov, CPA
Licensed and Insured
(833) 829-1120 toll free
(212) 994-8081 Fax
www.dimovtax.com