Tax Memo – Payments Of Individual Taxes Are Always Due 4/15th. They Cannot Be Extended!

Many people need extensions because they cannot get their taxes done by 4/15.

Most people don’t know that this does NOT extend the time to pay any taxes due.

The payment of your taxes cannot be extended past 4/15.

So, if you do need an extension, you should always calculate an estimated amount due and pay that with your extension. We can help with this of course.

Estimated Tax Filers

Are you an estimated tax filer? Remember, your first estimated payment for the new year is due 4/15 as well. This leads to many people on extensions not paying that first estimate, causing cascading late payment penalties and interest year over year.

So, if you are an estimate filer, and will be going on extension, you have two calculations to make before 4/15.

1. Estimated balance due 4/15 for current year.
2. Estimated first quarter estimate due for the new year.

Many people combine these two and make one payment with the extension. That is my suggestion. Remember, any overpayment from one year can be applied to the new year. So this method allows you to put all of those total payments to the current year in case you underestimated.

The interest and penalties are very high and not worth detailing here. Advice is to please make any extension payments and new year first estimated payments by 4/15 to avoid them.

Again, to restate,

Payments Of Individual Taxes Are Always Due 4/15th. They Cannot Be Extended!