Filed an Extension? Your Oct. 15 Deadline Is Closer Than You Think
If you filed an extension back in the spring, take a breath. You bought yourself time. But that time runs out on October 15, and it's coming up fast.
First, what an extension actually does
An extension gives you more time to file your return. It does not give you more time to pay. If you owed taxes for the year and didn't send in an estimate by the original April deadline, interest and penalties have likely been building since then. The sooner you file and pay, the less that grows.
What to gather now
Pulling everything together early is half the battle. Here's the short list for most small business owners:
Profit and loss statement for the full year
Bank and credit card statements, reconciled
1099s you received and 1099s you owe to contractors
Payroll records and quarterly filings
Receipts for big purchases, equipment, and vehicle mileage
Home office details, if you claim it
Any estimated tax payments you made during the year
Missing something? Request it now. Waiting until October 14th to chase down a form is a stressful way to spend your week.
Common mistakes we see this time of year
Rushing and skipping deductions. A last-minute return is more likely to leave money on the table.
Guessing at numbers. Estimates feel fine until they trigger a notice.
Forgetting state filings. Your state return may have its own extension rules, so don't assume the federal one covers it.
Mixing personal and business expenses. Clean books make this whole process faster and cheaper.
Running out of time?
If Oct. 15 is already looking tight, reach out now. There are options, and acting early almost always beats ignoring it. Filing late with a balance due costs far more than filing on time and setting up a payment plan.
Not sure where you stand?
Call or stop by our Kennesaw office, or head to 1stax.com to get started. We'll walk through what's done, what's missing, and what comes next. No judgment, just a plan.