Important Reminder:Individual Returns Filing Extension Deadline

It’s October and the fall foliage is in full effect here in Maine! There’s also an important tax deadline this month: October 15th is the deadline for individuals who successfully filed for an extension for their returns. Tax extensions can be a helpful tool when you need more time, but you don’t want to miss the October deadline as you may face penalties. Here at Brannen CPA Services, our goal is to help individuals thrive. Here is some more information if you need help preparing for the extension deadline.

Don’t Forget!

Remember to include receipts for all business deductions and charitable donations. Home renovations and vehicle purchases made in 2023 may also qualify for deductions or tax credits, so don’t forget to include that information in your tax return! Let us know if you have questions or need to schedule an appointment with our team.

Penalties

One common misconception we see about extensions is that you also extended your deadline to pay your taxes. If you owe taxes, the IRS expects that you paid your tax bill by the regular filing deadline of April 15th. If you didn’t submit a payment, you may have late-payment penalties and accrued interest on your tax bill. However, if this is your first time being late or have a “reasonable cause” for missing the payment deadline, the IRS may grant penalty abatement for you. That said, you do not want to miss the October 15th filing deadline as you may face additional fees or penalties.

Our goal at Brannen CPA Services is to provide creative solutions to traditional tax and accounting services that are always client-centered. We are dedicated to providing each and every client with the attention they deserve and the highest level of professional service. Give us a call at 207.271.9600. We’re here to help you get your taxes filed!