GEM Tax & Bookkeeping Services, LLC

Tax Myth: Tax extensions give you more time to pay.

Tax Truth: An extension to file is not an extension to pay. If you owe any taxes, those taxes are due to be paid by the original filing deadlines.

Now that the September 15th deadline is behind us it's time to get ready for the next one. If you filed an extension for your personal taxes earlier this year you have until October 16 to finalize your return(s). If you miss this deadline, your return is considered late by IRS and the penalties will begin to pile on.