Tax Tips from Tax Services of Tennessee

  Self-Employed and Filed a Tax Extension? Don’t Miss the October 15 Deadline Self-Employed and Filed a Tax Extension? Don’t Miss the October 15 Deadline If you are self-employed and requested an extension for your 2025 individual income tax return, October 15, 2026 is generally the extended filing deadline . Self-employed taxpayers often have more information to report than someone who receives only a W-2, so waiting until the last minute can make filing more difficult. Your return may include business income, expenses, vehicle or mileage deductions, equipment purchases, insurance, advertising, supplies, professional fees, and other costs associated with operating your business. One important thing to remember is that an extension gives you additional time to file , not additional time to pay the tax that was originally due. Self-employed individuals may owe both income tax and self-employment tax , so the final balance can sometimes be larger than expected. If you haven't filed...

  Tax Services of Tennessee Still Haven’t Filed Your 2025 Taxes? Here’s What to Do Before October 15 If you requested an extension for your 2025 federal income tax return and still have not filed, now is the time to take action. For most individual taxpayers with a valid extension, October 15, 2026 is the extended filing deadline . An extension gives you additional time to file your return, but it generally does not give you additional time to pay taxes that were due with the original return. The IRS recommends filing as soon as you can rather than waiting until the deadline. Do not avoid filing simply because you are worried that you may owe money. Filing the return tells you exactly where you stand. If you cannot pay the entire balance, you may have IRS payment options available. Waiting to file can create additional problems, particularly when tax is owed. Getting the return completed now also gives you time to review it, locate missing information, and address questions befor...

  https://taxservicesoftennessee.com What Happens If I Miss the October 15 Tax Extension Deadline? If you received an extension to file your 2025 federal income tax return, October 15, 2026 is generally your final extended filing deadline . But what happens if October 15 comes and goes and you still have not filed? The most important thing is do not continue putting it off . Filing as soon as possible can help prevent the situation from becoming more expensive and complicated. If you owe taxes, penalties and interest may apply, and delaying the return can potentially increase what you ultimately have to pay. Remember, an extension gave you additional time to file your return , not additional time to pay taxes that were originally due. Even if you cannot afford to pay the entire balance, it can still be important to get the return filed and then address the amount owed. If you are due a refund, you generally will not face a failure-to-file penalty simply because you filed after t...

  Filed an Extension? Don’t Forget That October 15 Is Not a Payment Extension One of the biggest misunderstandings about a tax extension is believing that it also gives you extra time to pay your taxes. For most individual taxpayers who requested an extension, October 15, 2026 is the extended deadline to file the 2025 federal income tax return—but the extension did not extend the original deadline to pay taxes owed . If you expect to owe, waiting until October to file can allow interest and applicable penalties to continue adding up. Even if you cannot afford to pay your entire tax bill, getting the return filed is still important. Once you know the actual amount you owe, you can determine what your next step should be. Depending on your circumstances, IRS payment arrangements may be available. Ignoring an unfiled return because you are worried about the amount due usually does not make the problem easier. At Tax Services of Tennessee , we work with individuals and small-busines...

  October 15 Tax Extension Deadline Is Coming — Don’t Wait Until the Last Minute If you filed an extension for your 2025 individual income tax return , your extended federal filing deadline is October 15, 2026 . An extension gave you additional time to file your return, but it did not give you additional time to pay taxes that were originally due on April 15. If you still have not filed, now is the time to gather your W-2s, 1099s, business income and expenses, rental information, and other tax documents and get your return completed. Waiting until October 15 can create unnecessary stress, especially if you discover that you are missing a tax document or have questions about your return. Filing earlier also gives you more time to understand what you owe and consider payment options if you cannot pay the entire balance at once. The IRS recommends that taxpayers who owe pay as much as they can as soon as possible to help reduce additional penalties and interest. At Tax Services of...

Why Is It Better to File Your Tax Return on Time?  Yes. You should file your federal income-tax return on time even if you cannot pay the full amount you owe. Filing and paying are separate obligations. If you received an extension for your 2025 individual return, October 15, 2026, is generally your filing deadline. Failing to file may result in a failure-to-file penalty, which is generally higher than the failure-to-pay penalty. Filing your return on time may help you avoid additional charges, even when you cannot pay the entire balance. You should pay as much as you can because penalties and interest may continue to accumulate on the unpaid amount. After your return is filed and the amount owed is established, you may be able to apply for an IRS payment plan. Depending on your balance and financial circumstances, the IRS may offer a short-term payment plan or a longer-term installment agreement with monthly payments. Penalties and interest generally continue until the balance is ...

Filing your federal income-tax return on time can help you avoid unnecessary penalties, interest, and stress. If you received an extension for your 2025 individual return, October 15, 2026, is generally your filing deadline. An extension gives you additional time to file, but it does not provide additional time to pay taxes owed. If you owe taxes and miss the filing deadline, the IRS may charge a failure-to-file penalty. This penalty can be substantially higher than the failure-to-pay penalty. Filing on time—even when you cannot pay the entire balance—may help prevent additional charges. After filing, you may be able to request an IRS payment plan for the remaining balance. Filing on time also keeps your tax records current. Tax returns may be needed when applying for a mortgage, business loan, financial assistance, or other programs that require proof of income. Self-employed individuals and small-business owners may also need completed returns when making financial decisions or plann...