The deadline for filing taxes with an extension is nearing

THE WOODLANDS, Texas - For the millions of Americans who have been given an extension to file their 2014 taxes, the due date is just around the corner. 'The deadline is October 15 for people that filed extensions,' said Dianne Ketcham, owner and manager of Liberty Tax Service in Spring. A Federal income tax extension is good for only six months.

Now that the time for filing is nigh, many tax-payers are scrambling to get their taxes filed. 'Please do not wait until the last minute to file,' Ketcham said. 'Most tax firms are not fully staffed in October.' Here are a few things to keep in mind if you are filing your tax return this month.


There are no other extensions - ' If you miss this deadline, there are no additional extensions available to you,' Ketcham said. 'In fact, missing the deadline for filing can subject you to a non-filing penalty of 25% of what you owe in addition to the nonpayment penalty and interest.'

Interest and penalties apply - All penalties and interest start at the original filing date of April 15. Ketcham said, 'Even if you filed an extension, if you owe money you are subject to interest and non-payment penalties dating back to April 15.'

There are no penalties if you don't owe - For taxpayers who do not owe money, there is no penalty for filing late. 'There's a double standard when it comes to the IRS,' Ketcham said. 'The IRS likes to use your money for free, you have three years from the due date of the return to file and get a refund.' Those who do not file by the end of that three year period, may lose their refund. 'The IRS is not required to give you the refund after that three years,' Ketcham said. 'Of course if you owe taxes, they do not forgive you.'

New dates for partnership returns - 'One new thing for extensions for 2015 is that partnership returns will now have to be filed by March 15 instead of April 15' Ketcham said. This new deadline applies to filing a tax return or an extension. 'That is the same date that corporation returns are due.'