Can you get a second tax extension?

October 15 is the last stop for most people

An extension gives you six more months to file your tax return, which moves the deadline from April to October 15. For most people, there’s no second extension after that. If your tax return still isn’t ready, the real question is what filing late will cost you.

One thing to keep in mind: an extension gives you more time to file, not more time to pay. Any tax you owe was still due in April.

If you’re getting a refund

If the IRS owes you money, there’s no IRS penalty for filing your tax return late. But the refund doesn’t wait forever. You generally have three years to file and claim it. After that, the money can be lost for good. Waiting only delays money that’s already yours.

If you owe tax

If you owe tax and can’t pay all of it yet, filing on time still saves you money. The IRS charges one penalty for filing late and a separate, much smaller one for paying late.

Here’s a hypothetical example. On a $4,000 IRS bill:

• Filing late can cost about $200 a month.
• Paying late costs about $20 a month.

Interest applies in both cases and isn’t included in those numbers. Filing on time, even if you can’t pay in full yet, avoids the larger of the two penalties.

How we handle it

At Sansone CPA & Financial, we coordinate your tax, investment, and retirement decisions so an extension is a plan, not a last-minute scramble.