October 15th is the federal tax extension deadline

The clock is ticking down for those who have not filed for an extension on their 2018 tax return.

If you are one of the roughly 15 million taxpayers who asked the internal revenue service for an extension on your federal filing of taxes in April, time’s almost up!

Taxpayers who requested the six monthly filing extension back in April, now must file their taxes before the end of today because today, October 15th is the federal tax extension deadline.

More than one in ten taxpayers asked for an extension this year, according to the IRS, some asking for more time due to the new tax code, President Donald Trump signed into law in 2017.

Taxpayers who do not file by today’s deadline could be given a “failure to file” penalty of 5 percent each month on your unpaid tax bill for up to five months, maxing out at 25 percent.

Those who have recently suffered from a natural disaster, or who have not had to pay tax penalties over the past three years, could find relief through certain IRS tax programs.

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