The Tax Extension Myth: Why Your October 15 Deadline Won't Save You From IRS Penalties

Rather than filing your return by 15 April, you can submit a brief, under‑one‑page form to secure an automatic extension until 15 October with no questions asked, providing only your name, address, Social Security number and estimated tax due or refund, but the IRS stresses that an extension to file is not an extension to pay. (Credit: Wikimedia Commons)

The April rush to get tax returns filed in the United States is well under way, but experts are warning that many filers are clinging to a dangerous misunderstanding about the IRS's rules.

A tax extension to 15 October may give you more time to submit your paperwork, they say, but it does not protect you from interest and penalties if you fail to pay what you owe by the standard April deadline. That is the central 'tax extension myth' the IRS and tax professionals are now trying to dispel.