Tax Musings of a Burbank CPA: Remember that personal tax extensions run out October 15!

If  you have not filed your 2014 personal taxes yet, this is your 2 week warning!  The extension will run out October 15 and if you owe taxes, not only will you  owe late payment penalties and interest, you could also owe the late filing penalty, which is 5% a month from April 15 (maximum 25% of tax.)  Won’t that be an additional kick in the head. So quit messing around and get the returns filed, even if you can’t pay all the tax due.  Whether you file yourself or get a professional to help, get it done!

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