October 15 Tax Deadline: File Now or Face Costly IRS Penalties

The October 15 tax-extension deadline is approaching, and failing to file could result in costly IRS penalties and mounting interest. Rackaye Christie of Manifest Tax Services explains why taxpayers should submit their returns on time—even if they cannot pay the full balance—and why the late-filing penalty can be more damaging than the late-payment penalty. She also discusses IRS installment agreements and other potential relief options, the importance of responding promptly to IRS notices, and practical steps taxpayers can take to reduce financial consequences and avoid more serious collection activity.