October 15 Tax Deadline: What Business Owners Need to Know
If you filed for a tax extension earlier this year, the final deadline to submit your return is approaching: October 15, 2025. While extensions give you more time to file, they do not extend your time to pay. That distinction is critical—especially for business owners navigating complex financials.
Here’s what you need to know to stay compliant and avoid unnecessary penalties.
Who This Deadline Applies To
Individuals and C-Corporations who filed Form 4868 or Form 7004 by April 15 now have until October 15 to file their completed returns.
S-Corporations and Partnerships had an earlier extended deadline—September 15—so if you missed that, penalties may already be accruing.
Payment Was Due in April
Extensions apply only to filing, not payment. If you owed taxes, those payments were due April 15, 2025. To avoid underpayment penalties, you should have paid at least 90% of your estimated tax liability by that date.
Penalties Have Increased
Due to inflation adjustments, late-filing penalties are higher this year:
Minimum late-filing penalty: $525 (up from $510)
S-Corp/Partnership penalty: $255 per owner, per month
For example, a three-partner business filing three months late could face $2,295 in penalties—before interest.
What You Need to File
To file accurately and on time, make sure you have:
Finalized financial statements
Documentation for deductions and credits
Access credentials for your accounting platform
Any IRS correspondence related to your extension
If you’re unsure what’s missing, ask your accountant for a checklist now.
Avoid Last-Minute Errors
Filing close to the deadline increases the risk of mistakes, missed forms, and overlooked deductions. A rushed return can trigger audits or delay refunds. If you haven’t started yet, prioritize it this week.
Final Thoughts
The October 15 deadline is your last chance to file without incurring additional penalties. Even if you paid in April, filing late can still cost you. A clean, timely return protects your business and keeps your financial records in order.
Need Help Filing Before the Deadline?
Book a free consultation with Logic Accounting Solutions. We’ll help you finalize your return, avoid penalties, and ensure everything is submitted accurately and on time.