5 Things to Know After Filing a Tax Extension

Many taxpayers breathe a sigh of relief once they’ve submitted a tax extension—but pressing pause on filing doesn’t mean the work is over.

In fact, the extension period is actually the perfect time to get strategic and make sure everything is in order before the final deadline hits.

You Filed an Extension—Now What?

Whether you’re an individual taxpayer or a business owner, there are a few key things you need to keep in mind now that you’ve officially filed for more time. From knowing your new deadlines to optimizing your tax strategy, here are five essential steps to take advantage of the extra time wisely and avoid costly mistakes down the road.

1. Your New Deadline Depends on Your Entity Type

Most individual taxpayers and C corporations now have until October 15, 2025 to file.
Partnerships and S corporations typically have until September 15, 2025. These deadlines apply only if you successfully filed an extension before the April 15 deadline. It’s crucial to know which applies to you—and to mark it on your calendar.

2. You Still Needed to Pay by April 15

The IRS extension delays your filing, but not your payment. If you owed taxes, payment was still due by April 15. Didn’t pay the full amount? Interest and penalties are already accruing. The sooner you pay the balance, the lower those added costs will be. Consider making an additional payment now if you’re off track.

3. The Extension Period Isn’t Time to Coast

Waiting until September or October to act is risky. CPA calendars book up fast, especially during extension season. Start gathering your documents now—1099s, K-1s, business financials, charitable donation records, etc. The earlier you prepare, the less likely you’ll run into delays, errors, or missed deductions.

4. You Can Still Optimize Your Tax Strategy

The extra time gives you a chance to take a more strategic approach—not just file and forget. This is the perfect window to review:

• Quarterly estimated payments for the current year
• Business deductions and depreciation schedules
• Retirement contributions that might still be available (e.g., SEP IRAs for businesses)
• Cash flow planning for any large tax liabilities

Take advantage of the breathing room to plan—not just file.

5. Yes, You Can Still Switch CPAs

If your experience earlier this year wasn’t great—slow responses, confusing advice, or missed deadlines—you’re not stuck. You can still change CPAs during the extension period. Just don’t delay: a new CPA will need time to understand your situation, request documentation, and make sure your return is correct and complete before the final deadline.

The Bottom Line

Extensions are a helpful tool—but they’re not a “set it and forget it” situation. Use this time wisely: catch up on payments, prep your documents, and evaluate whether your current tax advisor is still the right fit. If not, there’s still time to make a change and finish strong.

To learn more about LGT and how we can serve you, contact us here.