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The clock is ticking. The filing extension date of October 17 is just a few days away. To avoid the late filing penalty, most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday. The IRS received over 19 million requests for extensions to file until October 17 this year and encourages people to file electronically.

Taxpayers who file an extension should pay as much as possible to avoid interest and penalties. Those who have not yet filed a 2021 tax return, owe tax, and have not requested an extension can normally avoid further penalties and interest by filing the return and paying any taxes owed as soon as feasible.

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