With the March 15 deadline for S corporations and partnerships behind us, it's time to shift focus to the next big tax date: April 15. This deadline applies to individuals, sole proprietors, and C corporations, so if you haven't started thinking about your taxes, now's the time.

Whether you plan to file on time or consider an extension, there are a few essential things to remember.

Filing an extension

First, let's clear up a common misconception—filing an extension does not mean you get extra time to pay your taxes. It only gives you more time to file the paperwork. If you owe money to the IRS, the clock keeps ticking on penalties and interest, so it's always a good idea to pay as much as possible when you file for an extension.

Let's say you owe $10,000, but you only have $4,000 on hand. Sending that $4,000 with your extension filing helps stop penalties and interest from accruing on that portion, leaving you with a lower balance ($6,000) being charged over time. In short, don't treat an extension like a pause button—because it's not.

Don't forget state taxes

There's another layer to consider for those running businesses in Oklahoma or other states that allow a Pass-Through Entity (PTE) election. If your entity has elected to pay state taxes at the business level, those taxes still have to be paid by April 15—even if you file a federal extension.

That's a big one because missing that payment can lead to unexpected penalties. Remember, an extension is only an extension to file, not to pay. If you owe state taxes, send in the estimated amount by April 15 to avoid unnecessary interest and penalties.

Does filing an extension reduce your audit risk?

Another tax season myth is that filing an extension lowers your risk of being audited. Some people swear by this idea, but there's no proof that it makes a difference. What matters is filing an accurate and complete return. If an extension helps you take the time to get things right, great! Just don't assume it's a magic shield against IRS scrutiny.

The best strategy? File on time if you can. If you need more time, file an extension, but send in what you can afford. Don't ignore state tax obligations, especially if you have a PTE election. Most importantly, keep your tax profile as low-key as possible—there is no need to draw unnecessary attention from the IRS.

Plan ahead and avoid penalties

April 15 isn't just another date—it's a significant financial checkpoint. Your choices now can save you money or cost you more in penalties and interest.

So, take the time to plan, pay what you can, and file the correct forms. If you're unsure about anything, reach out to a tax professional. It's always better to have a strategy than to scramble at the last minute!