October 15 is the final deadline for individuals to file the previous year's taxes and other tax returns to be completed.  Many taxpayers may not realize that as soon as that date passes, there is no further extension period and penalties will apply if you owe taxes on the 2008 tax return.  The late filing penalties can be quite onerous amounting to 25% of the tax balance due within 5 months.  It is much better not to delay if you are in this situation.  Some taxpayers will also miss the opportunity to make certain elections on their returns that could save them significant money or professional fees after this date. If you cannot pay all that you owe, it is still better to get a tax return filed timely.  It can be amended later if you receive additional data.  You can setup installment payment arrangements or otherwise work out the terms.  But filing the return is the beginning point and it is a better solution than the IRS assessing tax without any deductions allowed, which is what they will eventually do.

There are many ways to pay the IRS and this link can help with that:  http://www.irs.gov/efile/article/0,,id=97400,00.html.  For those wishing to mail a check you will need form 1040-ES with instructions on where to mail the payment.

Those with corporate returns should remember that filing deadlines are a month earlier than the individual returns with the same year-end. 

Penalties for late business returns may be per owner and per month.  They may be as much as $90 per month for every owner, so it is important to know the dates your tax returns are due. 

You may find other helpful information about Filing Late and/or Paying Late at:

http://www.irs.gov/businesses/small/article/0,,id=108326,00.html.