Photo by Nataliya Vaitkevich
If you got an extension to file your 2025 tax return, your deadline is Wednesday, Oct. 15. Yes, that due date still holds even though much of the Internal Revenue Service, like the rest of the federal government, is in the midst of a partial shutdown.
But don’t panic. Just get busy, because it could literally cost you if you miss the deadline.
Stop those added charges: That’s the case if when you finally finish that Form 1040 you discover you didn’t pay enough when you submitted your extension request. The IRS will tack on penalty and interest charges to that additional tax due, dating back to the original April 15 Tax Day deadline.
And if you don’t file by your extended 10/15 due date and owe, you’ll be hit with a late-filing penalty, too.
Again, those charges apply, and are calculated automatically, even when the IRS is running short-handed due to lack of federal funding.
Here are some tips to help you finally be done with last year’s tax filing. And remember, if you do owe, filing even a day or two before Oct. 15 will shave a little off those extra charges.
File electronically, and possibly for free: Electronic tax form completion and filing is the recommended way to file any time of the year. But it’s especially true when you’re facing an impending deadline.
Tax software guides you through the process, then helps you e-file the paperwork. While nothing’s perfect, this method generally is more reliable than filling out paper forms by hand.
And if your adjusted gross income (AGI) is $84,000 or less, Free File is still open through Oct. 15. This year eight software companies are available.
If you’re an extended taxpayer who will get a refund (yes, that does happen), also make sure to have that tax cash directly deposited.
While Free File or another electronic filing method you use will walk you through the process, here are a couple more very last-minute filing tips worth noting.
Gather your tax data: Some of those late-filing refund-receiving taxpayers are just now filing because they had to wait for tax documents. If it isn’t already handy, gather all that tax material before you log on to your tax software.
Double-check your entries: Sure, the software will do the math for you. But if you enter the wrong amounts of income, the math will be wrong. In many cases, that erroneous dollar entry will automatically transfer to other forms that are part of your tax filing package.
The cumulative math mistake at best will get you a notice from the IRS, which checks entries against third-party documents it gets, such as your W-2 and various 1099s. At worst, it could mean your refund is less than you expect or you now owe.
Checking numerical entries also applies to tax identification numbers. This includes yours, your spouse’s, and any dependents’ identifying digits. If those are wrong, you’ll be hearing from IRS examiners.
Figure out how to pay: Uh-oh. Your completion, finally, of your Form 1040 shows you do owe.
You can stop the penalty and interest charges by paying it quickly. That generally is best accomplished by paying online, using IRS Direct Pay, which is free. If you prefer, you can charge your tax bill to a debit card, credit card, or digital wallet, but that generally will include a payment processing fee.
If you find your filing puts you in a worst-case situation of owing more than you can pay at once, consider applying for a payment plan. You can do so online.
Again, you want to stop, as much as you can, the accruing penalties and interest. So pay your full bill, or get a payment arrangement that will at least ease the penalty, if not interest, charges.
Get professional tax help: Okay, this isn’t going to help you with the imminent Oct. 15 deadline. But if you find yourself facing the extended fall tax filing deadline every year, hiring a tax professional could be your best next tax move.
A reputable tax adviser might be able to help you get your tax life in order so that you can meet the April deadline each year instead of dealing with delayed filing. Or, if an extension is still necessary, your tax pro will take care of getting your return to the IRS on the later due date.
I hope these tips help. Mostly, I hope you get your 2024 Form 1040 to the IRS by Oct. 15. Then, after a brief break, you can start focusing on some 2025 tax-saving moves.
Inflation series note: Some of those tax-saving moves likely will depend on what 2026’s inflation adjusted tax amounts are. I know that yesterday I said I’d get back to the ol’ blog’s annual 10-part tax inflation series today. My bad.
This year I didn’t have to file an extension, so the Oct. 15 deadline sneaked up on me. I promise, for real this time, more tax inflation figures tomorrow.
