Don't Mess With Taxes

Updated, Tuesday, Oct. 15, 2024

Tuesday, Oct. 15, is Tax Day again, this time for most taxpayers who got an extension to file their annual tax return. (Photo by Nataliya Vaitkevich)

Another Monday holiday has come and gone. At the federal level, yesterday was Columbus Day. But some states and localities instead celebrated Indigenous Peoples' Day.

Even the White House recognizes both, issuing separate proclamations for Christopher Columbus’ landing in the Americas and the native people already here.

Technically, Columbus Day still is a legal holiday, meaning U.S. government workers had the day off and no mail was delivered. But from a practical standpoint, the second Monday in October this year was just another work day for most of us, especially if we are employed by any of the retailers offering ubiquitous Columbus Day sales across the United States.

This year, however, Columbus/Indigenous Peoples’ Day took on a bit more urgency for some procrastinating taxpayers.

It was Extended Tax Return Filing Eve.

Oct. 15 final tax filing tips: Most of the filers who earlier this year got an extension to submit their annual tax return must complete that task by Tuesday, Oct. 15.

The extended Form 1040 paperwork can be filed electronically, or paper returns mailed so that the envelope’s postmark shows that date.

If you had Columbus/Indigenous Peoples’ Day off, but still didn't find time to file your extended return yet, today's the deadline to finish filling out and submitting your taxes. 

Don’t miss the deadline. It’s the absolutely final one. And if you didn’t pay all you owe when you got the extension, penalty and interest charges that began adding up on April 16 on the unpaid amount will just keep accruing until the full amount is paid.

The Internal Revenue Service has some suggestions for very last-minute filers. My nag reminder back in August also has tips on wrapping up this tax task.

My October tax moves post reiterates the still-available Free File options. Yes, that no-cost tax prep and e-filing IRS site will be open through Oct. 15 for taxpayers whose adjusted gross income is $79,000 or less. That post also examines payment options if you unexpectedly discover that you owe much more than you originally calculated when you got the extension.

Here are a couple more very last-minute filing tips.

• Double check your entries, especially tax identification numbers, dollar amounts, and math if you’re not using tax software. Only after you’re sure they are correct, hit send to e-file or put your return into the mailing envelope.
• Have your refund — yes, even folks getting tax cash back often procrastinate — directly deposited. Opt for refund direct deposit even if you’re filing a paper return. You’ll get your refund sooner, and thwart snail mail thieves. Regardless of whether you e-file or mail your return, just fill in the bank or financial institution information on Form 1040’s line 35b and 35c (excerpt below) to receive your refund electronically.

See more tax forms and more about them at Tax Forms 2024.

And yes, in that Form 1040 excerpt I left the tax owed section in there to drive home the need to take care of that as soon as possible.

The literal bottom line is file your extended return by Oct. 15.

If you’re getting a return, it’s time to get your money. If you’ve put off filing because you owe, it’s time to pay the tax piper that balance or as much as you can.

Then consider working with a tax professional next year so that you can get your tax matters under better control and avoid last-minute filing. Again.

More time for disaster area taxpayers: Some taxpayers don’t have to file their extended returns by Oct. 15 because they live in one of this year’s way-too-many major disaster areas.

Once Federal Emergency Management Agency (FEMA) designates those locations that have been hard hit by Mother Nature, the IRS grants the individual and business taxpayers in the areas tax relief. That typically includes later filing and payment deadlines.

This year, it seems the disaster area list just won’t stop. Last week, the entire state of Florida was granted a new May 1, 2025, deadline for a variety of tax obligations, including filing extended returns, because of Hurricane Milton’s landfall there. He piled on after Hurricanes Debby and Helene already had devastated other parts of the Sunshine State.

Florida is just one of many states which were granted, in full or part, more time to file extended returns. You can find details in my post Oct. 15 tax filing extension deadline extended for disaster area, and other, taxpayers.

You also might find these items of interest:

• Another reason to e-file: Theft of snail-mailed tax refund checks is increasing
• Oct. 15 also is the contribution deadline for some self-employment retirement plans
• Monthly tax filing tips: Start with January, and find links to the other months at the end of the page.

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