Boo! Tax Day is this month for millions of taxpayers who got extensions.
Sure, the last day of this month is when ghouls and goblins — OK, youngsters in costumes and their sometime sillier-attired parents — take over neighborhoods. But Halloween isn't the only scary thing in October.
Oct. 16 — a day later this year since the normal 15th due date is on Sunday — is the absolute final filing deadline for most taxpayers who earlier this year got an extension.
Those procrastinators, and yes I know there are many good reasons for not filing in April, now must complete their 1040 forms and get them to the Internal Revenue Service by this mid-October Monday or face penalties and interest on any tax that's still due.
The calendar pages flip, but when it comes to filing, the tax advice remains the same whether your deadline is in April or October. So if you're still working on your 2022 return, you'll find in this October tips mix a couple of items that ran earlier this year.
And if you've had to deal with a major natural disaster, especially one later in the year, you likely have an extended extensions due date. Those are noted in these October tips (see #2), along with other tax considerations, like claiming disaster losses.
Done with 2023, planning for 2024: Then there are the bulk of taxpayers who are looking toward 2024.
Since October marks the start of the tax year's final quarter, it's a good time to make moves that can help reduce that already accruing tax liability.
As usual, the tax tips on this page get here after they spend some time in the tax saving spotlight at the upper right corner of the ol' blog.
OK, are you ready? Then grab your pumpkin spiced beverage and let's get to October's tax tips.
- Student loan repayment tips — Around 40 million former college students had their loan repayments put on pause during the COVID-19 pandemic. This month, those payments are back on schedule. Check out these 4 tips to help you deal with the resumption of this higher education obligation. (Oct. 1, 2023)
- October tax moves — Spooky October is here. But there's no need to be afraid of taxes if you take care of some tax tasks this month. Here are 3 October tax moves that could help ease your tax fears, and IRS bill! (Oct. 2, 2023)
- 6 tax and financial tips for new lottery millionaires — Sure, the odds of winning this week’s $1.4 billion Powerball or $350 million Mega Millions jackpots are astronomical. But that doesn’t stop lots of us (guilty!) from buying a ticket (or two, or…). And just in case your (our!) numbers do come up, here are six tax and financial tips to make once you recover from the realization of suddenly being ultra rich. (Oct. 5, 2023)
- How legal holidays can affect federal taxes — Today is Columbus Day (yes, it's still officially called that on the calendar), but the holiday won't affect federal tax deadlines. However, other legal holidays often mess with IRS due dates. Here's a look at the remaining 2023 holiday schedule (and 2024's) that Uncle Sam follows, and what happens when they collide with IRS tax deadlines. (Oct. 9, 2023)
- Self-employment retirement plans with October contribution deadlines — You have a lot of responsibilities when you're self-employed. Don't overlook one that will help when you decide it's time to step away from being the boss: contributing to a self-employed retirement plan. Here's a look at three tax-favored nest egg options — SEP, SIMPLE, and Solo-K — that are popular with entrepreneurs. These plans also accept prior-tax-year contributions as late as mid-October where the account-owning taxpayers got a filing extension. (Oct. 10, 2023)
- Tax tips for filers facing Oct. 16 extension deadline — Time is running out for extreme tax procrastinators. The extended filing deadline is Monday, Oct. 16. But don't panic. These eight tips will help you make the most of the little time left so you get your Form 1040 done, on time, correctly, and possibly with some tax savings. (Oct. 11, 2023)
- 10 common tax filing mistakes to avoid — To err is human. To err when doing your taxes also is all too common, especially when your facing the absolutely, positively final Oct. 16 extension filing deadline. Here are 10 tax errors to watch out for and avoid. (Oct. 12, 2023)
- 10 often overlooked tax breaks — Are you still searching for tax write-offs as the Oct. 16 extension filing deadline nears? Here are 10 deductions and credits, including some that don't require itemizing, that too many taxpayers overlook every filing season, regular and extended. Missing them could be costly. (Oct. 13, 2023)
- Don't fall for tax myths — Taxes are surrounded by superstitions. That's underscored this already spooky October Friday the 13th, just before a once-feared solar eclipse on Oct. 14, and the often-terrifying federal tax filing extension deadline on Monday, Oct. 16, this year. But despite this weird convergence of events and dates, don't fall for these 13 tax myths…on any day. (Oct. 13, 2023)
- Tax penalties for missing filing and payment deadlines — The tax extension filing deadline is Monday, Oct. 16. Don't miss it, or you'll find penalties and interest tacked on to any tax bill you owe. (Oct. 15, 2023)
- Most Californians now have until Nov. 16 to file — California taxpayers, most of whom were given until Oct. 16 to file their federal tax returns because of widespread disaster damage in the state, learned on that date they get another month. The state's tax office also extended its due date for those filings until the new federal deadline of Nov. 16. (Oct. 17, 2023)
- Withdrawing an improper ERC claim — If you're a business owner who, at the urging of a pushy Employee Retention Credit (ERC) promoter, filed a claim for that COVID relief tax credit and now are rethinking the move, the Internal Revenue Service has good news. The tax agency has a way for you to withdraw your questionable ERC claim. (Oct. 23, 2023)
- Job benefits questions for open enrollment — Help paying off your student loan is one benefit that some workplaces are offering. Make sure you know what's available and what's best for you and your family during this year's annual benefits open enrollment period. Several can also help cut your tax bill. (Oct. 26, 2023)
- Beware ghost employers and employees — Boo! Tax fraud is scary, costly, and haunts businesses beyond the spooky Halloween season. Beware and be alert for ghost employers and ghost employees year-round. (Oct. 30, 2023)
- Ghost tax preparers will haunt you — Ghost tax preparers are more than just scary. They can cost taxpayers by intentionally filing wrong returns, as well as stealing client refunds via misdirected direct deposits. Be on the lookout for these very real bad tax-filing specters. (Oct. 31, 2023)
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Yes, you can click on any of the monthly links below, but unless we're in that month, you'll just be greeted (again) by that nay-saying guy's GIF, instead of helpful tax tips.
You can, however, check out the current or previous months' pieces of tax advice while you wait for Father Time to do his thing.
Don't worry. Time really does fly when you're having tax fun. That means the new months and tax tips will be here before you know it, and for many of us, before we're ready to file our next Form 1040!
| January | July |
| February | August |
| March | September |
| April | October |
| May | November |
| June | December |
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