It's the scariest month of the year for taxpayers who got filing extensions.
Sure, Oct. 31 officially is the scariest day, as ghouls and goblins — OK, youngsters in costumes and their sometime sillier-attired parents — take over neighborhoods.
But for taxpayers who couldn't finish their 1040 forms by April 15, the most terrifying October day is the 15th. No more grace period, unless you're in a major disaster area and no one wants that, from the Internal Revenue Service.
Oct. 15 is the absolute final filing federal deadline.
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 IRS, or on the way if they're snail mailing paper forms, or face penalties and interest on any tax that's still due.
But even after that mid-month deadline, there's still plenty of tax tasks to take care of in October.
Since October marks the start of the tax year's final quarter, it's a good time to make moves that can help reduce this year's already accruing tax liability.
So this month's tips will be a mix of tax filing and tax planning. And, as usual, the tidbits gathered on this page first get their time in the 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 to October's tax tips.
- 3 tax moves to make October less scary — 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 three October tax moves that could help ease your tax fears, well before Halloween. (Oct. 1, 2024)
- IRS (and other) help for Hurricane Helene (and other) victims — People dealing with Hurricane Helene's horrific aftermath aren't worrying about taxes. But the IRS made it official anyway. Taxpayers in seven states ravaged by the deadly storm don't have to deal with many tax tasks until May 1, 2025. The IRS also added two more states, Illinois and Washington, to the already long disaster-extended Feb. 3, 2025, due date. (Oct. 2, 2024; updated Oct. 4, 2024)
- Avoid post-disaster scams — Natural disasters have struck all across the United States in 2024, the latest being Hurricane Helene’s devastation of much of the south. After each tragedy, scammers arrive on the heels of the catastrophes, trying to take advantage of people’s misfortune. Whether you’re in the disaster area, or want to help those who are, these tips can help you avoid falling prey to disaster-prompted con artists and crooks. (Oct. 4, 2024)
- Take a pre-disaster inventory — Yet another strong and potentially devastating tropical system, Hurricane Milton, is heading for the Florida Gulf Coast. By now, Sunshine State residents know the drill. Among the storm preparation steps is taking a pre-disaster inventory of your household goods. It will help you with your insurance claims, as well as cover any major disaster uninsured losses you later claim as an itemized tax deduction. (Oct 7, 2024)
- Oct.15 filing extension deadline extended in disaster areas — The Oct. 15 extended tax filing deadline is a week away, but not for every filer who got more time. Taxpayers in disaster areas, and other special situations, get even more time to finish their 2023 tax return. Here's a look at the lengthy list of extended filing extension due dates. (Oct. 8, 2024)
- Oct. 15 also deadline for some self-employment retirement plan contributions — 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-IRA, SIMPLE, and Solo-K — that are popular with entrepreneurs. These plans also accept prior-tax-year contributions as late as mid-October as long as the account-owning self-employed taxpayers got a filing extension. (Oct. 9, 2024) oct15seplans
- Social Security taxable wage base goes to $176,100 in 2025 — Retirees got some good news today from the Social Security Administration (SSA). Their 2025 benefits will be a bit bigger. But the SSA also had some less welcome news for pre-retirement higher earners. More of their income — up to $176,100 — will be subject to the Social Security payroll tax next year. (Oct. 10, 2024)
- After 3 hurricane strikes, IRS grants tax relief (and new May 1, 2025, deadline) to all Florida taxpayers — Florida has been slammed by three devastating hurricane landfalls this season, Debby, Helene, and Milton. That’s why the Internal Revenue Service has given all individual and business taxpayers in the Sunshine State more time to meet various filing and payment obligations. That includes a May 1, 2025, due date for some tax tasks. (Oct. 12, 2024)
- Tips to meet Oct. 15 extended filing deadline — Today is Columbus Day, a federal holiday. But there’s no holiday break for taxpayers who are waiting until the last minute to file their extended 2023 tax return. Here are some tips to help you finish the job by tomorrow’s Oct. 15 deadline. (Oct. 14, 2024)
- Don’t fall victim to disaster charity scams — Disasters bring out the best in people. They donate their time and money to help those who’ve lost so much. Disasters also bring out the crooks. Con artists and scammers use disasters to cheat charitable individuals of their money and storm victims of the help they desperately need. These six tips can help you avoid falling prey to disaster scammers. (Oct. 16, 2024)
- Missed the tax filing extension deadline? Penalty and interest charges are growing — Did you miss Tuesday’s extended tax-filing deadline? Don’t panic, but do file your return as soon as possible, even if you owe and don’t have enough money to pay your full tax bill. You’ll at least stop the non-filing penalty. And paying something will reduce a bit the late-payment penalty, and interest, that will keep adding up. (Oct. 17, 2024)
- IRS audit statute of limitations guides tax record keeping — Now that you’ve filed your taxes, it’s time to deal with all the material you used to fill in the forms. Some you can toss, but you need to save most tax-related documents for at least for as long as the Internal Revenue Service has to audit your return. Here’s a look at the agency’s audit timeframes and how long you need to hang onto tax material. (Oct. 18, 2024)
- New, wider tax brackets in 2025 thanks to inflation — Sometimes inflation is beneficial. That’s the case in many instances where inflation adjustments to tax provision amounts favor taxpayers. The 2025 tax year increases in income amounts in the current tax brackets while keep some filers from being bumped into a higher bracket next year. More in Part 1 of 2025’s annual 10-part tax inflation series. (Oct. 22, 2024)
- Inflation increases 2025’s standard deduction amounts — Most filers claim the standard tax deduction, especially since 2017's tax reform changes essentially doubled those amounts. Here are the standard deduction amounts for 2025, which have been bumped up a bit by inflation. There’s also a look at itemized expenses for those who find this method more advantageous, and the technically nonexistent exemption amount. (Oct. 23, 2024)
- Tax credits, deductions are more valuable in 2025 due to inflation adjustments — There's one fun — OK, not exactly fun, but not totally terrible — part of filing taxes: claiming all the deductions and credits you can. Just how much these tax breaks can reduce your final tax bill depends in part on amounts that are adjusted each year for inflation. Here are the 2025 tax year amounts for some popular tax deductions, credits, and income exclusion provisions. (Oct. 24, 2024)
- Medical tax breaks increased by inflation could be perfect tax Rx — Medical costs seem to go up every year (or more often!). The annual inflation adjustments to tax-related provisions in the Internal Revenue Code might be able to help. Here's a look at the inflation changes coming in 2025 to a variety of health-related tax laws. (Oct. 25, 2024)
- Don’t overlook tax questions on ballots across the United States — The candidates’ aggressive politicking this election cycle might have distracted you from other things on your ballot, like a tax question. Here’s a roundup of local and state initiatives, with, of course, a focus on tax, you might see when you go to your polling place. (Oct. 26, 2024)
- Nov. 1 is extended tax filing deadline for disaster-area taxpayers in 8 states — Mother Nature has been on a tear in 2024. Catastrophes all across the country have led to disaster declarations and federal tax relief, including later filing deadlines. Nov. 1 is the new due date for taxpayers in parts of 8 states who got extension to file their 2023 tax returns. (Oct. 27, 2024)
- Capital gains tax break more valuable thanks to 2025 inflation bumps to brackets — Money earned from money, such as investment income or a bequest from dear old Dad, is taxed differently (or not at all) than money you make from your job. But inflation also affects this so-called unearned income. Here's what inflation adjustments mean to taxes in 2025 on capital gains, estates, gifts, kiddies' income, and more. (Oct. 28, 2024)
- Inflation adjustments help even more avoid Alternative Minimum Tax — The Alternative Minimum Tax (AMT) isn't as onerous as it used to be, thanks in large part to the fact that the exemption amount is now indexed for inflation. Here are those 2025 increased AMT amounts, as well as inflation's effect on the nanny tax, and another quick look at next year's Social Security wage base. (Oct. 29, 2024)
- U.S. expatriates get some good tax news from inflation adjustments — You can move around the globe, but if you're an American and making money, you can't escape the U.S. tax collector. But some annual inflation adjustments and special housing cost considerations can help with your worldwide tax bill. Here are 2025's international tax changes. (Oct. 30, 2024)
- TurboTax energy tax credit issue might prompt some to seek other filing options — It’s never fun getting word there’s an error on your tax return. But at least this one was from the tax software company that made the error and it was an overpayment that filers can get back by amending their returns. And if some of those software customers (or anyone) wants to change filing methods, here are some tax prep/help choices. (Oct. 31, 2024)
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I can't tell you how thrilled I am that you're not too scared this month to go looking for more tax tips. And yes, all the Tax Tip page links below are live.
If, however, you click on one of the final two months of the year, you'll be greeted (again) by that energetic nay-saying guy's GIF instead of Internal Revenue Service and Don't Mess With Taxes tips. The added tax info you're seeking will replace that animated fellow when the next couple of months finally arrive.
Until then, enjoy perusing the first nine months' tips, especially if you're finishing up your 2023 tax return.
January | July |
February | August |
March | September |
April | October |
May | November |
June | December |
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