October 2024 Tax Tips

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)

*****

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

Today's Tax Tip

What the one big tax bill could mean for you — It’s official. The One Big Beautiful Bill Act is law, signed at a White House July 4th ceremony. Taxes are a major part of the nearly 1,000-page measure. Here’s a collection of articles on what the new tax (and more) law could mean for your tax planning and ultimate Internal Revenue Service bill. (July 5, 2025)
The 2025 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

OK, some about Kay

Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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Tax Year 2025 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 27, the IRS said it expected more than 140 million individual tax returns for tax year 2024 to be filed by April 15. When the month started, the agency was around 39 million short of that number. While many taxpayers no doubt got their 1040s in by Tax Day, million every year get an extension to file. That's fine.

In fact, the Internal Revenue Service appreciates some of us spreading out our tax submissions. It gives the agency time to process the surge of returns that arrive en masse on April 15.

But enough about Uncle Sam's tax collection issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.

The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Welcome July!
🗽 USA 🎆 Birthday 🎉 Time! 🦅

This first full month of summer really knows how to get the season started: Fireworks across the country on July 4!
Or, if your neighborhood is annoyingly like mine, fireworks from July 1 through July whenever the pyrotechnics are all boomed!

Even more exciting, tax-related sparklers continue through the month. In fact, as the calendar of tax tasks below notes, they started before the wicks on any official Independence Day firecrackers were lit.

Click on the image for some fireworks safety tips and warnings from the U.S. Consumer Product Safety Commission.

I know, you're feeling like the youngster above, not quite ready yet to hear about taxes. But when you do take your hands off your ears to hear — or rather, scroll down to read — you’ll find some tax information to note and tax moves to make in July.
July 1: The majority of state individual and corporate income tax policy changes follow the calendar year and take effect each Jan. 1. But, notes the Tax Foundation, many sales and excise tax changes take effect today, July 1, which is the beginning of the fiscal year for all states except Alabama, Michigan, New York, and Texas. That’s why that notable tax changes will take effect in several states today.

July 4: Happy 249th Birthday, America!

Most of us will never be totally independent of taxes, but we can celebrate fewer tax hassles by paying attention to what we might owe and how we can reduce that amount throughout the year. As for that owed amount, if you meet most of your annual tax federal obligation via paycheck withholding, now is a good time to review that amount. If you need to adjust your withholding, the amounts will be less noticeable by being spread across 2025’s remaining six months.

July 10: If your job is as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation, I hope you get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

Whether you're dining at your favorite eatery or getting food, groceries and/or prepared meals, delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.

If you got at least $20 in gratuities in June for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

July 11: Today kicks off the first of the annual summer state sales tax holidays. During these special shopping events, usually touted as back-to-school tax holidays, certain items are exempt from the states’ and usually the local sales taxes. Announced July sales tax holidays are (so far) in —
Mississippi from July 11 to 13;
Alabama from July 18 to 20;
New Mexico from July 25 to 27, and
Tennessee from July 25 to 27.

July 18: If back in April you got an extension to file your 2025 tax return, you don’t have to wait until the final Oct. 15 deadline to do so. You can get this tax task out of the way so you don’t have to think about it for the rest of the summer. You also might be able to file electronically at no cost if your adjusted gross income (AGI), regardless of your filing status, is $84,000 or less by using the official IRS.gov Free File website.

Eight software companies are part of this year’s IRS-Free File Alliance partnership option at IRS.gov. They will be available through the Oct. 15 extension deadline, but again, you don’t have to wait. And if your income is too high, you still can file for free by using Free File's Fillable Forms option.

July 24: Millions of us head to the beach to beat summer’s heat. But when the waters heat up, too, they can feed tropical systems. So far, the 2025 Atlantic (and Gulf of Mexico) hurricane season, which runs through Nov. 30, hasn’t been that bad. But federal forecasters say just wait. They once again are forecasting a more active than usual hurricane season. Before another tropical system forms, now is the time to get ready.

Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 13 to 19 total named storms, which are those with winds of 39 mph or higher. Of those, six to 10 are forecast to become hurricanes, meaning winds of 74 mph or higher. Three to five of the storms this season could become major hurricanes; that’s category 3, 4 or 5, with winds of 111 mph or higher.

The countdown clock above can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms. You also might want to check out the ol' blog's Storm Warnings collection of special pages with posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild.

July 31: Summer is a great time to make home improvements. And there’s some added urgency this year if you’re relying on tax credits to help cover the cost of energy-efficient residential upgrades. Congress has targeted green energy tax breaks in its massive One Big Beautiful Bill. Many of the tax breaks will expire sooner than originally scheduled, so get your home improvements — and other environmentally friendly moves, like buying an electric vehicle — in under the tax law change wire.

Small Business Tax Calendar: If you run your own company, you know there are myriad important filing, deposit, and record keeping dates throughout the year that your company needs to meet. You also can track key business and individual tax deadlines in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-two states and D.C. collect personal income taxes. But even if you live in of the eight states without any income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2025 page.

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J.K. Lasser 2025 Taxes
Tax Savvy for Small Business 2025

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I gotta tell ya ...

AKA Disclaimer:

I am a professional journalist who has been covering tax issues since 1999. I am not a professional tax preparer.

The content on Don't Mess With Taxes is my personal interpretation and opinion based on my study and understanding of tax laws, policies, and regulations. It is provided for your private, noncommercial, educational, and informational purposes only. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 and 2021 tax seasons.
These five Coronavirus (COVID-19) and Taxes pages have details:
March-July 2020
August-December 2020
January-December 2021
January-December 2022
…and so it continues into 2023
…and, alas, into 2024
It is 2025 and, yes, it's still an issue
You can find medical coronavirus resource links in the next section.

COVID-19 Resources

Need help finding a coronavirus vaccine in the United States?
Call 1-800-232-0233
or TTY 1-888-720-7489.
More information and resources at:
CDC Vaccines
CDC Booster Shots
HHS Combat COVID
USA.Gov COVID Info

July 2025

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Uncle Sam on vintage postcard.
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Tell it to the Hill

While it's easy to rail at the IRS, for the most part we can thank — or blame — Congress and the White House for our tax laws. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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