The Clock Is Ticking for Taxpayers

Millions of Americans who filed for a tax extension earlier this year are approaching the final deadline. October 15th marks the hard cutoff to submit your 2024 tax return to the IRS and avoid penalties and interest.
If you’ve been delaying, now’s the time to act.

Who Is Affected by the October 15th Deadline?

This date primarily applies to individuals and businesses who filed an extension earlier this year. Here’s who needs to pay attention:

• Individuals Who Filed an Extension:
  If you submitted Form 4868 for an automatic six-month extension, your time is officially up on October 15th.
• Self-Employed Individuals:
  Those who filed for an extension have until October 15th to contribute to a Solo 401(k) and have it count toward the 2024 tax year.
• Business Entities:
  Sole proprietorships and C-corporations that filed an extension also have until October 15th to contribute to a SEP IRA.
• Disaster-Area Residents:
  Taxpayers living in federally declared disaster areas may have deadlines automatically extended to October 15th or later.

Filing Extensions vs. Tax Payments

A common misconception is that an extension gives you more time to pay your taxes. That’s not true — it only gives you more time to file.
The IRS expected payment by April 15th, so if you still owe, interest and penalties may already be accruing.

Penalties and What’s Due Now

• Failure-to-File Penalty:
  The extension protects you from this, but after October 15th, the IRS can charge up to 5% of unpaid taxes per month you’re late.
• Failure-to-Pay Penalty:
  Separate from the above, this penalty and interest apply to any unpaid balance since April 15th.

What to Do:
File your return by October 15th even if you can’t pay in full. The IRS offers payment plans and installment agreements to help manage what you owe.

If You Miss the October 15th Deadline

Missing the deadline can result in:

• Failure-to-file penalties
• Failure-to-pay penalties
• Interest charges

However, if you have a reasonable explanation, the IRS may waive some penalties. File as soon as possible and pay what you can to minimize costs.

Government Shutdowns Won’t Change Your Deadline

Even during government shutdowns, the IRS has contingency plans in place.
The October 15th filing deadline remains in effect for most taxpayers. Don’t rely on a shutdown to delay your obligations — e-file your return to stay compliant.

Final Tips for a Stress-Free Filing

• Don’t Wait Until the Last Minute:
  Submit your return a few days before October 15th to avoid technical issues.
• E-File Your Return:
  Electronic filing is the fastest, safest, and most accurate way to submit your taxes.
• Pay What You Can:
  Even partial payments reduce penalties and interest. Explore IRS payment plans if you can’t pay in full.
• Double-Check Everything:
  Review your return for accuracy, missed deductions, and errors that could slow down refunds or trigger an audit.

Key Takeaway

The October 15th deadline is your final opportunity to submit your 2024 tax return if you filed an extension.
Act now to avoid penalties, interest, and unnecessary stress — don’t wait until it’s too late.