The October 15th tax deadline is quickly approaching. For taxpayers who filed for an extension earlier this year, this date is the final day to submit your individual federal income tax return to the IRS. Failing to meet the deadline can result in added penalties, interest, and potential complications with the IRS. As you prepare, keep the following in mind:
1. The Extension Was for Filing—Not for Payment
The October 15th deadline extends the time to file, not to pay. Any taxes owed were due in April. If you did not pay at that time, penalties and interest may already be accruing. Filing your return now will help prevent further issues.
2. Gather and Review All Required Documentation
Ensure that you have collected all necessary tax documents, including W-2s, 1099s, K-1s, and investment records. Missing or incomplete information may delay processing and could trigger IRS notices later.
3. Confirm Eligibility for Deductions and Credits
Do not overlook valuable deductions or credits that could reduce your tax liability. Education expenses, child-related credits, energy-efficient home improvements, and qualified business expenses are just a few areas worth reviewing.
4. File Electronically When Possible
E-filing is the most efficient and secure method of submission. It reduces the risk of errors and ensures the IRS receives your return promptly. If you are due a refund, electronic filing combined with direct deposit will expedite the process.
5. File Even if You Cannot Pay in Full
Failing to file is far more costly than failing to pay. If you cannot pay your full balance by October 15th, file your return anyway to avoid the steep failure-to-file penalty. From there, you may explore payment arrangements, installment agreements, or other resolution strategies.
6. Seek Professional Guidance When Needed
Tax rules are complex, and each taxpayer’s situation is unique. Major life events, investments, or business activities can create additional challenges. Professional guidance helps ensure accuracy, compliance, and peace of mind.
The October 15th deadline is firm. If you are approaching the deadline and still need assistance, now is the time to act.
At Bryson Law Firm, LLC, we focus exclusively on helping taxpayers resolve problems with the IRS. If you miss the deadline, owe back taxes, or are already facing IRS notices and penalties, our team can step in to protect your rights and work toward a lasting resolution.
If the October 15th deadline leaves you with an unresolved tax problem, contact Bryson Law Firm today. We will help you take the next step toward reducing penalties, stopping IRS collection action, and regaining control of your financial future.
