October Tax Filing Deadline Approaching Fast: What This Means For Taxpayers

Taxpayers who filed an extension for their 2022 return are running out of time to finish their taxes. The final deadline is on October 16, unless you have some specific extenuating circumstances.

Let’s explore what this deadline is and what it might mean for you.

What Is The October 16 Tax Deadline?

If you’ve seen the October 16 deadline splashed around in the headlines, it might have sent you into a panic. The good news is that if you’ve already filed your 2022 taxes, this deadline doesn’t really impact you. But if you filed an extension for permission to file your taxes past the traditional April 15 deadline, then October 16 is the last day you can file your taxes.

If you haven’t filed your 2022 taxes by the October 16 deadline, you could face a late filing penalty.

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Exceptions

As with most tax deadlines, there are some limited exceptions. If you live in a declared disaster zone, then you might have an extended deadline. The extensions include:

• Taxpayers who were affected by flooding in Illinois or Alaska have until October 31, 2023, to file.
• Taxpayers who were affected by flooding in Vermont have until November 15, 2023, to file.
• Taxpayers who were affected by the Maui fires or Hurricane Idalia have until February 24, 2024, to file. See if your county qualifies for this extension on the disaster tax relief page.
• Military members and others serving in combat zones usually have 180 days after leaving the combat zone to file tax returns

File To Avoid Steep Penalties

It’s critical to get this paperwork in by the deadline. Otherwise, you’ll face a hefty fee.

If you miss this final due date, the failure-to-file penalty is 5% of your unpaid taxes for each month until filing. Cap the total penalty at 25% of your unpaid taxes.

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How To File Your Taxes By The Deadline

As the days tick by, it’s crunch time for last-minute tax filers. Below are some tips to help you get your tax return filed by the deadline.

• Get organized: Filing your taxes is more complicated if your financial situation is disorganized. Make it a priority to get your financial paperwork in order.
• Use Free File: The IRS offers a Free File tool, which allows you to file your taxes through free guided software. It’s free for taxpayers with an adjusted gross income (AGI) of $73,000 or less for 2022.
• Ask for help: Many taxpayers have complicated tax situations or would like the help of a professional, don’t be afraid to work with a reputable tax professional.
• Consider tax relief: If you are dealing with tax debt, tax relief services could help you resolve the issue. Explore the top tax relief services with Lendstart today.

The Bottom Line

If you haven’t filed your 2022 taxes, it’s time to take action. Most taxpayers have until October 16 to finalize and file their tax return.

For taxpayers dealing with a tax debt burden, consider working with a tax relief service. The right service may be able to help you resolve this burden quickly.

Article Topics

News & Updates Taxes