October Extended Due Date Just Around the Corner

Article Highlights:

•  October 15, 2025, is the extended due date for 2024 federal 1040 returns.
• Late-filing Penalty
• Interest on Tax Due
• Other October 15 deadlines

If you were unable to complete your 2024 tax return by April 15, 2025 and are currently on an extension, the extension will expire on October 15, 2025.  Failure to file before the extension time expires can result in late-filing penalties.

There are no additional extensions available (except in designated disaster areas), therefore if you still do not or will not have all of the information required to complete your return by the extended due date, please contact our office so that we can discuss your options for fulfilling your October 15 filing deadline.

If you are looking for a K-1 from a partnership, S-corporation, or fiduciary (trust) return, the extended deadline is September 15 (September 30 for fiduciary reports).  So, if you haven't received that information yet, you should probably contact them.

Late-filed individual federal returns are penalized at 5% of the tax due for each month, or portion of a month, for which a return is not submitted, up to a maximum of 25% of the tax payable.  If you are obligated to file a state return but do not do so, the state will impose a late-filing penalty.  Most states also have an October 15 deadline for filing extensions on individual returns.

Furthermore, interest continues to accrue on any balance due outstanding debt, now at a rate of slightly more than 0.5% each month.

If our office is waiting for some missing information to complete your return, we will require it at least a week before the October 15 deadline.  Please contact our office right away if you anticipate any difficulties in supplying the required information so that a course of action can be determined to prevent potential penalties.

Additional  Deadlines: October 15, 2025  October 15 is not only the final day for filing 2024 individual returns on extension, but it is also the deadline for the following actions:

• In 2024, taxpayers with foreign accounts worth more than $10,000 must electronically file a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).  The original deadline for the 2024 report was April 15, 2025, but people have been given an automatic extension to file until October 15, 2025.
• Self-employed individuals must set up and contribute to a SEP-IRA by October 15, 2025, for the year 2024.  The deadline for donations to traditional and Roth IRAs in 2024 was April 15, 2025.
• Special Note for Disaster Victims  If you live in a Presidentially declared disaster region, the IRS gives you more time to file returns, make payments, and contribute to IRAs.  Check this website for disaster-related filing and payment delays.
  
  Please contact our office for information on extended filing and payment deadlines, as well as extended filing dates in disaster areas.  Please do not wait until the last week before the due date to file your extended returns.   Finally, if you miss the October 15 deadline, you should file your return as soon as possible.