{"id":2570,"date":"2025-08-31T03:52:12","date_gmt":"2025-08-31T03:52:12","guid":{"rendered":"http:\/\/ft365.org\/index.php\/2025\/08\/31\/did-you-file-a-tax-extension-4-tips-to-prepare-for-oct-15-deadline-bankrate\/"},"modified":"2025-08-31T03:52:12","modified_gmt":"2025-08-31T03:52:12","slug":"did-you-file-a-tax-extension-4-tips-to-prepare-for-oct-15-deadline-bankrate","status":"publish","type":"post","link":"http:\/\/ft365.org\/index.php\/2025\/08\/31\/did-you-file-a-tax-extension-4-tips-to-prepare-for-oct-15-deadline-bankrate\/","title":{"rendered":"Did You File A Tax Extension? 4 Tips To Prepare For Oct. 15 Deadline | Bankrate"},"content":{"rendered":"
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Each year, millions of taxpayers file an extension so they can get extra time to file. Now the Oct. 15 deadline is fast approaching.<\/p>\n

Tax extensions are filed for a variety of reasons, and a common one is delayed paperwork. \u201cWe use them often when a taxpayer does not have complete information,\u201d says Morris Armstrong, an enrolled agent in Cheshire, Conn. Many forms, including W-2s and 1099s, are subject to revision, he says, which can delay tax filing.<\/p>\n

All told, about 19 million people were expected to file an extension during last year\u2019s filing season, the most recent data available, according to an IRS statement.<\/p>\n

Keep in mind that if you didn\u2019t file your tax return and didn\u2019t file an extension, you still may be able to avoid late-filing penalties. In certain circumstances an extension form isn\u2019t necessary.<\/p>\n

\u201cTaxpayers in federally declared disaster zones, active-duty military serving in combat areas or U.S. citizens living abroad often qualify for extra time automatically,\u201d says Daniel Kochka, CPA, managing principal of Integrated Accounting Solutions LLC in Havertown, Penn. (Check out Bankrate\u2019s U.S. expat tax guide.)<\/p>\n

\u201cIn 2025, for example, residents of California affected by wildfires have until October 15 to file and pay. Other states impacted by disasters, including Arkansas, Kentucky, Texas, and West Virginia, have different extended deadlines depending on the situation,\u201d he says. (See this IRS page for information on state-specific disaster relief.)<\/p>\n

Regardless of the reason for the extension, October is around the corner. Now\u2019s the time to make sure you\u2019re ready to file. Don\u2019t forget that the penalty for failing to file<\/em> is much higher than the penalty for failure to pay<\/em> so, if nothing else, at least get your tax return filed.<\/p>\n

1. Organize paperwork to claim valuable tax breaks<\/h2>\n
    <\/ol>\n

    The sooner you start preparing, the sooner you\u2019ll get done. And finalizing your tax return as soon as possible is key, because people often run into hiccups such as missing forms, software issues or questions that need research before finalizing the return. You want to deal with those before midnight on Oct. 15.<\/p>\n

    \u201cMake sure you have the necessary forms that report your income, like W-2s and 1099s, as well as receipts and forms for deductible expenses like mortgage interest or student loan interest,\u201d says Lisa Greene-Lewis, CPA, a TurboTax spokesperson.<\/p>\n

    Plus, you\u2019ll want to gather receipts related to the cost of tuition or childcare. You may qualify for a variety of valuable child- and student-related credits such as the American Opportunity Tax Credit and the child and dependent care credit.<\/p>\n

    \u201cIf you have children, college-age or younger, you will want to have all the required information that pertains to them,\u201d Morris says. \u201cDay-care receipts or college expenses, all depending on the ages.\u201d<\/p>\n

    Greene-Lewis also recommends making sure you\u2019re aware of deductions and credits that may apply to you. \u201cThe IRS reports that one out of five people who are eligible miss both the earned income tax credit and the retirement savers credit,\u201d she says. Learn more about the earned income tax credit and the retirement savings contributions credit, aka the saver\u2019s credit.<\/p>\n

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    Pin<\/title> <\/svg> <\/p>\n
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    Tax filing checklist for extended tax returns <\/p>\n

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    • Check to see if you\u2019re eligible for valuable tax credits and tax deductions and organize relevant paperwork.<\/li>\n
    • Gather the details on any tax payments you\u2019ve already made for the tax year, either through estimated payments, one-off payments or through withholding.<\/li>\n
    • If you\u2019re eligible for a SEP IRA retirement account, you have until Oct. 15 to set up and contribute to that plan to reduce your taxable income for the 2024 tax year (generally, other types of IRAs have a deadline of April 15 for making contributions for the previous year).<\/li>\n
    • Prepare your paperwork to file your state tax return, too.<\/li>\n
    • Consider hiring a tax pro to get help filing your tax return.<\/li>\n
    • If you had a big bill this year, consider adjusting tax withholding or estimated payments to set you up for a better situation next year.<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

      2. Reconcile tax payments and pay tax bill<\/h2>\n

      You probably know you were supposed to make your full tax payment by April 15. Filing for extension is only an extension of time to file, not to pay.<\/p>\n

      As you prepare to file your tax return, be sure to gather records related to any payments you already made when you submitted your extension request or if you paid estimated taxes, Kochka says. <\/p>\n

      If you haven\u2019t yet paid what you owe, start sending money to the IRS as soon as possible. Depending on how much you owe, it\u2019s usually easy to set up a payment plan. Any money you send now will reduce your overall interest and late-payment penalties.<\/p>\n

      \u201cThe IRS will work with you and has installment agreements available,\u201d Greene-Lewis says.<\/p>\n

      Many people qualify for a tax refund, and you want to get your money back as soon as possible. \u201cGo online and e-file with direct deposit,\u201d Greene-Lewis says. \u201cE-file with direct deposit is the quickest way to get your refund. The IRS states that the majority of refunds are issued within 21 days or less of e-file acceptance.\u201d<\/p>\n

      3. Don\u2019t forget about your state tax return<\/h2>\n

      Make sure your paperwork is in order for any states where you are required to file and that you complete all tax returns due by Oct. 15.<\/p>\n

      \u201cIt\u2019s a common misconception that a federal extension automatically covers state filings,\u201d Kochka says. \u201cMost states have their own requirements. Some accept the federal extension, while others want a separate form or payment.\u201d<\/p>\n

      For example, he says, Arizona allows either its own extension form or a copy of the federal one, while California offers an automatic extension but may still require taxpayers to send in a payment voucher. Illinois will grant an automatic extension but those who owe money must file Form IL-505-I with their payment.<\/p>\n

      4. Consider hiring a tax pro<\/h2>\n

      Check to see if you qualify for free tax return filing. There are several options available and generally they\u2019re available through Oct. 15. Here are five ways to file your taxes for free in 2025.<\/p>\n

      If you\u2019re still scrambling to organize your return, hiring a tax professional may be the best way to go. The money you spend can save you time and energy, reduce stress and potentially save you money in the long term.<\/p>\n

      \u201cIt\u2019s not too late,\u201d Kochka says. \u201cMany people only reach out for professional help after filing an extension and most firms keep capacity available for this. The best time to connect is during the summer, well before October 15, so there\u2019s time to review records and avoid a rushed filing,\u201d he says.<\/p>\n

      \u201cBy early October, some firms may already be at capacity, so waiting too long can limit your options,\u201d he adds.<\/p>\n

      Morris recommends giving a tax professional written permission, via Form 8821, to pull your tax transcripts for you. Tax pros \u201ccan look at prior-year returns and identify any missing information. History is always good,\u201d he says.<\/p>\n

      Finally, remember that filing in October can be an opportunity to think about the future. \u201cFiling the final return isn\u2019t just about compliance \u2014 it\u2019s also a chance to make last-minute savings and set yourself up better for the next tax season,\u201d Kochka says.<\/p>\n

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      Each year, millions of taxpayers file an extension so they can get extra time to file. Now the Oct. 15 deadline is fast approaching. Tax extensions are filed for a variety of reasons, and a common one is delayed paperwork. \u201cWe use them often when a taxpayer does not have complete information,\u201d says Morris Armstrong<\/p>\n","protected":false},"author":2,"featured_media":2571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"featured_image_urls":{"full":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline.jpg",1280,720,false],"thumbnail":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-150x150.jpg",150,150,true],"medium":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-300x169.jpg",300,169,true],"medium_large":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-768x432.jpg",640,360,true],"large":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-1024x576.jpg",640,360,true],"1536x1536":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline.jpg",1280,720,false],"2048x2048":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline.jpg",1280,720,false],"morenews-featured":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-1024x576.jpg",1024,576,true],"morenews-large":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-825x575.jpg",825,575,true],"morenews-medium":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-590x410.jpg",590,410,true],"crawlomatic_preview_image":["http:\/\/ft365.org\/wp-content\/uploads\/2025\/08\/2570-Did-you-file-a-tax-extension_-Here-are-X-tips-to-prepare-for-the-upcoming-deadline-260x146.jpg",260,146,true]},"author_info":{"display_name":"henry","author_link":"http:\/\/ft365.org\/index.php\/author\/henry\/"},"category_info":"Latest News<\/a>","tag_info":"Latest News","comment_count":"0","_links":{"self":[{"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts\/2570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/comments?post=2570"}],"version-history":[{"count":0,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/posts\/2570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/media\/2571"}],"wp:attachment":[{"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/media?parent=2570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/categories?post=2570"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ft365.org\/index.php\/wp-json\/wp\/v2\/tags?post=2570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}