The October 15 Tax Deadline is Fast Approaching: What You Need to Know

The extended deadline for filing 2023 taxes is October 15, a crucial date for those who requested extensions earlier in the year. As the deadline draws near, it’s essential to gather all necessary documents, including income statements, deductions, and credits, to avoid penalties. Filing electronically through the IRS e-file system can expedite the process, and taxpayers should ensure they make any outstanding tax payments to avoid interest or fines.

Tips for Meeting the Deadline:

1. Review Last Year’s Return: Use your 2022 return as a guide.

2. Double-Check Deductions and Credits: Ensure you’ve accounted for all possible deductions like student loans, mortgage interest, or educational credits.

3. File Electronically: It’s faster and more secure than mailing a paper return.

4. Seek Professional Help: If your taxes are complex, hiring a tax professional can prevent mistakes.

Consequences of Missing the Deadline

Failing to file by October 15 could result in penalties, including late filing fees and interest on unpaid taxes. Those who still cannot file should consider applying for penalty relief if they meet certain IRS qualifications.

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