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Why is this Oct. 17 tax extension deadline important?

The Internal Revenue Service reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

No one should pay any more tax than they absolutely have to. Trimming your tax bill can be accomplished by claiming every tax break for which you’re eligible. This includes a variety of credits, such as the many child-related ones, some educational tax-saving options, the Earned Income Tax Credit for single as well as family filers and he Saver’s Credit if you put money into a retirement account. And don’t overlook deductions, including those above-the-line ones available to any qualifying taxpayer regardless of whether they take the standard deduction.

While October 17 is the last day for most people to file a Form 1040 to avoid the late filing penalty, those who still need to file should do so as soon as possible. If they have their information ready, there’s no need to wait.

However, some taxpayers may have additional time. They include:

  • Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
  • The IRS calls special attention to people hit by recent national disasters, including Hurricane Ian. Taxpayers with an IRS address of record in areas covered by Federal Emergency Management Agency disaster declarations in Missouri, Kentucky, the island of St. Croix in the U.S. Virgin Islands and members of the Tribal Nation of the Salt River Pima Maricopa Indian Community have until November 15, 2022, to file various individual and business tax returns. Taxpayers in Florida, Puerto Rico, North Carolina, South Carolina, parts of Alaska and Hinds County, Mississippi, have until February 15, 2023. This list continues to be updated regularly; potentially affected taxpayers by recent storms should visit the disaster relief page on IRS.gov for the latest information.

source: IRS.gov

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