October ushers in a season of change, both in weather and crucial tax deadlines. For those who filed a 6-month extension, October 15 is pivotal—it’s your final opportunity to file your 2024 Form 1040 and settle any outstanding tax liabilities.

October 10 – Reporting Tips

Employees receiving over $20 in tips during September must report this income to their employer using IRS Form 4070 by October 10. Employers are obligated to withhold FICA and income taxes from these reported tips. If your regular wages fall short of covering these withholdings, the amount will be noted as uncollected in box 8 of your annual W-2 form, requiring settlement upon filing your year-end return.

October 15 – Foreign Financial Reporting

Extension holders for reporting 2024 foreign financial accounts must submit Form FinCEN 114 to the Treasury Department by this deadline. Additionally, individuals who extended their income tax returns must file Form 1040 by this date and address any due amounts in taxes, interest, and penalties.

Considerations for Weekends & Holidays

Should a deadline fall on a weekend or legal holiday, it’s automatically extended to the next business day that isn’t a holiday. This consideration is critical in efficient tax planning and compliance.

Extensions for Disaster Areas

In situations where regions are classified as disaster areas, filing deadlines are extended. For updated information on disaster area designations and related extensions, visit these resources:

FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations