October presents both deadlines and opportunities. For many who filed for an extension, October 15, 2025 is the final day to submit your 2024 federal tax return.[1] Meanwhile, with Q4 approaching and year-end not far off, there are still tax moves clients can make now that impact 2025 and your overall financial picture. Taking action this month can reduce surprises later.
- File by October 15 If You Got an Extension: If you requested an extension (Form 4868) earlier in 2025, remember the deadline for filing your return is October 15, 2025. Late filing can incur failure-to-file penalties and interest. Even if payment is difficult, filing helps avoid larger penalties. Ensure you have all necessary documents: W-2s, 1099s, interest statements, deduction receipts. Double check your math and forms to avoid common filing errors.[2]
- Take Advantage of 2025 Tax Law Updates & Deductions: Under the One Big Beautiful Bill (tax legislation passed mid-2025), there are new provisions: increased standard deductions, IRS adjustments, and some new deductions. For instance, standard deductions increased for single filers, heads of households, and married filing jointly in 2025. Watch new or expanded deductions under the law, such as qualified overtime deductions and limits on auto loan interest, that may apply to some taxpayers.[3]
- Plan Now for Year-End & 2026: If eligible, consider maxing out contributions to retirement accounts (IRAs, employer plans) before year end. Catch-up opportunities may exist for those over certain ages. Review your portfolio allocation, especially given recent inflationary pressures and interest rate shifts, to ensure risk is managed properly. For those in disaster-impacted states or with special circumstances, check for IRS deadline relief or extensions that may apply.[4]
October is a strategic month for making moves that can impact your taxes, your investments, and your overall financial health in 2025 and beyond. Filing on time, leveraging new deductions, and prepping now for year-end gives you more control and fewer surprises. If you’d like help navigating these decisions, whether it’s tax strategy, retirement contributions, or portfolio alignment, let’s connect. Your Wedbush financial advisor is here to help.
Sources:
[3] https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions
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