October Extended Due Date Just Around the Corner
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If you could not complete your 2024 tax return by April 15, 2025, and are now on extension, that extension expires on October 15, 2025. Failure to file before the extension period runs out can subject you to late-filing penalties.
There are no additional extensions (except in designated disaster areas), so if you still do not or will not have all the information needed to complete your return by the extended due date, please call this office so that we can explore your options for meeting your October 15 filing deadline.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary (trust) return, the extended deadline for those returns is September 15 (September 30 for fiduciary returns). So, you should probably make inquiries if you have not yet received that information.
Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. If you are required to file a state return and do not do so, the state will also charge a late-file penalty. The filing extension deadline for individual returns is also October 15 for most states.
In addition, interest continues to accrue on any balance due, currently at the rate of just over .5% per month.
If this office is waiting for some missing information to complete your return, we will need that information at least a week before the October 15 due date. Please call this office immediately if you anticipate complications related to providing the needed information, so that a course of action may be determined to avoid the potential penalties.
Additional October 15, 2025, Deadlines – In addition to being the final deadline to timely file 2024 individual returns on extension, October 15 is also the deadline for the following actions:
- FBAR Filings - Taxpayers with foreign financial accounts, the aggregate value of which exceeded $10,000 at any time during 2024, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The original due date for the 2024 report was April 15, 2025, but individuals have been granted an automatic extension to file until October 15, 2025.
SEP-IRAs – October 15, 2025, is the deadline for a self-employed individual to set up and contribute to a SEP-IRA for 2024. The deadline for contributions to traditional and Roth IRAs for 2024 was April 15, 2025.
Special Note – Disaster Victims – If you reside in a Presidentially declared disaster area, the IRS provides additional time to file various returns, make payments and contribute to IRAs. Check this website for disaster-related filing and paying postponements.
Please call this office for extended due dates of other types of filings and payments and for extended filing dates in disaster areas. Please don’t procrastinate until the last week before the due date to file your extended returns. Final note: if for whatever reason you miss the October 15 deadline, you should still file your return as soon thereafter as possible.
If you need a professional to assist you with your taxes or need tax information, get started with Steve Brewer CPA & Company.
What Employment Practices Liability Insurance Covers Employment Practices Liability Insurance is built around the employment relationship. It may help cover legal defense costs, settlements, or judgments tied to covered workplace claims. A policy may respond to claims involving: Wrongful termination Discrimination Sexual harassment Retaliation Failure to hire Failure to promote Wrongful discipline Negligent evaluation Employment-related defamation Invasion of privacy The International Risk Management Institute identifies wrongful termination, discrimination, sexual harassment, and retaliation as common EPLI claim types. It also notes that policies may cover other employment-related conduct, such as defamation, invasion of privacy, failure to promote, and negligent evaluation. [3] Here is a simple example. An employee is fired after repeated performance issues. The owner knows the decision was based on the work. But the former employee claims the firing was discriminatory or retaliatory. Even if the business did nothing wrong, it may still need to respond. That could mean attorney fees, agency filings, a demand letter, or a lawsuit. That is one of the most important parts of EPLI. A claim does not have to be successful to be expensive. IRMI notes that EPLI policies contain shrinking limits provisions. That means defense costs, which are often a substantial part of a claim, reduce the policy's available limits. [3] Some EPLI policies also cover claims from job applicants. This matters if someone says they were not hired because of age, disability, pregnancy, race, gender, religion, or another protected category. Some policies include third-party coverage too. This may help if a customer, client, or vendor claims harassment or discrimination by someone at the business. Not every policy includes it, so owners should ask.
Employment Practices Liability Insurance: What Growing Businesses Should Know Hiring employees is a major step for a small business. It means more help, more capacity, and more room to grow. It also means more responsibility. Most owners plan for payroll, taxes, workers' compensation, and training when they hire. Those costs are easy to see. The harder risk to spot is the one tied to employment decisions. Every business with employees makes decisions about: Hiring Pay Schedules Promotions Discipline Performance reviews Workplace complaints Termination Any of those decisions can lead to a claim. That is where Employment Practices Liability Insurance, often called EPLI, becomes important. Employment Practices Liability Insurance helps protect a business from certain claims made by employees, former employees, or job applicants. These claims may include wrongful termination, discrimination, harassment, retaliation, failure to hire, or failure to promote. In plain English, EPLI helps protect your business when someone says they were treated unfairly at work. This is not only a big-company issue. Small businesses can face employment-related claims too. In fact, they may be less prepared because they often do not have a full HR team, formal records, or consistent employment practices. The Insurance Information Institute explains that Employment Practices Liability Insurance protects employers against claims that workers' legal rights were violated. Those claims can include harassment, discrimination, wrongful termination, failure to hire or promote, wrongful discipline, and negligent evaluation. [1] Why EPLI Belongs in the Small Business Conversation Small businesses often feel personal. Owners know their teams. Managers solve problems quickly. Conversations happen in real time. That can be a strength. It can also create risk. A business owner may believe a decision was fair. An employee may see it differently. A missed promotion may feel like discrimination. A termination may feel like retaliation. A casual comment from a manager may be viewed as harassment. Employment Practices Liability Insurance does not mean a business has done something wrong. It means the business understands that workplace claims can happen, even when leaders are trying to make fair decisions. Small businesses may also have weaker documentation. Performance conversations may happen in person but never get written down. Hiring decisions may not follow the same process each time. Terminations may happen quickly, without a clear paper trail. That can make a claim harder to defend. The Equal Employment Opportunity Commission reported that it secured $660 million for 17,680 victims of employment discrimination in fiscal year 2025. For a small business, even one claim can create real financial strain.
This generation doesn’t wait for a paycheck. They create income on their own terms. Selling products online. Editing videos for clients. Running social media accounts. Picking up freelance work between classes or jobs. It’s flexible. It’s fast. And in a lot of cases, it works. But there’s one part no one really talks about: Most of it isn’t being tracked—or taxed—correctly. And that mistake doesn’t show up right away… it shows up later, all at once. The New Income Reality (That No One Really Explains) For Gen Z, income rarely comes from just one place. It’s usually a mix: A part-time job A few freelance clients Money from a side hustle Payments from apps or platforms Maybe even a little creator income Individually, none of it feels like a big deal. But combined? It absolutely is. Because from a tax perspective, it’s all income—and it all needs to be accounted for. Where Things Start to Go Wrong The problem isn’t effort. It’s that no one really teaches this. So a lot of people assume: “If it’s small, it doesn’t matter” “If I didn’t get a form, I don’t need to report it” “I’ll deal with it when I file” That last one is where most issues start. Because by the time you “deal with it,” the decisions that mattered have already been made. Mistake #1: Not Tracking Income Clearly When money comes in from multiple places, it’s easy to lose track. A few payments here. A deposit there. Something paid through an app that you forget about. But over time, it adds up. And without a clear record: You don’t know what you actually earned You can’t report accurately You’re more likely to miss income At the same time, many platforms are now reporting earnings directly. So if your numbers don’t match what’s reported… That’s when problems start. Mistake #2: Ignoring Estimated Taxes This is where most first-time earners get caught off guard. If you’re making money without taxes being withheld—like freelance work, side gigs, or creator income—you’re expected to pay taxes throughout the year. Not just once at filing. These are called estimated tax payments. And if you skip them, you may end up with: Penalties Interest A much larger bill than expected It’s not obvious—but it’s important. Mistake #3: Misunderstanding Write-Offs Write-offs get talked about a lot online. But they’re often misunderstood. A write-off isn’t: Everything you buy Anything loosely related to your work A way to avoid taxes entirely It has to be both: Ordinary and necessary for what you do. For example: A content creator can deduct editing tools or software A freelancer can deduct business-related subscriptions An online seller can deduct inventory costs But guessing—or copying advice from social media—can lead to mistakes. Mistake #4: Overlooking How Income Is Reported Today The way income is tracked has changed. More transactions are being reported: Payment apps Online platforms Digital marketplaces And in some cases, things like crypto or digital assets can also trigger reporting requirements. In other words: There’s less room for things to go unnoticed. Which makes it even more important to stay organized from the start. Why This Matters Earlier Than You Think Getting this wrong once? Usually fixable. But when it keeps happening, it builds: Back taxes Penalties Stress Missed opportunities to save The good news? Gen Z has an advantage most people don’t: Time to get this right early. The Opportunity: Build Good Habits Now When you understand your income and taxes early, you: Keep more of what you earn Avoid surprises at tax time Make better financial decisions Build confidence as your income grows It doesn’t have to be complicated. But it does have to be intentional. Final Thought Earning money in new ways is a huge opportunity. But without structure, it can also create unnecessary problems. The goal isn’t to overcomplicate things— It’s to get the basics right early, so everything gets easier as you grow. If you (or someone in your family or team) is earning income from multiple sources and is not sure how it all fits together, we're here for you. The earlier you get this right, the easier everything becomes. Request your free quote from Steven Brewer & Company CPAs today!