Tax season can be a particularly stressful and overwhelming time for many Americans, especially as the extended deadlines to file income tax returns draw near. For those who filed for an extension earlier in the year, October 15, 2025, marks the final deadline to submit your completed Form 1040.
This extended deadline aims to offer relief to ensure your return is filed accurately and on time to stay compliant with federal regulations, avoid potential penalties, and reduce the stress often associated with last-minute filing. Proper preparation can make the process much smoother and more manageable.
If you need help getting through the process successfully, an experienced tax accountant from AcoBloom can support you seamlessly through the tax preparation process and take that load out of your hands.
In this blog, we’ll cover everything you need to know about filing your taxes for this extension, including key tips, common pitfalls to avoid, and resources to assist you along the way.
Step-by-step instructions on how to file the Form 1040:
Filing your Form 1040 may seem complicated but breaking it down into manageable steps makes the process much easier. Here is a step-by-step breakdown of how to file this tax form:
Step 1: Choose Your Filing Method
Once your documents are in order, decide how you’ll file. IRS highly encourages E-filing through IRS Free File, commercial tax software, or a professional tax preparer, as it is the fastest, most secure method, and with the deadline so close, it’s highly recommended.
For those who prefer Paper filing, it is still a viable option, but it requires mailing your return and ensuring it is postmarked by October 15. With such a tight window, mailing too late could mean missing the deadline altogether.
Step 2: Fill Out Form 1040
Now it’s time to complete the form itself:
- Start with your personal information,
- Report your income form W-2s, 1099s, and any other sources.
- Claim all deductions and credits you are eligible for and calculate your total tax liability or refund.
- The IRS provides detailed instructions, and many tax software programs will guide you through the process step by step.
Step 3: Attach Additional Schedules if Needed
Depending on your situation, you may need to include additional schedules. For example, Schedule 1 covers additional income and adjustments, Schedule 2 applies to additional taxes such as self-employment tax, and Schedule 3 is for certain credits like education or dependent care. If you wait until the last minute, you might overlook a required schedule, so it’s important to review these carefully while you still have time.
Step 4: Check for Accuracy
Accuracy is critical, especially this close to the deadline. Double-check that all Social Security numbers are entered correctly, income matches your forms, and math calculations are correct. Errors can delay processing and hold up your refund.
If you’re submitting bank details for direct deposit, review them carefully; mistakes could prevent your refund from reaching you quickly.
Step 5: Submit Your Return
Submitting your return before October 15 is essential to ensure timely processing. It’s important to prioritize submitting early rather than relying on last-minute efforts, which can lead to delays or complications. Acting sooner helps you avoid unnecessary risks and ensures your return is received and processed smoothly. The IRS will likely not extend this deadline.
Filing as soon as you can gives you peace of mind, prevents costly penalties, and ensures you stay in compliance.
Step 6: Pay Any Taxes Owed
If you owe taxes, make your payment right away to minimize penalties and interest. The IRS offers several payment methods, including Direct Pay, debit or credit card, or mailing a check. If you can’t pay in full, set up an installment agreement with the IRS. Even a partial payment will help reduce what you owe in penalties.
Step 7: Keep Copies for Your Records
Finally, once you’ve submitted your return, keep a copy of everything. Store your 1040 form, schedules, and supporting documents for at least three years. This ensures you’re prepared if the IRS contacts you with questions or selects your return for review.
What documents are needed to file Form 1040?
Personal Information
- Social Security numbers (or Taxpayer Identification Numbers) for yourself, your spouse, and dependents
- Bank account and routing numbers (for direct deposit of refund)
- Last year’s tax return (helpful for reference)
Income Documents
- W-2 forms from employers
- 1099 forms, such as:
- 1099-NEC (self-employment income)
- 1099-MISC (miscellaneous income)
- 1099-INT (interest income)
- 1099-DIV (dividends)
- 1099-G (unemployment or state tax refunds)
- 1099-K (third-party payments like PayPal, Venmo, or gig platforms)
- 1099-R (pensions, annuities, retirement plans, or IRA distributions)
- SSA-1099 (Social Security benefits)
- Records of rental income, royalties, or other earnings not reported on a 1099
Deduction & Credit Records
- Form 1098 (mortgage interest)
- Form 1098-E (student loan interest)
- Form 1098-T (tuition payments)
- Property tax statements
- Medical and dental expense records (if itemizing)
- Charitable donation receipts (cash and non-cash contributions)
- Childcare expenses (including provider’s name, address, and EIN/SSN)
Investment & Business Records
- Records of stock, bond, or crypto transactions (including cost basis and sales proceeds)
- Schedule K-1s (for income from partnerships, S corps, or trusts)
- Business income and expense records (if self-employed)
Other Important Documents
- Proof of estimated tax payments made to the IRS during the year
- IRS notices received (if any)
- Health insurance forms:
- 1095-A (Health Insurance Marketplace statement)
- 1095-B or 1095-C (if provided by insurer or employer)
Variations of the TAX Form (1040)
- 1040-X: This version is used to correct any errors in an individual’s annual income tax return.
- 1040-NR: This version is used by “non-resident aliens”.
- 1040-SR: This version is used by taxpayers who are 65 or older.
What to do if you miss the extended deadline for Form 1040?
If you miss the October 15, 2025, deadline, this is the moment to take action right away to avoid penalties and interest. Filing late can lower penalties and reduce interest on taxes you owe. If you can’t pay the full amount, consider an installment plan or a short-term payment option.
It’s better to file late than not at all, since failure-to-file penalties are higher. If you’re owed a refund, there’s no penalty for filing late, but you risk losing it if you wait more than three years. Gather your documents, file promptly, and act quickly to minimize the consequences and stay on track with the IRS.
What are the penalties for not filing the 1040 Form after the extended deadline?
Missing the October 15, 2025, extended deadline will be costly. For one, you’ll face a failure-to-file penalty of 5% of unpaid taxes for each month or part of a month your return is late, up to 25% of your total tax liability. This penalty adds up quickly, especially if you delay filing for several months. Compared to some other IRS penalties, the failure-to-file charge is particularly severe, which is why submitting your return even if you cannot pay in full should be your top priority once the deadline has passed.
Conclusion
October 15, 2025, is the final deadline to file Form 1040 for the 2024 tax year (Except Special cases like Foreign Earned Income Exclusion filers, Combat zone or qualified hazardous duty personnel, and Other IRS-Declared disaster relief). If you miss it, you’ll face stiff penalties, growing interest, and in some cases, the loss of your tax refund for good. The good news is that filing doesn’t have to be daunting if you take a step-by-step approach.
If you need help, AcoBloom’s tax experts can walk you through the process, ensure accuracy, and help you avoid costly errors. Partnering with professionals can give you peace of mind and let you focus on what matters most, all while staying compliant with IRS requirements.
