Understanding Your October Filing
When many individuals or businesses file by October it’s usually because they’ve filed an extension. The standard U.S. federal filing deadline for most calendar-year taxpayers is around April 15.
Filing in October means you requested extra time (commonly via a form such as Form 4868 for individuals or Form 7004 for many business entities). That pushes the filing deadline into October — but does not always delay all obligations.
So after you’ve done your October filing, what should you focus on next?
The Next Key Deadline: Quarterly Estimated Tax Payments
Even if you’ve submitted your tax return in October, there are ongoing deadlines you should keep in mind — especially if you’re self-employed, own a business, or need to make estimated tax payments.
Here are the common upcoming deadlines:
- If you file as a sole proprietor, partnership, S-corporation, or C-corporation (on a calendar year basis), you may need to make quarterly estimated tax payments.
- For example: one major deadline is September 15 for third quarter estimated taxes.
- Then January 15 of the following year is often the fourth quarter estimated payment deadline for individuals & many pass-through entities.
- And even for businesses that filed an extension into October, you’ll want to watch for payroll, employment tax, and information-reporting deadlines (e.g., W-2s, 1099s) in the months that follow.
Why You Can’t Just “Relax After October”
Filing your return is a big milestone, but it’s not the end of your tax-journey. Here’s what you should keep on top of:
- Payments may still be due: An extension to file does not always extend the deadline to pay taxes owed.
- Estimated taxes: If you expect to owe taxes for the next year, failing to make estimated payments can trigger underpayment penalties.
- Information returns and business filings: If you have a business structure (partnership, S-corp, etc.), the October deadline might simply be the filing extension — other associated deadlines could still apply in the next few months.
Action Steps for You (Post-October Filing)
Here’s a checklist that the team at Three Pillars Bookkeeping recommends:
1. Verify your payment obligations - Did you owe taxes when you filed? Make sure those payments were made on time. Are there remaining taxes due? If yes, schedule them promptly.
2. Schedule next estimated payment - If you pay quarterly estimated taxes, note the next deadline (e.g., January 15 for many individuals/sole proprietors). Make sure you’re estimating correctly to avoid penalties.
3. Review your bookkeeping and payroll - Now’s a good time to review your records and budgets for the coming year. The team at Three Pillars emphasizes the importance of solid bookkeeping practices.
4. Plan for information & employment-tax deadlines - If you have employees or contractors, ensure W-2s, 1099s and other filings are tracked and scheduled.
5. Meet with your bookkeeping/accounting partner - Sit down with your accountant or bookkeeping team to review last year’s results and plan for the next year’s tax strategy. Three Pillars positions themselves as a partner you can count on.
Why Work With a Pro Like Three Pillars Bookkeeping in Forest Lake
Situated in Forest Lake, MN, Three Pillars offers full-service bookkeeping and accounting, including payroll and tax-filing support.
Here’s what they bring to the table:
- Expertise in bookkeeping and payroll tax filings (important after your initial return filing).
- Training for business owners who want a handle on their numbers (so you’re not caught off guard by post-filing deadlines).
- A team focused on small businesses, so they understand deadlines like the ones coming up post-October.
In Summary
Even though you’ve crossed the big hurdle of your October tax-return filing, you’re not completely done with tax-season tasks. Your next key deadlines are around estimated payments, payroll and information returns, and ensuring any owed taxes are paid. By monitoring these deadlines and staying organized, you’ll prevent surprises and stay compliant.
If you’d like help mapping out your specific deadlines (based on your business structure and situation) with Three Pillars Bookkeeping, we can dive into that together now.
Frequently Asked Questions
Q1: If I filed an extension and submitted my return in October, do I still need to pay taxes by April?
Yes — requesting an extension to file doesn’t automatically extend your payment deadline. You still generally must pay what you owe by the original deadline to avoid penalties.
Q2: When is the next estimated tax payment due after October?
For calendar-year sole proprietors/individuals making estimated payments, one upcoming key deadline is January 15 of the next year.
Q3: Are there business tax deadlines after October I should be aware of?
Yes — businesses (especially partnerships, S-corporations) may have deadlines for things like information returns (Schedule K-1), employment tax filings, etc.
Q4: What if I missed the April payment but filed with an extension?
You may be subject to penalties and interest for late payment even if you filed the return later. It’s best to address any owed tax as soon as possible.
Q5: Does this apply to Minnesota state taxes as well?
Yes – while this blog focuses on federal deadlines, many states follow similar timelines or have their own requirements. Always check Minnesota’s deadline or consult your tax professional.
Q6: How can Three Pillars help me after I file in October?
They offer bookkeeping, payroll, and tax-filing support to keep everything on track post-filing — making sure estimated payments, payroll obligations and other deadlines are handled properly.
Post written by AI, Approved by 3PB
Three Pillars Bookkeeping and Business Services
763-464-6408, Office@threepillarsbusinessservices.com