Money Monday: Jini Thornton Urges Taxpayers to File Before Oct. 15

As the clock ticks down toward the end of tax season, financial expert Jini Thornton is urging taxpayers not to wait until the last minute. Appearing on Get Up Mornings with Erica Campbell, Thornton joined Cheryl Jackson for Money Monday to explain what the October 15 tax extension deadline really means — and what to do if you still haven’t filed.

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Thornton began by reminding listeners that this upcoming deadline applies only to people who filed a Form 4868 extension back in April, which gave them an automatic six-month grace period to submit their 2023 returns. “That extension runs out on October 15,” she said. “So, if you haven’t filed yet, this is it.”

For those who still owe money to the IRS, Thornton had a clear message: file your taxes, even if you can’t afford to pay right away.
“What I’ve noticed,” she said, “is a lot of people don’t file because they’re scared the IRS will come after them. But you actually make things worse by not filing. There’s a penalty called failure to file, and you can stop that penalty simply by filing your return.”

Thornton reassured listeners that setting up a payment plan with the IRS is simpler than many realize. “You can go right to irs.gov,” she explained. “If you owe less than $50,000, you can automatically qualify for a payment plan that gives you up to five years to pay it off. The key thing is to get in the system.”

For those who expect a refund, Thornton said time is not unlimited. “You only have three years to claim your refund,” she warned. “So, if you’re behind, don’t put it off. After that time, the money goes back to the government.”

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She added that people who are still not ready to file by the 15th should understand the consequences. “If you owe, you’ll owe more — penalties and interest will keep adding up,” Thornton said. “But if you’re expecting a refund, there’s no penalty. Still, don’t procrastinate. File electronically and use direct deposit so you can get your money faster. Waiting for a paper check from the IRS could take forever.”

Jackson and Thornton both laughed at the thought of delayed refunds, with Thornton noting that federal processing times have been unpredictable this year. “If this were April, we might have a different conversation,” she said. “But now that it’s October, there’s definitely an impact on how quickly things get processed.”

As the segment wrapped up, Thornton reminded everyone to take the deadline seriously and to seek help if they need it. “Please, don’t be afraid of the IRS,” she said. “Filing your taxes, even late, is better than not filing at all.”

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