Thursday, October 15, 2026

Taxpayers who requested an extension in April have until today, October 15, to file their 2025 federal income tax returns. For most people with a valid extension, it is the last day to file without a late-filing penalty.

An extension to file was never an extension to pay. Tax owed was due April 15, so anyone filing now who still owes is already being charged interest on the balance. Filing today at least stops a late-filing penalty from being added.

IRS Free File is available through today for taxpayers whose 2025 adjusted gross income was $89,000 or less, and Free File Fillable Forms are available at any income.

If you cannot pay in full, file anyway and then set up a payment plan; our guide to IRS payment plans is in Tips & how-tos.

If you owe the IRS and cannot pay in full, the agency offers two kinds of payment plans, and the cheapest way in is usually online.

A short-term payment plan gives you up to 180 days to pay. There is no setup fee whether you apply online, by phone, by mail or in person, though penalties and interest keep running until the balance is paid. Individuals can apply online if they owe less than $100,000 in combined tax, penalties and interest.

A long-term plan, which the IRS calls an installment agreement, lets you pay monthly. Individuals can apply online if they owe $50,000 or less and have filed all required returns. Setup fees depend on how you apply and how you pay: $29 online with automatic payments from a bank account, known as a direct debit installment agreement, or $107 by phone, mail or in person; $69 online if you pay each month by other means, or $178 by phone, mail or in person. Low-income taxpayers can have fees reduced or waived.

Paying by debit or credit card adds a processor fee on top of anything the IRS charges. Business taxpayers apply by calling the number on their notice or 800-829-4933.

The Federal Reserve raised its benchmark interest rate by a quarter point at its September 15–16 meeting, to a target range of 3.75 to 4 percent, on a 12–0 vote. Its next decision comes at the end of the October 27–28 meeting, followed by a final 2026 meeting December 8–9.

The statement said inflation remains elevated and that the increase would support a timelier return to the 2 percent goal, while describing the economy as expanding at a solid pace with unemployment little changed. September's Consumer Price Index, released October 14, showed prices up 3.7 percent from a year earlier.

The federal funds rate is what banks charge each other overnight, but variable-rate borrowing such as credit cards and home equity lines generally follows the prime rate, which moves with it. Savings and money market yields tend to move in the same direction. Fixed mortgage rates track longer-term Treasury yields more than the Fed's rate.

The Consumer Price Index rose 0.6 percent in September on a seasonally adjusted basis and 3.7 percent over the past 12 months, the Bureau of Labor Statistics reported October 14. Gasoline prices rose.

The index excluding food and energy, which economists watch as a guide to underlying inflation, rose 0.3 percent in the month and 2.6 percent over the year. The gap between the two figures means energy did much of the work in September.

This is the report that set next year's Social Security adjustment, and it is one of the main inputs the Federal Reserve weighs before its October 27–28 decision.

The average 30-year fixed mortgage rate was 7.40 percent this week, unchanged from last week, Freddie Mac said in its Primary Mortgage Market Survey released October 15. A year ago it averaged 6.27 percent. The 15-year fixed averaged 6.71 percent, down from 6.73 percent last week and up from 5.52 percent a year ago.

Fixed mortgage rates follow longer-term Treasury yields more closely than the Fed's own rate, and those yields are high: the 10-year Treasury closed at 5.10 percent on October 15, according to Treasury's daily yield data.

Freddie Mac's figures are averages drawn from applications lenders submit to it. The rate you are offered can be higher or lower depending on credit score, down payment, points and loan type, so compare offers from several lenders on the same day.

Medicare's Open Enrollment period for 2027 coverage runs from October 15 through December 7. During it, people with Medicare can switch from Original Medicare to a Medicare Advantage plan or back, change Medicare Advantage plans, and join, switch or drop a Part D drug plan. Changes take effect January 1.

Plans change their premiums, deductibles, covered drugs and pharmacy networks every year, and your plan should have sent you an Annual Notice of Change. Read it: a drug that is covered this year may not be next year, or may move to a more expensive tier. If you do nothing, you are generally renewed into the same plan for 2027.

The Medicare Plan Finder on Medicare.gov compares plans using the drugs you actually take. Free, unbiased counseling is available through your state's State Health Insurance Assistance Program. Medicare's 2027 Part B premium and deductible have not been announced yet.

The Federal Trade Commission is sending more than $9.8 million to people who lost money to scammers using Walmart's money transfer services, the agency announced October 15. Checks are going to 65,022 consumers.

The payments come from Walmart's June 2025 settlement of FTC charges that it failed to put effective anti-fraud procedures in place, did not properly train employees, and did not warn customers about fraud in money transfers. Under the settlement, Walmart must take steps to detect and stop fraud-induced transfers.

If you get a check, cash it within 90 days, as printed on the check. Questions go to the refund administrator, Rust Consulting, at 1-833-472-1990. The FTC never requires people to pay money or provide account information to receive a refund, so treat any call or message asking for either as a scam.

Retail and food services sales rose 0.8 percent in September from August, the Census Bureau's advance estimate released October 15 shows, after a revised 1.3 percent gain in August. The figures are not adjusted for price changes, so with consumer prices up 0.6 percent in September, much of the increase reflects higher prices rather than more buying. Advance estimates are revised in later months.

Treasury's daily par yield curve for October 15 put the 3-month bill at 4.28 percent, the 2-year note at 4.77 percent, the 10-year at 5.10 percent and the 30-year bond at 5.43 percent. Longer yields dipped from the day before, when the 10-year closed at 5.19 percent. Interest on Treasury bills, notes and bonds is exempt from state and local income tax, which matters when comparing them with bank CDs and savings accounts.

The Social Security Administration says people who create a my Social Security account and opt into digital notices by November 18 can see their personal 2027 cost-of-living adjustment online up to three weeks earlier than by mail. Create the account only at ssa.gov, and be wary of anyone who contacts you offering to help with it.