For most taxpayers This April 15, 2024 is the last day to file your tax return and as the saying goes “there is no deadline that is not met, nor debt that is not paid.” As of March 29, the IRS had received 90.3 million returns and processed almost 89 million, with an average refund of $3,050 compared to $2,910 last year in the same period.
But we know that sometimes the time in the regular tax season is not enough and you may need an extension, which also has a deadline of today. If this is your case, do not waste time and review the following information with the details of the last day to file taxes, extensions and deadlines to avoid fines or fees for interests that you may face for submitting it late.
File your tax return online or at the post office
Yeah you waited until the last minute to file your taxesthere is no doubt that you have time on your hands and must choose between sending it online, and try your luck with an overloaded IRS website, or sending it in paper through the post office that will surely have long lines.
Neither option is completely safe. IRS website crashed on Tax Day 2018, prompting the agency to grant taxpayers a rare one-day extension. And while long lines used to be the norm at post offices around tax deadline, you may still encounter one; but The Postal Service says some of its offices will offer extended hoursbut it is recommended to call your preferred location to verify.
Can you file your tax return for free this April 15?
That’s how it is. According to the IRS, This year more people are filing their taxes using ‘Free File’, which allows any taxpayer with an adjusted gross income of $79,000 or less in 2023 to file taxes for free through one of the IRS’ eight social networks. To access the service, go online at IRS Free File and use the guided software.
If you’re eligible, a free presentation could save you a considerable amount of money. It is estimated that An individual taxpayer spends 13 hours and about $240 in costs to prepare and file their annual return. according to the Taxpayer Ombudsman.
What other tax deadlines fall on April 15?
The deadline for filing taxes does not only apply to those that are federal. If you earn income that is not subject to tax withholding, you typically must make estimated tax payments to the IRS. The agency divides the year into four quarterly periods and the first payment for 2024 is due today.
In addition to the above, most state taxes are also due on April 15. The Massachusetts and Maine residents have until April 17 to file their federal taxes due to state holidays. Here we share the states with exceptions on the tax return deadline due to natural disasters.
Request an extension on Tax Day 2024
Taxpayers who are not prepared to file their returns this April 15, can use IRS ‘Free File’ to electronically request an extension; but if you prefer to send a printed version by mail you will need form 4868. If you send the form by mail it is very important that it be postmarked by April 15.
If you obtain the extension, you will have until Tuesday, October 15, 2024 to file your return. Where you should send the form will depend on where you live and you can check a list of addresses here.
Where is my refund?
Yeah You have already sent your tax return and want to know where your refund is Because you have not received it yet, you can review it electronically, which according to the IRS, is the fastest and most efficient way. The ‘Where’s My Refund’ tool will help you track the entire process, from the moment a refund was received, approved, and issued.
What happens if you file your tax return late?
Failure to file your tax return on time can result in two potential penalties: one for not filing and the other for not paying.
- Failure to file: If you miss the April 15 deadline, the standard penalty is 5% of any tax owed for each month you are late on your return, up to 25% of the unpaid balance.
- Non-payment: If you meet the deadline for your return but don’t pay the taxes you owe, or if you get an extension and leave an unpaid balance, you generally face a monthly penalty of 0.5% of any unpaid amount, up to 25% of the tax not payed.
Keep reading:
– Key IRS recommendations for filing taxes in 2024
– “Elaborate scam”: IRS alerts people who submit tax returns
– Why is the tax refund I received different from the amount on my return?