The deadline to file your tax return is approaching, and if you haven’t done so yet or haven’t requested an extension, the IRS may be about to fine you (even if you’re getting a refund). The deadline is this Tuesday, April 15, and while some of us prefer to delay until the last minute, you don’t have time to mail it, so we’ll tell you what to do if you’ve fallen behind.
It’s important to remember that filing your tax return is recommended (and almost mandatory for most people), and you can face penalties if you don’t do so after 60 days have passed since the filing deadline.
What is the IRS’s recommendation?
Specifically, you file online so you don’t have to worry about it getting lost along the way (if you were planning on mailing it), or if you can’t have it ready, you request an extension, which gives you until October 15 to prepare it. However, be extremely careful because the extension is solely for submitting paperwork, not for making payments. If you owe something, you must pay it by April 15 to avoid potential penalties.
What happens if you do not submit your return on time?
Prepare to open your pocketbook, because the IRS imposes a minimum fee for not filing your return if more than 60 days have passed after the deadline, even if you were expecting a refund. As a result, letting it go can be costly, even if you do not have a significant income or are not self-employed.
But we’re here to help in any way we can, and the IRS provides several digital tools that allow you to file your tax return online, the majority of which are free.
And what if I am too late?
To be honest, at this point, you can only file it online. The IRS offers a system called IRS Direct File, which works from any device, whether it’s a phone, tablet, or computer, and it’s available to taxpayers in the states listed below:
- Alaska
- Arizona
- California Connecticut
- Florida
- Idaho
- Illinois
- Kansas
- Maine
- Maryland
- Massachusetts
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Oregon
- Pennsylvania
- South Dakota
- Tennessee
- Texas
- Washington State
- Wisconsin
- Wyoming
Another service, IRS Free File, provides software to assist you in filing your return if your income is below a specific threshold.
And if you know you won’t have time to do everything by the 15th, the best thing to do is request an extension. It will just take a few minutes to avoid complications. Just bear in mind that the deadline to request an extension is also April 15, so you’ll need to move quickly.
If I request an extension, what happens?
Requesting an extension gives you till October 15 to file your return, but it does not imply the payment is delayed. If you know you’ll owing money, proceed with caution. The IRS expects you to make an anticipated payment by April 15, and failure to do so may result in interest and other costs, even if you file later with an extension.
And if you’ve already filled out the form, how can you track the status of your refund?
If you’ve already submitted your return and want to check the status of your refund, use the IRS tool “Where’s My Refund?” You’ll simply need your Social Security number and the exact amount of the refund you expect.
You can still avert issues, but you must act right now, as soon as possible. Take advantage of the technologies available to you, as well as the resources provided by the IRS. Furthermore, they are fully encrypted to protect your data. Hurry up!
