That means the agency has been accepting and processing tax returns for more than eight weeks and has already issued almost 55 million tax refunds. With Tax Day fast approaching, more than 80 million Americans have already filed their income taxes for 2024, receiving a cumulative $169 billion in refunds. If you aren’t one of those taxpayers who filed early, don’t wait any longer. It’s time to gather your important tax documents and finish your tax return ASAP. It’s extremely common to need more time to file your taxes — in 2022, roughly 19 million taxpayers requested an extension from the IRS. But you should note that while this may grant you additional time to get your paperwork together, it doesn’t postpone the deadline for actually paying your taxes.

They’re not just bullet points on a tax form; they’re opportunities to save money, simplify the tax-filing process, and maybe even make tax season a bit less daunting. With insights like these from Karla Dennis, navigating the tax seas might just be smoother sailing this year. Additionally, taxpayers under investigation or survey by the income tax department are ineligible. It tax season allows individuals to correct mistakes, under-reporting, or misreporting income in their original tax return. And, if you fail to pay the tax you owe by the April deadline, you’ll have to pay 0.5% of the unpaid taxes for each month that the return is late, up to 25% of your unpaid taxes. „It’s very important for them to perform a proper assessment of their financial year.”

Tax Day resources

For one, getting your taxes to the IRS sooner means receiving your refund faster, in effect shortening the quote-unquote „loan” you’ve given Uncle Sam and returning that money to your pocket sooner. It also helps prevent fraud, as identity thieves often use stolen Social Security numbers to file people’s taxes and steal their tax refunds. If you beat them to the punch and have already filed by the time they try to, the IRS will reject that return, protecting your tax refund and your personal data in the process.

• In other words, saving for the future lets you shield that $10,000 from taxes.
• You don’t need to wait to file your tax return to make this contribution, however.
• Let’s dive into some of the key changes that could have a real impact on your personal finances, explained in a way that won’t make your eyes glaze over.
• Any tax you owe, or a good estimate of that amount, is due by the April deadline.
• Of the 41 states that do, most adhere to the April 15 federal filing deadline.
• It’s all about cutting out the middleman and making tax filing something you can do from your couch, in your pajamas, with a cup of coffee in hand.

You can learn more about GOBankingRates’ processes and standards in our editorial policy. The IRS reminds taxpayers that they have rights and protections throughout the collection process. For details, see Taxpayer Bill of Rights and Publication 1, Your Rights as a TaxpayerPDF. Direct Pay, available at IRS.gov, is the fastest, easiest way to make a one-time payment without signing into an IRS Online Account.

Key information to help taxpayers

Use your 2022 taxes as a starting point for calculating the amount you owe, or use your annual gross income and any deductions or credits you may take for the year. The IRS looks at your estimated liability during certain windows of time, and if you don’t make payments during those windows, you could be subject to penalties, Schatt says. If you’ll miss the April 18 tax deadline, you’ll need to file Form 4868 for an extension. Even if you don’t owe money, you must let the IRS know you won’t be filing by the deadline. You’ll then have until Oct. 16, 2023, to file your federal tax return.