The tax filing deadline for most Americans is April 15th. Those who haven't filed can still apply for an extension until October 15th, but taxes owed must be paid by April 15th. Many can file taxes for free through IRS Free File or Direct File. If someone owes a balance but doesn't file, they can expect penalties and interest. The IRS also suggests filing electronically for a faster refund.
If you can't pay your taxes in full by April 15th, you should still file your return and pay what you can. The IRS offers payment plans that allow you to spread out the payments over time, reducing the late-payment penalty by half. These plans can be applied for online, by phone, or by mail, and can take up to 180 days for short-term plans and up to 72 months for long-term plans.
The April 15 tax deadline is also the due date for estimated tax payments for self-employment income, investments, and more. To avoid penalties, you need to pay 90% of your expected 2024 taxes or 100% of your 2023 taxes if your income was under $150,000. You can pay through the IRS website, EFTPS, or by mail, but keep a record of your payment.
