- ORIGINAL NEWS
IRS expects ‘a million returns’ every hour on Tax Day, commissioner says. What last-minute filers need to know
- SUMMARY
**Tax Season Wrap-Up: Important Deadlines and Filing Options** Today, April 15th, is the federal tax deadline for the majority of taxpayers.
If you haven’t yet filed your taxes, there are crucial actions you should take.
**Filing Extension:** If you’re unable to file your taxes by today, you can still request an extension.
This will give you until October 15th to file, but it’s important to note that it’s not an extension to pay your taxes.
You must still pay any taxes owed by the original April 15th deadline.
**Filing for Free:** There are still options available for you to file your taxes for free.
The IRS offers both Free File and Direct File programs, which provide access to free tax preparation software.
Most Americans qualify for Free File, while Direct File is available to certain residents in specific states.
**Penalties and Interest:** If you miss the tax filing deadline and owe taxes, you will likely face penalties and interest charges.
The IRS charges 5% of your unpaid taxes each month you’re delinquent, up to a maximum of 25%.
Additionally, there is a 0.5% monthly late payment penalty, also capped at 25%.
**Refunds:** If you’re expecting a tax refund, filing on time is crucial.
Two out of three taxpayers who file by April 15th receive a refund, with an average amount exceeding $3,000.
By filing electronically and opting for direct deposit, you can receive your refund in under 21 days.
**Payment Plan:** If you can’t pay your taxes in full by the deadline, don’t panic.
You can apply for a payment plan with the IRS, allowing you to pay your balance over time.
In summary, today is the last day to file your taxes and avoid potential penalties.
If you need to file for an extension or encounter any challenges, remember that there are free resources available and options for payment plans.
Missing the deadline could result in significant financial consequences, so it’s essential to take action promptly.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Many taxpayers can still file for free with IRS Free File or Direct File.”
“As of April 5, the IRS processed nearly 67 million refunds, with an average payment of $3,011, a 4.6% increase from last April’s refund, the agency reported Friday.”
Negative
“Skipping the tax filing deadline and owing a balance can result in IRS penalties and interest.”
“Failure to file incurs a 5% of unpaid taxes per month or partial month penalty, capped at 25% of the balance due, while the late-payment penalty is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes.”