As the April 15 deadline approaches, millions of Americans who have not yet filed their federal income tax returns are urged to act promptly. Business analyst Jill Schlesinger shared last-minute advice to help taxpayers avoid penalties and navigate the filing process.
Taxpayers have until April 15 to submit their returns, request an extension, and pay any taxes owed. Filing on time or seeking an extension can prevent late penalties and interest charges. Even those unable to pay the full amount owed should file by the deadline to minimize penalties.
Schlesinger emphasized the importance of gathering all necessary documents as quickly as possible, including W-2s, 1099s, and receipts for deductible expenses. Taxpayers should consider electronic filing to ensure faster processing and confirmation of receipt by the Internal Revenue Service (IRS).
For those needing more time, filing for an automatic extension grants an additional six months to submit their return, moving the deadline to mid-October. However, this extension does not delay payment obligations; taxpayers still must estimate and pay any owed taxes by April 15 to avoid penalties.
Taxpayers should also review eligibility for credits and deductions, such as the Earned Income Tax Credit or Child Tax Credit, which can reduce tax liability or increase refunds. Professional tax preparers and IRS resources are available to assist those facing complex situations or uncertainties.
Why it matters
Adhering to the April 15 deadline reduces the risk of costly penalties and interest. Filing on time ensures timely processing of refunds and confirmation of tax obligations. With electronic filing options streamlined, last-minute filers can still complete returns accurately and quickly.
Background
The federal tax filing deadline is set annually on April 15, unless it falls on a weekend or holiday. Extensions allow taxpayers additional time to file but do not extend the payment date for owed taxes. The IRS provides various tools and support channels to assist taxpayers as they complete their filings.
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