The clock is ticking for those who still need to file their federal tax returns, with experts advising a few crucial steps to minimize stress and the risk of penalties.
Filers must submit their federal tax returns and settle any outstanding amounts by 11:59 p.m. this Wednesday.
This Wednesday also serves as the deadline for requesting an extension on tax filings. However, it’s important to note that while an extension grants additional time to file paperwork, it does not extend the deadline for paying any taxes owed.
“We must complete your return to file an extension because both you and we need to know if you owe money,” explained James Cox, who owns Cox Accounting & Financial Services. “If you owe, payment is due on the 15th to avoid penalties and interest. An extension is merely extra time to file paperwork. Many people mistakenly believe it extends their payment time, which is not the case unless you want to incur penalties and interest.”
Professionals in the tax field urge filers to finalize their returns to determine any amounts owed before the deadline to sidestep penalties.
Moreover, it’s wise to consider the processing times for electronic submissions and to avoid last-minute filing. Any outstanding payments can be conveniently made online.
Experts recommend planning ahead and understanding the requirements can help taxpayers avoid unnecessary fees and complications. And while they’re not a catch all, extensions can be a useful tool.
“A lot of people stress about it that this can cause you to get audited. The extensions are just a normal process of tax season, it’s nothing to be worried about,” Cox said.
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