With tax day just around the corner, you may be feeling the pressure if you haven't filed yet.
The deadline to file your federal income taxes this year falls on Monday, April 15. But if you still haven't filed, there's no need to stress — yet.
Beat the deadline by getting help this weekend
The IRS announced it will open 70 Taxpayer Assistance Centers (TACs) nationwide on Saturday, April 13, to offer people some last-minute face-to-face help with getting their forms submitted on time. The agency said special help will be available from 9 a.m. to 4 p.m. local time and appointments are not necessary.
You can find a full list of locations here.
However, taxpayers are urged to come prepared, as this will speed up the filing process. The IRS advises individuals to arrive with the following documents:
- Current government-issued photo identification, along with a second form of identification for identity verification services.
- Social Security or Individual Taxpayer Identification numbers for themselves and all members of their household, including their spouse and dependents (if applicable).
- Any IRS letters or notices received and related documents.
- A copy or digital image of the tax return in question if one was filed.
Fewer Americans getting tax refunds this tax season
Despite fewer Americans receiving refunds, those who are getting money back are seeing larger checks.
What if I miss the deadline?
If you can't make it to one of the TACs this weekend and don't think you'll be able to beat the tax day deadline, a tax extension may be best for you.
The process of filing a tax extension is pretty straightforward: You submit Form 4868 to the IRS. This can be done online or by mail, but it's important to remember that the IRS must receive the form by April 15 to avoid any late fees or penalties.
Once an extension has been filed, you'll have an additional six months to file your return, giving you more time to gather any documents needed to complete your tax return accurately.
IRS launches new tax filing pilot program in 12 states
IRS Direct File allows eligible taxpayers to get tax returns ready and file online for free.
If you know you'll be getting a tax refund when you file the extension, then you won't have to worry about paying anything. However, if you think you owe, then you'll have to estimate your tax liability and pay that amount when you file Form 4868.
To estimate your tax liability, you can use IRS Form 1040-ES. If you don't pay, or you underpay, you could risk being charged late payment penalties or interest charges.
Overall, filing an extension can be a good option if you need more time to prepare your return, but it's important to remember that it doesn't extend the deadline for paying any taxes owed. That's why it's a good idea to file your tax return as soon as possible rather than wait and risk any potential delays or penalties.
