Last day to file your tax return is almost here, and if you still haven’t had a chance to do it or haven’t requested an extension, the IRS could be about to fine you (even if you’re getting a refund). The deadline ends this Tuesday, April 15, and while some of us like to procrastinate until the last minute, you no longer have time to send it by mail, so we’re going to tell you what to do if you’ve been left behind.
It’s important to remember that it’s recommended (and almost mandatory for most people) to file your tax return, and that you can be penalized if you don’t do it and 60 days have passed since the filing deadline.
What does the IRS recommend?
Mainly, that you file online, so you won’t have to worry about it getting lost along the way (if you were thinking of mailing it), or that if you can’t have it ready, you request an extension, which will give you time to prepare it until October 15. But be very careful, because the extension is only for submitting the paperwork, not for making payments. If you owe something, you’ll still have to pay it by April 15 to avoid possible penalties.
What happens if you don’t file your return on time?
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Get ready to open your wallet, because the IRS applies a minimum fine for not filing your return if more than 60 days have passed since the deadline, even if you were going to get a refund. So, letting it go can be expensive, even if you don’t have a high income or are not self-employed.
But we’re here to help however we can, and the IRS offers several digital tools so you can file your tax return online, and most of them are free.
And what if I’m way too late?
Let’s be realistic, at this point you can only file it online. The IRS has a system called IRS Direct File, which works from any device you have on hand, whether it’s a phone, tablet, or computer, and it’s available to taxpayers in the following states:
- Alaska
- Arizona
- California
- Connecticut
- Florida
- Idaho
- Illinois
- Kansas
- Maine
- Maryland
- Massachusetts
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Oregon
- Pennsylvania
- South Dakota
- Tennessee
- Texas
- Washington State
- Wisconsin
- Wyoming
There’s also another program called IRS Free File, which has software that helps you file your return if your income is below a certain threshold.
And if you know you won’t have time to get everything ready by the 15th, the smartest thing is to request the extension. It will only take you a few minutes and you’ll avoid problems. Just keep in mind: the deadline to request the extension is also April 15, so you’ll have to hurry.
What happens if I request an extension?
Requesting an extension gives you time until October 15 to file the return, but that doesn’t mean the payment gets delayed too. Be careful with this if you know you’re going to owe something. The IRS expects you to make an estimated payment before April 15, and not doing so can mean interest and other fees, even if you file later with an extension.
And if you’ve already filled, how can you track the refund status?
If you’ve already sent your return and want to check the status of your refund, there’s the IRS tool “Where’s My Refund?”and you’ll only need your Social Security number and the exact amount of the refund you’re expecting.
You can still avoid problems, but you need to act right now and as soon as possible. Take advantage of the technology that’s on your side and use the tools the IRS offers you. Plus, they’re highly encrypted to protect your data. Hurry up!
