Workflow
Tax payment
icon
Search documents
I’m a CPA: When Filing an Extension Helps — and When It Hurts
Yahoo Finance· 2026-03-08 12:56
Group 1 - The tax filing season has officially started, with a deadline of April 15, and the average tax refund is expected to increase by $1,000 or more [1] - Taxpayers are encouraged to file on time to ensure timely receipt of refunds, although some may face challenges in gathering necessary documents [1] - The IRS offers payment plans for those who cannot pay their taxes by the deadline, allowing for short-term and long-term payment options [6] Group 2 - Filing an extension can be beneficial if taxpayers have not gathered all necessary documents or need more time to prepare their returns, providing an additional six months to file [3] - Taxpayers may also need to file an extension if they are unavailable due to major life changes or are out of town [4] - Individuals affected by disasters in federally declared areas do not need to file for an extension, but should verify their address against IRS resources [5]
Tax Day 2026 is coming up. Everything you need to know to file on time.
Yahoo Finance· 2024-04-15 08:30
Core Points - The federal income tax filing deadline for 2024 is April 15, 2025, which falls on a Tuesday for most taxpayers [2] - Most state income tax deadlines align with the federal deadline, but some states, like Louisiana and Hawaii, have different deadlines [3] Filing Options - Taxpayers can file their returns quickly by gathering necessary paperwork, including W-2s and Form 1099s [4] - The IRS offers free filing options, including the IRS Direct File pilot program for eligible taxpayers in 25 states and IRS Free File for those with an annual taxable income of $84,000 or less [5][6] - Tax software can expedite the filing process, though many options are not free [7] - Government assistance programs like VITA and TCE provide support for low- and moderate-income taxpayers and the elderly [8] Professional Assistance - Consulting a tax professional can help with filing and tax preparation, especially as the deadline approaches [10] Important Considerations - Taxpayers should be aware of eligible tax credits and deductions, the choice between standard deduction and itemizing, and the correct filing status [11][12] - If unable to file by the deadline, taxpayers can request a six-month extension, but this does not extend the payment deadline [13][14] Payment Options - Various payment methods are available for tax bills, including electronic payments through the IRS website and traditional checks [16][18] - The IRS offers repayment plans for those unable to pay their tax bill in full by the deadline [18][27] Penalties for Non-Compliance - Failing to file taxes on time incurs penalties, including a failure to file penalty of 5% per month on unpaid taxes, up to 25%, and a failure to pay penalty of 0.5% per month [20][26] Tax Refund Management - Tax refunds can be expected via direct deposit a few weeks after filing, and financial planning for the refund is advisable [21][22]