Tax Day is finally upon us, with federal tax returns due today for almost all U.S. taxpayers.
Taxes are due on April 15 across 48 U.S. states, with Maine and Massachusetts residents needing to file and pay by April 17 instead due to state holidays. For almost all other U.S. residents, today is the last day to file your 2023 federal income tax return on time to the Internal Revenue Service (IRS) without being hit by late filing or late payment penalties.
But for those who still need extra time or are wondering what they can do to get their filings and payments submitted on time, Newsweek has put together the following guide.
What is the quickest way to file taxes?
If you are still sorting your paperwork today, the quickest and easiest way to file is online. Any tax returns or payments submitted via mail today will, of course, not reach the IRS in time.
There are a variety of ways you can pay your taxes online with no need to go through the lengthy process of mailing the IRS. These are:
- Direct Pay: Free service that lets you make tax payments online directly from your bank account.
- IRS2Go app: For those wishing to pay on a cell phone.
- Electronic Funds Withdrawal: Also known as an EFW, this allows taxpayers to file and pay electronically from their bank account when using tax preparation software or filing through a tax professional.
- Electronic Federal Tax Payment System: Used to file individual or business taxes when paying by phone and online.
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How can I get a filing extension?
If you are not up to speed and need some extra time to get your documents together, the IRS advises requesting an extension through IRS Free File. All individual filers can use Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, which is available through Free File.
It is important to note that even if you are granted an extension, you must still estimate your tax liability and pay the amount prior to the deadline.
You can also receive an extension through the Electronic Federal Tax Payment System (EFTPS), paying with a debit or card or via digital wallet, and IRS Direct Pay. The IRS automatically grants extensions when electronic payments are made, providing it is indicated at the time of payment.
Some Americans automatically get extensions on their tax returns. These include U.S. military members on international duty; those serving in combat zones; those who live outside the U.S. and Puerto Rico; and anyone living in a disaster area as declared by the president. Areas of some states affected by severe weather events or natural disasters are considered disaster zones—check to see if you live in one of these areas.
What if I can’t afford to pay?
The IRS advises anyone who cannot pay their taxes in full by April 15 to pay what they can today and be sure to put in an application for one of two payment plans:
- Short-term payment plan: For when the payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest.
- Long-term payment plan: For when the payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties and interest.
If you do not qualify for a payment plan, the IRS advises requesting an installment agreement by submitting Form 9465, Installment Agreement Request.
If you do not pay some or all of your taxes by the deadline, interest can accrue and penalties can be applied. “Taxpayers should file an extension even if they cannot pay the full amount owed,” the IRS advises. “By filing either a return on time or requesting an extension by the April 15 filing deadline, taxpayers can avoid the late-filing penalty.”
Newsweek has contacted the IRS for comment via email outside of normal working hours.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.