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The deadline for submitting federal tax returns is quickly approaching, and experts in the field urge last-minute filers to follow a few crucial steps to sidestep unnecessary stress and potential fines.
Taxpayers must file and settle any outstanding federal tax balances by 11:59 p.m. on Wednesday.
This Wednesday not only signifies the last chance to file taxes but also serves as the cut-off for requesting a filing extension. It’s important to note, however, that while an extension allows additional time for paperwork submission, it does not push back the deadline for paying any owed taxes.
James Cox, who owns Cox Accounting & Financial Services, explains, “We need to complete your return to file an extension because both you and we need to know if there’s a balance due. If you owe, payment is required by the 15th to avoid penalties and interest. An extension merely extends the filing period, not the payment deadline. Many people mistakenly believe it allows more time to pay, which isn’t true without incurring penalties and interest.”
Financial advisors also highlight the necessity of finalizing a return to ascertain any outstanding debt before the deadline, ensuring penalties are avoided.
Additionally, filers should be aware of potential processing times when submitting returns electronically and avoid waiting until the last minute. Payments for any balance due can also be made online.
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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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