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Tax deadline approaches: Tips to file on time, obtain extensions and avoid IRS penalties – WKRC TV Cincinnati

WASHINGTON (TND) — Taxes are expected to be paid within days. millions of americans They are expected to ask the IRS for an extension.

Filing taxes can be stressful. If you Google “most hated responsibility,” paying taxes is high on the list.

“One of the mistakes people make is they just feel fear and then they put it aside and say, ‘No, I don’t want to be involved at all.’ That’s the worst thing a human can do.” H&R Block’s Chief Tax Officer Kathy Pickering explained this in an interview with CNN.

To submit, you will need a W2, which is an official wage and tax statement from your employer. If you are a business owner or earn interest from investments, you may need a 1099 form. If you have mortgage or student loan interest, you will also need a 1098 form.

All of that can be pretty scary, but there is software like TurboTax. You can also consult a professional tax accountant directly.

If you have a debt and cannot submit it by the deadline, I.R.S. A 5% penalty will be assessed for each month overdue. Penalties can reach 25% of unpaid taxes.

Uncle Sam wants to get paid and you know they want to get paid on April 15th or they’re going to punish you,” the veteran said. John W. Lloyd, financial and tax advisor and owner of the company, explained. Wealth Planner in Texas.

You can get an extension to avoid some penalties. If approved, you will have an additional six months to submit all documentation, with a deadline of October 15, 2024. Extensions must be filed by tax day. Taxes owed must be paid by the April filing date.

“What they won’t give you is an extra six months to pay the tax. You’ll start accruing interest from April 15,” Mr Lloyd added.

The nonpayment penalty is 0.5% of the unpaid tax for each month or part of a month that the tax remains unpaid. According to the IRS, penalties cannot exceed 25% of your unpaid taxes.

To request expansion, you must submit Form 4868 electronically or by mail. You can pay all or part of your estimated tax liability and also indicate that you want to extend your payment.

For those looking to get their money back, there are some silver linings to look forward to.

The quickest way to receive your refund is to apply electronically and receive your refund through direct deposit,” Pickering explained.

Average refund amount is $3,050, an increase of about 5% from last year.

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