Is there still time to file my tax returns?
If you’re like many Americans, you may be wondering if you still have time to file your tax returns for 2022. The answer is yes, but you need to act fast. The deadline to file your federal tax return and pay any federal income taxes you owe is Tuesday, April 18, 2023. The due date is pushed from the traditional April 15 deadline because that day falls on a weekend. Then it’s pushed one day further because Washington, DC, observes Emancipation Day (April 16) on the following Monday, April 17.
Why is it important to file your tax return on time?
Filing your tax return on time can help you avoid penalties and interest charges from the IRS. According to the IRS, the “Failure to File” penalty is 5% of unpaid taxes for each month you don’t pay, but it won’t exceed 25%. And that doesn’t count any additional state penalties. If you fail to pay taxes on time, the penalty is 0.05% of unpaid taxes for each month you don’t pay, with a 25% cap.
What if you can’t file your tax return by the deadline?
Don’t panic. You can request an automatic 6-month extension of time to file by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return by the original due date of your return. However, an extension of time to file is not an extension of time to pay. You should pay any owed taxes by your original due date to avoid possible penalties.
How can you file your tax return?
You have several options to file your tax return. You can use a tax software program, such as TurboTax, that guides you through the process and helps you maximize your deductions and credits. You can also hire a tax professional, such as an enrolled agent (EA) or a certified public accountant (CPA), who can prepare and file your tax return for you. Alternatively, you can file your tax return by mail using paper forms from the IRS.
What documents do you need to file your tax return? To file your tax return, you need some basic information and documents, such as:
- Your Social Security number or Individual Taxpayer Identification Number (ITIN)
- Your filing status (single, married filing jointly, married filing separately, head of household or qualifying widow(er))
- Your income from various sources, such as wages, salaries, tips, interest, dividends, business income, capital gains, retirement income, unemployment income and more
- Your deductions and credits that can lower your taxable income and tax liability, such as mortgage interest, property taxes, charitable contributions, medical expenses, education expenses, child care expenses and more
- Your bank account information if you want to receive your refund by direct deposit or pay your taxes electronically
Where can you get help with filing your tax return?
If you need help with filing your tax return, you have several resources available to you. You can visit the IRS website at www.irs.gov for more information and guidance on various tax topics. You can also call the IRS at 1-800-829-1040 for general questions or 1-800-829-1954 for refund inquiries. Additionally, you can use the IRS Free File program to file your tax return for free if your adjusted gross income (AGI) is $72,000 or less in 2022.
Filing your tax return on time is important to avoid penalties and interest from the IRS. You still have time to file your tax return for 2022 by April 18, 2023. However, if you need more time, you can request an extension by filing Form 4868 by the original due date of your return. Remember to pay any owed taxes by the deadline to avoid additional charges. If you need help with filing your tax return, you can use a tax software program, hire a tax professional or visit the IRS website for more information.