5 Tips for Filing Your Taxes at the Last Minute

Don’t forget: Tax returns are due tomorrow.

Filers must send their returns on time or get an extension to avoid paying a penalty. According to the latest information from the IRS, more than 101.4 million people filed their taxes as of April 4, and 67% got a refund.

This year, taxpayers received an average of around $100 more in refunds than last year. About $211.1 billion has been refunded, with the average amount being $3,116. That is likely a welcome check for many Americans who have been squeezed by stubbornly high inflation and elevated borrowing costs.

Earlier in the tax season, survey respondents reported that they plan to use their refunds on necessities, such as rent, groceries, and credit card debt. According to a separate survey, nearly half of tax filers said their refund would affect whether they could afford essentials.

But before counting your money, here are some tips to follow if you’ve waited until the deadline to file.

Tips to File Your Tax Refund On Time

Taxpayers who do not have an extension and fail to submit their 2024 tax return by April 15 will have to pay a penalty of 5% of the tax due each month the filing is late, up to 25%. There are additional penalties if you owe the government money and fail to pay.

The IRS provided some tips on how to file your taxes last minute, including:

• Utilize free filing services, such as IRS Direct File and IRS Free File. However, be aware that these services are only available to certain tax filers.
• You can access free IRS resources, including interpretation services, telephone and local assistance, and free help from IRS-certified volunteers.
• Some tax law questions can be answered by the IRS’ Interactive Tax Assistant tool.
• If you don’t think you’ll be able to file your taxes by the deadline, apply for an extension that gives you until Oct. 15. However, you still have to pay what you owe by the April deadline.
• Avoid common mistakes and errors on your tax return, such as misspelling names or providing inaccurate Social Security numbers.