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As the April 15 tax deadline draws near, the IRS is reminding taxpayers that there’s still time to file their federal income tax returns electronically and opt for direct deposit to expedite their refunds. The push for electronic filing comes with numerous benefits, aiming to streamline the process and reduce errors that can occur with manual entries.
The Benefits of Electronic Filing
Filing electronically is not only efficient but also more accurate. Tax software helps by calculating figures, flagging potential errors, and prompting users for missing information. Most taxpayers are eligible for free electronic filing, and when coupled with direct deposit, refunds are typically received within 21 days.
Tracking Your Refund
The “Where’s My Refund?” tool on the IRS website or the IRS2Go mobile app provides quick access to the status of your refund. Updates are typically available within 24 hours of electronic filing for the current tax year, and the tool refreshes daily.
Options for Taxpayers Owing Money
Taxpayers with a balance can avoid interest and penalties by ensuring they pay by April 15. For residents of Maine or Massachusetts, the deadline extends to April 17 due to local holidays. Payment options include:
- Direct Pay: From your bank account, free of charge.
- Credit/Debit Cards or Digital Wallets: Through authorized processors (processing fees apply).
- Electronic Federal Tax Payment System (EFTPS): Free phone or online tax payments.
- Electronic Funds Withdrawal: Available when filing electronically.
- Check/Money Order: Payable to the “United States Treasury.”
- Cash: Through retail partners, involving a four-step process (details on IRS.gov).
What If You Can’t Pay in Full?
If full payment is challenging by the deadline, the IRS recommends paying what you can and applying for an online payment plan, either short-term (up to 180 days) or long-term (up to 72 months). Details about these plans and associated costs can be found on the IRS website.
Extension to File
Taxpayers unable to meet the April 15 deadline can request an automatic extension through IRS Free File by submitting Form 4868. This extension grants additional time to file but not to pay taxes due, helping avoid some penalties.
Additional Resources and Support
For the most efficient access to tax-related information and resources, taxpayers are encouraged to utilize IRS.gov. The site offers 24/7 assistance, including tax tips and guidelines on various tax topics.
As the deadline approaches, the IRS emphasizes the importance of understanding your tax obligations and taking advantage of the numerous resources and filing options available to ensure compliance and maximize potential refunds.