It’s tax day. You still haven’t submitted your application? Tips for Getting an Extension and More

Editor’s note: This is an updated version of an article that first appeared on April 13.

CNN
—

It’s April 15, otherwise known as “Tax Day” in the United States.

While the IRS has already received the majority of 2024 federal tax returns typically filed before Tax Day — 101.422 million as of April 4 to be precise — U.S. tax filers are expected to send tens of millions more by today.

But the agency also expects to receive millions more returns in the coming months because of automatic extensions granted by the IRS to people living in federally declared disaster areas. Currently, all residents and businesses in seven states have already received filing and payment extensions, in addition to people living in certain areas of other states. More on this below.

Additionally, millions of individual filers have requested – or will request today – automatic six-month filing extensions because they will miss the April 15 deadline.

If you’re eager to file your return today – or think you won’t make it on time – here are some last-minute tips to keep in mind.

If you’re starting cold, make sure you gather all the documents you’ll need to file your return. You will want to look for tax return forms from your employer (one W-2 for your income) or your customers if you are self-employed as a freelancer or entrepreneur (A 1099-NEC Or 1099-MISC).

You might even get a 1099-K from any payment apps you use like Venmo if you received payments for your goods or services. If you receive income distributions from an IRA or pension, you should have a 1099-R.

Also look for other 1099 forms from your bank and brokerage for other types of income you received during the year (for example, interest, dividends, and capital gains).

All of these forms will have been sent to you by mail, electronically or both.

Also consider any major changes to your life in 2024 that could affect your taxes, either through new tax breaks or new types of reportable income — for example, if you got married, had children, received alimony, started a small business on the side, bought or sold a home, inherited an IRA, or collected unemployment benefits.

Most filers now take the standard deduction – a flat amount you deduct from your income ($14,600 for single and married filers filing separately; $29,200 for married couples filing jointly; and $21,900 for head of household filers).

But if the standard deduction is less than the total value of the itemized deductions you’re eligible for (e.g., state and local taxes, mortgage interest, charitable contributions, etc.), you I would perhaps like to elaborate.

If you do so, gather the documents you will need to support these inferences (for example, a Form 1098 for mortgage interest from your lender, charitable contribution receipts, etc.).

Speaking of deductions, if you’re eligible to deduct contributions to a tax-deferred traditional IRA, you can set aside up to $7,000 ($8,000 if you’re 50 or older) before 11:59 p.m. on April 15 and still have it count as your 2024 contribution.

Since it’s an “above the line deduction,” you’re allowed to take it even if you claim the standard deduction. Here are the eligibility rules if you have a retirement plan at work And if you don’t.

If you have a fairly simple tax situation with a household income of less than $250,000 and you take the standard deduction and only a handful of primarily family-related credits, you may be eligible to use the standard deduction. Free IRS Direct File Program. (Here is how to know if this would be right for you.)

Direct File is currently available in 25 states: Alaska, Arizona, California, Connecticut, Florida, Idaho, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Hampshire, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, State of Washington, Wisconsin and Wyoming.

The program works on mobile phones, laptops, tablets or desktop computers. And it will also help you file your state income tax return.

You can also file for free using one of the many private sector tax preparation software programs IRS approved programs. These free deposit options, however, are intended for those whose adjusted gross income is $84,000 or less. Other eligibility criteria may apply.

Whether you prepare your return yourself, work with a tax preparer, or use Direct File, you always want to double-check that everything is correct in your return before submitting it. Silly little mistakes – getting the number wrong, misspelling your name, selecting the wrong filing status, etc. – can hold up processing your return. And if you’re owed a refund, these errors could delay that money arriving.

If possible, file your return electronically, which is generally considered more secure and faster, depending on the Taxpayer Defense Service.

Although April 15 is the deadline for most U.S. filers, there are some groups of filers whose official due date is later this year, such as people living and working in certain countries. federally declared disaster areas. This now includes all residents and businesses operating in seven states: Alabama, Arkansas, Florida, Georgia, North Carolina, South Carolina And Tennessee. It also includes some U.S. citizens live abroad; And military personnel stationed outside the United States or in a combat zone.

But if you’re not in any of these groups and you really can’t file your taxes today, do these three things before 11:59 p.m. local time tonight:

1. Submit a request automatic six-month deposit extension here.

2. If you think you still owe the IRS money for tax year 2024, it must be paid by Tuesday, even if you request a filing extension. One way to determine if you still do is to multiply your 2024 income by 20% and make sure you’ve already paid that amount, according to Tom O’Saben, director of tax content at the National Association of Tax Professionals. If not, send the difference to the IRS.

3. Send this payment no later than 11:59 p.m. tonight. If you send it by mail, do it by certified mailyou will therefore have confirmation that it was sent and received. If you can’t pay everything you owe, pay as much as you can before April 15, then explore various payment agreements you can do with the IRS.

If you don’t file a return and haven’t requested an extension — or if you don’t pay the rest of what you owe the IRS for 2024 today — you may be subject to a failure-to-file penalty equal to 5% of the balance you owe plus interest for each month you don’t file; and/or a default penalty equal to 0.5% of what you owe plus interest each month until you pay in full.