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2w ago

IRS Urges Timely Tax Filing as April 15 Deadline Nears

With two days remaining, taxpayers are advised to file on time, pay what they can, and explore payment plans to minimize penalties.

The Treasury Inspector General for Tax Administration found that 879,415 high-income individuals who didn’t file returns cumulatively failed to pay $45.7 billion in taxes from 2014 to 2016 and that the agency hasn’t tried to collect from many of those taxpayers. (AP Photo/J. David Ake, File)
Haven't started doing your taxes yet despite the fast-approaching April 15 deadline for many US tax filers? There's still time to get organized and get them done — or at least to file for an automatic extension and pay whatever else you owe the IRS by Tuesday.
[CNBC] Can’t pay your taxes by April 15? You have options, IRS says
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Overview

  • April 15 marks the federal tax filing and payment deadline for most U.S. taxpayers, with penalties for late filing and payment accruing monthly.
  • The IRS emphasizes filing on time, even if the full tax balance cannot be paid, to avoid the higher failure-to-file penalty of 5% per month.
  • Payment plans are available for taxpayers unable to pay in full, including short-term plans for balances under $100,000 and long-term plans for balances under $50,000.
  • Special filing extensions are granted to military personnel stationed abroad, expatriates, and residents of federally declared disaster areas.
  • Free filing options, such as the IRS Direct File program and approved software, are accessible to taxpayers with simpler tax situations or lower incomes.