Overview

• The April 15 deadline marks the last day for most Americans to file their 2024 tax returns or request an extension, but taxes owed must still be paid by this date to avoid penalties.
• Taxpayers who cannot pay in full are urged to file their returns on time and set up payment plans to reduce penalties and interest, which accrue daily on unpaid balances.
• Residents in federally declared disaster areas, including Florida, Georgia, and California, have received automatic deadline extensions, with some states given until May 1 or later to file and pay.
• The IRS emphasizes electronic filing and payment methods like Direct Pay and Direct File to expedite processing, reduce errors, and ensure timely refunds.
• Failure-to-file penalties are 5% per month on unpaid taxes, capped at 25%, while failure-to-pay penalties are 0.5% per month, with interest currently at 7% compounded daily.