Doing your taxes can sound like a daunting task, but it doesn’t need to be! Tax season is filled with lots of different forms and charts, but you can handle it with the help of an accountant or guidebook. However, there is one aspect of doing your taxes you don’t need to worry about: it’s the deadline.
There’s no hard-fast rule about the last day to do your taxes – you can fill out your taxes anytime between January 1st and April 15th.
Here are some tips about how to get started.
When Is the Last Day to Do Your Taxes?
The last day to submit your taxes is April 15th. This date marks the end of the filing season and is the final deadline for filing federal taxes. After this date, taxpayers may still file their taxes with the IRS, but they will be subject to penalties, interest, and possibly insufficient funds surcharges.
To avoid these issues, taxpayers should submit their taxes as soon as possible or consider filing for an extension. Taxpayers who receive an extension must file their tax return by October 15th or else face a failure-to-file penalty.
Startanexchange.com also has some useful resources to help you stay on track with your tax filing. They offer a range of tax-filing tools, including online tax-filing services, online calculators, and more.
What Are the Penalties for Filing Taxes Late?
If you fail to complete your taxes by the April 15th deadline, there are serious penalties that you could be subjected to.
Your first penalty is that you will probably face a late fee of 5% of the taxes due for every month you are late in filing. You may owe additional interest costs on top of that late penalty because any taxes due will accrue interest. Finally, if you are more than 60 days late, you could face a minimum penalty of $210 or 100% of the taxes due.
This can quickly add up to a substantial financial penalty. It is best to avoid such penalties and complete your taxes by April 15th.
How to File Your Tax Return Last Minute?
Filing your tax return last minute can be stressful, but the good news is that you still have time! The IRS deadline for individuals to file their tax return or request an extension is April 15th. If you are filing an extension, it should be done by this date as well.
If you owe money, the IRS expects payment by the deadline, even if you have an extension. This will reduce the amount of interest and penalties you may owe. After April 15th, late filing penalties may be imposed, and any refund you are due could be delayed, so it’s important to file your return as quickly as possible.
Last Day to Do Your Taxes: Everything You Need to Know
The last day to do your taxes is April 15th. Don’t miss this important deadline! Make sure to get your taxes done in advance, so you can avoid filing an extension and any other associated penalties. Get started today and give yourself plenty of time to finish.