Last-Minute Tax Tips for Those Racing Against the Clock

With time running out, here are some tax tips for last-minute filers

Tax Filing Deadlines: What You Need to Know to Stay Ahead

As we approach tax day, the pressure is on for many Americans. The looming deadline can stir feelings of anxiety and procrastination, with recent surveys indicating that nearly one-third of taxpayers admit to delaying their tax filings. If you’re among those who have yet to file for the 2024 tax year, don’t panic! Extreme Investor Network is here to guide you through the process and ensure you maximize your benefits.

The Countdown to April 15

With less than 24 hours remaining until the April 15 tax deadline, it’s crucial to act quickly. If you haven’t filed your federal tax return or requested an extension yet, now is the time to do so. Procrastination can exacerbate stress— understanding this is key to effective tax management. As financial therapist Erika Wasserman puts it, "Delaying important tasks like filing taxes only compounds stress."

Don’t let the fear of the IRS or complicated tax forms hold you back. Filing your taxes is not just a legal requirement—it’s an essential step towards better financial health.

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Common Myths About Filing

With current staffing cuts at the IRS, some might believe that delaying their filing will shield them from scrutiny. However, tax experts caution against this logic. The IRS continues to perform routine compliance activities, which include matching your reported income against W-2s and 1099s. Ignoring your tax obligations can lead to unnecessary penalties and interest.

Filing for an Extension: Know Your Options

If you’re running out of time, filing for an extension can provide you with additional breathing room. As per the IRS guidelines, you can file an extension by April 15, allowing you to postpone your federal filing deadline to October 15. However, remember that this does not extend the deadline for tax payments; you still need to settle your tax dues by April 15 to avoid penalties.

For your convenience, you can easily submit your extension electronically through the IRS website. Opting for electronic payments not only reduces the risk of check theft—an increasingly common issue—but also gives you immediate confirmation that your payment has been received.

Provisions for Disaster-Affected Tax Filers

For those residing in disaster-stricken areas, the IRS offers automatic extensions on filing and payment deadlines. This year, taxpayers in several states, including Alabama, Florida, and Georgia, have until May 1 to file and pay. In particularly affected areas, such as Los Angeles County due to wildfires, the deadline extends to October 15. This relief can be a much-needed lifeline for those recovering from unforeseen hardships.

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For full details on tax relief options available, check out IRS.gov/disasterrelief.

Unclaimed Refunds: Don’t Leave Money on the Table

The deadline for claiming your refund for the tax year 2021 is rapidly approaching—April 15 is your last chance to file and potentially recover unclaimed funds. With benefits expanded during the pandemic, including the Recovery Rebate Credit and increased Child Tax Credits, this is an opportunity you don’t want to miss.

How to Check for Unclaimed Refunds:

  • Log in to your IRS account online.
  • Review your payment history and see if you are eligible for any unclaimed funds.

Don’t forget—if you filed a tax return in 2021, your family could receive up to $5,600, with two eligible dependents.

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Conclusion: Take Control of Your Taxes

Tax season doesn’t have to be synonymous with dread. By staying informed and proactive, you can navigate this crucial time effectively. Make sure to file your return by the deadline—if you need more time, file for an extension, but remember to pay any taxes due on time to avoid incurring penalties.

Stay informed, stay proactive, and take charge of your financial future with Extreme Investor Network. Join our community for more detailed insights and resources tailored to help you manage, grow, and protect your wealth for years to come.

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Your financial well-being is our priority, and together, we can turn tax season into an opportunity for growth!