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With the federal tax deadline looming on April 15, tax professionals are urging last-minute filers to take immediate action. According to the IRS, all returns must be submitted electronically or postmarked by 11:59 p.m. in the taxpayer’s local time zone to avoid penalties.
Filing on time is especially critical this season, as taxpayers who fail to meet the deadline could face steep consequences. The IRS imposes a monthly 5% late filing penalty on unpaid balances, and the current interest rate is 7% annually. Tax experts caution that these penalties can escalate quickly if returns are ignored.
“I’ve seen some people take up to 30 hours just because the understanding of tax law is confusing,” said one tax professional, emphasizing the urgency of getting started without delay.
For taxpayers unable to file by April 15, filing for an extension is an option—but it doesn’t exempt them from paying what they owe. “There is a penalty for underpayments if you have over $1,000 or more. It’s called an ‘underpayment penalty,’” the expert explained.
Those short on funds can apply for installment agreements through the IRS, allowing payments over up to 18 months. Still, professionals strongly recommend making a partial payment before the deadline. “It’s encouraged to pay as soon as possible to avoid additional penalties and interest or consequences,” said the same source.
Major life changes in 2024, such as marriage or the birth of a child, can also complicate returns. These adjustments may impact deductions, credits, and filing status, so taxpayers experiencing such changes should allow extra time and consult a professional if needed.
Whether expecting a refund or facing a payment, the advice remains consistent—file sooner rather than later. For official guidance, taxpayers are encouraged to visit IRS.gov, where forms, payment options, and extension tools are available to help avoid common pitfalls this tax season.
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