You can usually access your refund status about 24 hours after e-filing or four weeks after mailing in a return. The IRS website features a handy web-based tool that lets you check the status of your refund (electronic or paper). You may also incur a late-payment penalty, which is 0.5% of the taxes due for each month your return is late, with penalties increasing to up to 25% of your unpaid tax, depending on how long you take to file. The late-filing penalty is 5% of the taxes due for each month your return is behind, with fees increasing to up to 25% of your due balance after 60 days have passed. If you owe the IRS money, however, penalties and interest start to accrue on any remaining unpaid taxes after the filing deadline. Still, it's best to e-file or postmark your individual tax return as early as possible. If you're owed a refund, there is no penalty for filing federal taxes late, though it may be different for your state taxes.
"Make sure you've gotten your 1099 and know what you're going to be dealing with." What happens if I miss the tax deadline? "Knowledge is always a good thing to have," Burhmann said.
FEDERAL EXTENSION FOR BUSINESS TAX RETURN HOW TO
"And it gives you time to figure out how to pay - whether that means getting a loan, putting it on credit cards or something else."īut even if you're not filing immediately, you should prepare your taxes as soon as possible. "It gives you a bit more time to hold onto your money," eMoney Advisor's Burhmann said. If you owe money, though, you might want to wait until closer to the deadline. "From a planning perspective, the IRS likes that." If you have all your paperwork in order, and you're getting a refund, then it makes sense to file as soon as possible, Joe Burhmann, senior financial planning consultant at eMoney Advisor, told CNET. "The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don't face processing delays," IRS Commissioner Chuck Rettig said in a statement.Įxperts agree direct deposit is the fastest way to get your refund from the IRS. But the agency has also warned about delays in processing returns, especially as the 2022 tax season introduced major tax changes like stimulus payments and an expanded child tax credit. The IRS has already processed more than 70 million returns for fiscal 2021 and issued nearly 52 million refunds. If you file electronically and choose direct deposit, the IRS says you can expect it within 21 days, assuming there are no problems with your return. Your state may have a different tax deadline than the IRS does.
An extension just gives you more time to complete your return. Keep in mind that filing an extension doesn't push back when you need to pay the IRS: To avoid late penalties, you still need to submit an estimate of what you owe. 17, 2022, to file a completed 2021 tax return. 19, if you live in Maine or Massachusetts). You still have to submit your request for an extension by Apr.
What's the deadline for filing an extension? 18 deadline).Ĭheck with your state department of revenue for the most current information and deadlines. (Tennessee, which also only taxes investment income, adheres to the Apr. Note: New Hampshire doesn't tax earned income but it does tax investment income and dividends, so residents may still need to file a state return. 18 deadline, though there are some exceptions below. Of the 43 states that levy income tax, most follow the federal Apr. In addition, if you're serving in the military abroad, including in a combat zone or as part of a contingency operation in support of the US Armed Forces, you may be granted additional time to file your return. An extended May 16 deadline is limited to affected counties, though, which can be found on the IRS' page on tax relief in disaster situations. The IRS has also announced extended federal tax filing deadlines for victims of winter storms in parts of Tennessee, Illinois and Kentucky, and victims of wildfires in Colorado.
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