If you’ve glanced at the filing extension countdown in the ol’ tax blog’s right column, you know time is running out to file your extended tax return.
The incessantly ticking clock isn’t a reason to panic. It is, however, a reminder that you don’t want to push that Oct. 15 deadline. The Internal Revenue Service doesn’t give you any more time to file your Form 1040.
So, you should be thinking about finishing up that paperwork now.
Here are some tips to help.
Gather your filing documents. This shouldn’t be too much of a problem. You probably used the material to do a down-and-dirty look at your 2023 tax liability so you could send in what you estimated you’ll owe when you filed for the extension.
But you also probably haven’t looked at it for a while, so go through it again to make sure you have everything you need. This checklist can help.
Decide how you’ll file. If you’re like most taxpayers, you’ll prepare your taxes using software and then e-filing your material. You can do it yourself, using software you buy or that’s available online at the manufacturer’s website. Or you can still use one of the eight companies that are participating in the IRS Free File program this year.
Free File is open to eligible taxpayers, generally those whose adjusted gross income is $79,000 or less, through the Oct. 15 extension deadline.
Get professional tax help. If you’re not comfortable doing your taxes yourself, find a tax professional who can help. It could be a bit more difficult to find paid tax help after the main tax season, which wrapped up on April 15, ends. Like the rest of us, many take well-deserved breaks or are finishing up extensions for the clients that hired them earlier in the year.
But you still have options. The IRS’ searchable online directory can help you find preparers in your area who hold professional credentials recognized by the IRS, or who hold an Annual Filing Season Program Record of Completion. You also can check the professional organizations to which many tax preparers belong.
Get help from a trained volunteer. If you can’t afford to pay a tax pro, look into one of the IRS-approved volunteer tax prep options. Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals. This generally covers people who generally make $60,000 or less; persons with disabilities; and limited English-speaking taxpayers.
There aren’t as many VITA or TCE sites open after Tax Day, but there are some. You can locate one near you by using the IRS' VITA Locator Tool or calling toll-free (800) 906-9887.
Have a bank account for your refund. If you don’t have a bank account, open one so that your refund can be sent there. Opening a financial account where your refund can be directly deposited will mean you’ll get your money more quickly.
And yes, people who are due refunds also, and often, do get filing extensions.
In addition to being a quicker way to get your refund, direct deposit also is a safer delivery option than a snail mailed paper Treasury check.
Figure out how you’ll pay what you owe. If you miscalculated your tax liability earlier this year when you got an extension and didn’t send the IRS enough money with your Form 4868, you’ll have to pay up now.
This is another reason you don’t want to wait until the October due date. Penalty and interest charges have been and will continue to accrue until the IRS gets your Form 1040.
If you owe a lot more than you expected, pay what you can. Then look into the payment options offered by the IRS.
Make sure Oct. 15 is your deadline. Some taxpayers who filed for an extension don’t have to meet the October deadline. They have even more time. But the reason for their extended tax filing extension is not an enviable one. They live in a major disaster area.
Currently, extension filers in 15 states and a U.S. territory have new deadlines to complete their 2023 returns. The dates and disaster area locations are —
- Nov. 1, 2024, for disaster-area taxpayers in Arkansas, Florida, Iowa, Kentucky, Mississippi, Oklahoma, Texas, and West Virginia.
- Feb. 3, 2025, for affected filers in Kentucky, Florida, Georgia, Minnesota, Missouri, North Carolina, Puerto Rico, South Carolina, South Dakota, Texas, U.S. Virgin Islands, and Vermont.
The links to the states and Puerto Rico have more information on these disaster tax relief specifics. You also can find information on the most recent tax relief for disaster situations at IRS.gov.
Since hurricane season tends to heat up in September, the listed areas above are a good reminder that now is the time to get ready. And yes, some of the areas that have already received tax relief likely could be in another disaster area later this year.
You also might find these items of interest:
- Tax Forms 2024
- 9 ways to make tax filing easier
- Natural Disasters: Preparing for, dealing with, and recovering from Mother Nature's catastrophes
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