For individual taxpayers and businesses that requested an extension to file their federal taxes, critical deadlines are fast approaching. September 15, 2024, is the final day for S Corporations to file their extended returns, and October 15, 2024, is the last day for individual filers. There’s no advantage to waiting until the deadline, so those who have their documentation ready should file now to avoid any last-minute stress or potential penalties. Below are important reminders to keep in mind as you prepare to file.
1. S Corporation Extension Deadline: September 15, 2024
S Corporations that requested an extension for their federal tax returns must file by September 15, 2024. Missing this deadline could result in penalties, so it’s essential to complete and submit the necessary forms by this date. Make sure to gather all business-related documentation and ensure that your return is accurate to avoid any issues with the IRS.
2. Individual Taxpayer Deadline: October 15, 2024
Individual taxpayers who received an extension have until Monday, October 15, 2024, to file their federal tax returns. Filing promptly, rather than waiting until the deadline, allows time to address any unexpected issues and ensures compliance with IRS requirements.
Taxpayers in federally declared disaster areas may have more time to file, depending on their location and situation. The IRS regularly updates its website with the latest information on disaster-related tax relief, so it’s important to stay informed.
3. Use IRS Free File to E-File for Free
Eligible taxpayers can use the IRS Free File program, which remains available until October 15, 2024. E-filing is the most accurate and efficient way to submit your return. It also helps determine eligibility for valuable tax credits and deductions. Filing electronically ensures a quicker process and can help avoid common errors that may occur with paper filings.
4. Access In-Person Help from the IRS
For those who require assistance with their tax returns, IRS Taxpayer Assistance Centers are available by appointment. You can schedule an appointment by calling 844-545-5640. Before visiting, check IRS.gov for the nearest office location, hours of operation, and the services offered. In-person help can be particularly useful for resolving specific tax questions or concerns.
5. Free Local Tax Preparation Programs
For taxpayers who meet certain qualifications, the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free tax preparation services. These programs can assist with basic tax returns for:
- Individuals earning $60,000 or less.
- Persons with disabilities.
- Limited English-speaking taxpayers.
If you qualify, these programs can help you ensure your tax return is accurate and submitted on time.
6. Get Refunds Faster with Direct Deposit
For those expecting a refund, filing electronically and opting for direct deposit is the quickest and safest way to receive it. This method reduces the risk of errors and ensures that refunds are processed and received without unnecessary delays.
7. Payment Options for Those Who Owe
If you owe taxes but are unable to pay the full balance by the deadline, it’s important to pay as much as you can to reduce the impact of interest and late payment penalties. The IRS provides options for setting up a payment plan, which can be done directly on IRS.gov. This allows you to manage your tax obligations in a structured way and avoid additional penalties.
Don’t Wait – File on Time
Whether you’re preparing to file by the September 15 deadline for S Corporations or the October 15 deadline for individual taxpayers, taking action now will help ensure compliance and avoid penalties. Filing electronically through IRS Free File, seeking in-person help from IRS offices, and utilizing available payment options are all essential steps in meeting these deadlines.
If you need assistance or have questions about your tax filing, we’re here to help guide you through the process and ensure that everything is filed accurately and on time.