The longer you wait to file, the bigger the interest penalty. Filing as soon as possible will reduce what you owe in interest. Although you may have a penalty for filing late, your penalty will be smaller than if you don’t file at all. If you didn’t file an extension in April you’ll have a failure-to-file and a failure-to-pay penalty. If you owe money, you’ll want to file as soon as you can to avoid a bigger failure-to-pay penalty. The IRS states they will issue nine out of 10 tax refunds within 21 days or less from acceptance. E-file with direct deposit is the fastest way to get your tax refund. If you mail in your tax return, it will take the IRS longer to receive and process your return. Plus you will also receive acknowledgement of receipt of your return. E-file allows your tax return to be received and processed by the IRS quickly and easily. Use E-file with Direct DepositĮven though you missed the deadline, you can still go online and e-file your taxes conveniently with TurboTax. You also need to file if you received an advanced premium tax credit to help you pay for health insurance in the Health Insurance Marketplace. Even if you made under the IRS income threshold for filing ($12, 950 single, $2 5,900 married filing jointly for 2022 ), you should still file a tax return if you had federal taxes withheld from your paychecks or you are eligible for tax credits like the Earned Income Tax Credit. Every year the IRS reports over $1 billion dollars in unclaimed tax refunds.
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