Nobody likes to get letters from the IRS, much less statements involving fines. Both are easily avoided.
The IRS provides multiple ways to file before the April 18th deadline this year. Here’s what you need to know:
* Eligible individuals and families who earned $73,000 or less in 2022 can use IRS Free File, available only on IRS.gov, to electronically file their taxes.
* All taxpayers, regardless of income, who need more time to file a return can use IRS Free File as an easy and quick way to electronically file for a six-month extension before April 18, 2023. An extension will help to avoid penalties and interest for failing to file on time, and gives taxpayers until Oct. 16, 2023, to file. However, they still must pay what they owe by the April 18 deadline.
* Except for eligible victims of recent natural disasters who have until Oct. 16 to make various tax payments, taxpayers who can’t pay the full amount of taxes they owe by April 18 should file and pay what they can to reduce total penalties and interest.
Of course, the best way to avoid trouble is to file online. Again, the IRS has a number of tools to help you. An IRS Online Account provides access to important information when preparing to file a tax return, pay a balance or follow up on notices. Taxpayers can view their:
- Adjusted Gross Income.
- Payment history and any scheduled or pending payments.
- Payment plan details.
- Digital copies of select notices from the IRS.
My best advice is to not wait until the last minute to file. Get your forms together and be organized.
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