Time is running out for Americans to file their 2024 federal taxes on April 15. The IRS allows taxpayers until 11:59 p.m. in their local time zone to submit returns, but experts warn that waiting until the last minute can lead to mistakes and delays. Tax accountant Travis Belton emphasizes the importance of starting early and being prepared, especially if your tax situation is more complex this year due to major life events like marriage, childbirth, or changes in income.
“There is a penalty for underpayments if you have an amount of over $1,000 or more,” said Travis Belton, owner of Your Tax Partners U.S.
For those unable to meet the deadline, filing for an extension is an option, but it doesn’t mean you can delay payment without consequences. Belton cautions that while extensions give you more time to submit paperwork, any unpaid taxes will still accrue fees and interest.
“Installment agreements are usually supposed to be up to 18 months and be split up over time,” said Belton.
If you’re facing financial hardship and can’t afford to pay the full amount owed, the IRS offers payment plans through their website. Still, they recommend paying as much as possible upfront to reduce long-term costs. The agency also reminds taxpayers to double-check their information and take advantage of any available credits or deductions to avoid overpaying.
