The time for procrastinating is over. It’s time to file your taxes.
April 18 marks the deadline for taxpayers to file their annual returns. Tax Day is typically April 15, but because that date falls on a Saturday, and due to a Washington, D.C. holiday on Monday, the filing deadline was pushed to April 18.
As of April 7, the Internal Revenue Service has processed more than 101 million returns. The average refund to taxpayers is $2,878, down from $3,175 at the same time a year earlier.
The lower refunds are partially attributed to the elimination of key credits available to taxpayers last tax season.
Here’s everything you need to know if you still haven’t filed your taxes:
When are taxes due?
Taxes are due by April 18 since April 15 falls on a Saturday and Emancipation Day, a holiday observed in Washington, D.C., is April 17.
– Elisabeth Buchwald
What happens if you don’t file taxes on time?
Taxpayers who don’t file by the deadline face hefty penalties. According to the IRS, the “Failure to File” penalty is 5% of unpaid taxes for each month you don’t pay, but it won’t exceed 25%. And that doesn’t count any additional state penalties.
If you fail to pay taxes on time, the penalty is 0.05% of unpaid taxes for each month you don’t pay, with a 25% cap.
Quarterly tax payments are due when?
You may still be finishing up your 2022 tax year return, but the IRS reminds everyone that Tax Day, April 18, is also the deadline for first-quarter estimated tax payments for tax year 2023.
Those who are self-employed or in the gig economy need to make estimated tax payments. Investors, retirees and others often need to make these payments, too, because a substantial portion of their income is not subject to withholding.
If you don’t pay estimated taxes on time, you may be subject to penalties.
Will post offices stay open later on Tax Day?
Previous years, the U.S. Postal Service would keep post offices open longer on Tax Day for taxpayers who want to drop off their returns before the deadline.
This year, if you’re submitting a paper return, don’t expect post offices to maintain later hours.
“There are no plans to extend hours at any Post Offices across the country, especially since the IRS has given taxpayers until April 18, this year,” said USPS in a statement.
The IRS considers returns on time if they are postmarked on or before April 18. If your return is dropped off in a blue collection box or post office after the collection time, it will get postmarked with the next date.
For extra security, taxpayers can also get a certificate of mailing in case their return is lost or delayed to verify they mailed their return on time.
Visit the USPS website for details on operating hours for your local post office.
California tax deadline
If you live in parts of California affected by recent severe winter storms, flooding and other natural disasters, you have until October 16 to file your federal individual and business taxes.
For more details and other state deadlines, check here.
Should I file jointly or separately?
It’s the age-old quandary couples face each year because of the benefits and drawbacks that come with each option. A simple coin toss to decide which route to take could end up being more costly or cause you to miss out on hefty tax credits and deductions, leading to a smaller tax refund.
For instance, the standard deduction for married couples filing jointly is $25,900 this year versus $12,950 for separate filers. For newlyweds who aren’t yet homeowners this matters a lot since it likely makes more sense for them not to file an itemized return and take the standard deduction, says Tim Speiss, a certified public accountant and partner of EisnerAmper in New York.
Taxpayers who file jointly are eligible for more tax deductions and credits as married couples. For example, the Earned Income Tax Credit is generally only available to married couples who file jointly. The EITC enables low-income households to deduct as much as $6,935 off their taxes if they have three or more children.
– Elisabeth Buchwald
What time are taxes due?
We know Tuesday is the deadline, but what time exactly must you have returns submitted to the IRS? Taxes are due by midnight on April 18.
– Susan Tompor
When should you amend a return?
Sometimes, you file a return and then discover that you’ve made a mistake. Maybe you didn’t spot some paperwork, like a 1099 for a mutual fund held outside of a 401(k) plan. Or maybe it’s a ridiculous math error.
The IRS has a tool online to help you decide if you need to amend a return. Taxpayers can use the Should I File an Amended Return? tool at IRS.gov to help decide if they should correct an error or make other changes.
– Susan Tompor
IRS phone number to talk to a person
Have a last-minute tax question? Compared with the last few years, it may be easier to get help from a human as you scramble to file your returns today. With more workers and fewer layers of complexity this season, the IRS is better able to offer taxpayers help in a reasonable amount of time when they call the agency’s main helpline number.
Here’s the list of numbers to call.
Where can I file my taxes for free?
There are several services that offer free tax return prep, including IRS Free File, to file your federal return for free. Taxpayers must meet a certain income threshold to be eligible to use these services. For example, IRS Free File has an income cap of $73,000.
Why do I owe taxes this year?
One possible reason: The generous Advance Child Tax Credit and the recovery rebate credit on 2022 returns were eliminated for tax season.
Other factors, according to H&R Block, include whether you claimed unemployment during 2022, or if you took on any extra side jobs last year. Big life changes can also play a role in whether you get a refund – or you have to pay the IRS.
– Susan Tompor and Brett Molina
Tax Day deals 2023
Whether you’re getting a tax return or owe money, you can still take advantage of deals and freebies some restaurants and retailers are offering to mark the Tuesday tax return deadline. Promotions range from free shaved ice to discounted pizza and donuts to BOGO deals, so you can celebrate being done with your taxes.
– Amanda Pérez Pintado
Does it cost to file an extension on taxes?
It’s free to file for a tax extension. However, it only extends the deadline to file your return. If you owe the IRS money, you still have to pay by April 18.
How do I file a tax extension?
You can request an extension from the IRS, which gives you until October 16 to file your return. Look for Form 4868, available on most sites where you can file returns electronically. Residents of some states including Arkansas, Alabama and New York may be eligible for an extension if they lived near a disaster area.
Is the IRS website down?
As of Tuesday morning, the IRS website appears to be working as many taxpayers file their returns before the tax deadline.
More of your 2022 tax season questions answered
Follow Brett Molina on Twitter: @brettmolina23.