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 is the deadline to file taxes?
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.
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.