Tax Day 2024: Last-minute filing tips
If you haven’t filed your tax return yet, we have some tips to help last minute filers make the deadline.
HOUSTON - If you haven’t filed your tax return yet, we have some tips to help last minute filers make the deadline.
If you’re filing your tax return today, or filing an extension, there are important things to know.
Those filing an extension still must pay their estimated taxes. There are tax estimate calculators online that can help, including this one from H&R Block.
Remember the penalty for not filing a return is ten times higher than the penalty for not paying your taxes.
The penalty for failure to pay is 0.5% of what you owe every month.
The penalty for failure to file and pay is 5% of what you owe per month.
SUGGESTED: Here’s how to get an extension
If you are filing your tax return online at the last minute, double check that it's been accepted.
"For those who file a return right up to the deadline, you’ll want to watch to make sure you get confirmation that your return was accepted. What happens if you e-file at 11:50, and you say, OK, I got it done, and you’re just done with it? When your return is rejected, you only have a couple of days to correct that return and resubmit it, or it’s considered not timely filed. And once that deadline passes, you cannot file an extension," explained Manny Dominguez with H&R Block.
Tax Day: Advice if you haven't filed yet
Rebekah Howard, owner of Howard Certified Public Accountants, shares advice for the tax deadline.
Another tip, he points out, is for people who fail to claim the Earned Income Tax Credit, which can actually put thousands of dollars in the pockets of people who qualify.
"Where we see the biggest gap is that folks who have some income and don’t meet the filing requirement, so they think I’m not going to file taxes because I don’t owe anything. That is a big population of those who leave that credit on the table," said Dominguez.
FILE PHOTO. The top of a form 1040 individual income tax return. (Photo by Tim Boyle/Getty Images)
Texas is one of 12 states where you can file fast and free through Direct File if you have a simple tax return.
If you earned under $79,000, you can also file using Free File.
You'll find links to both on IRS.gov.
