April 15 is here, and that means one thing—it’s Tax Day. The Internal Revenue Service (IRS) is urging taxpayers to file their 2024 federal returns now to avoid penalties and ensure timely refunds. Here’s a comprehensive guide on how to file, claim any remaining stimulus money, and what to do if you can’t pay your tax bill in full.
Still Time to File Electronically and Get Your Refund Fast
Taxpayers have until midnight to submit their federal tax return. The IRS recommends e-filing with direct deposit to speed up refund processing, which typically takes 21 days or less.
Key benefits of electronic filing:
- Fewer errors: Tax software checks for common mistakes.
- Free options available: Most taxpayers qualify for free federal e-filing.
- Direct deposit refunds: Fastest way to receive your money.
IRS Free Filing Tools:
- IRS Free File: For those with AGI of $84,000 or less.
- Free Fillable Forms: For any income level; DIY electronic filing.
- IRS Direct File: Available in 25 states—file directly with the IRS.
- VITA & TCE Programs: Free help from IRS-certified volunteers.
- MilTax: For military members and some veterans, no income limit.
Deadline to Claim the $1,400 Stimulus Check Is Also Today
Today is also the final day to claim the 2021 Recovery Rebate Credit, which includes the $1,400 third-round stimulus check.
If you didn’t file taxes for 2021 but were eligible, you must file today to claim it. The money will otherwise go back to the U.S. Treasury.
Who qualifies:
- Individuals with AGI under $75,000 in 2021.
- Married couples with AGI under $150,000.
- Those who didn’t file in 2021 or didn’t claim the credit.
You’ll need your W-2 or income statements from 2021 to complete the return.
How to Check Your Refund Status
The Where’s My Refund? tool on IRS.gov lets filers track the status of their return within 24 hours of e-filing. The same tool is available via the IRS2Go mobile app.
Required Info:
- Social Security Number
- Filing status
- Exact refund amount
Note: Paper return status updates may take up to four weeks.
Owe Taxes? Here’s How to Pay Today
To avoid penalties and interest, the IRS advises taxpayers to pay any owed balance by April 15—even if they can’t pay in full.
Payment options:
- IRS Direct Pay: Direct from your bank account, no fees.
- IRS Online Account: Manage balances, view history, make payments.
- Credit/Debit Cards: Via IRS-authorized processors.
- Electronic Federal Tax Payment System (EFTPS): Online or phone.
- Electronic Funds Withdrawal: When e-filing with tax software.
- Check or Money Order: Payable to “United States Treasury.”
- Cash via Retail Partners: Requires extra steps—start early.
Can’t Pay in Full? Payment Plans Are Available
If full payment isn’t possible today, the IRS recommends setting up a payment plan online:
Options include:
- Short-term plan: For balances under $100,000, pay within 180 days.
- Long-term plan: Monthly payments for balances under $50,000.
While interest continues to accrue, penalties may be reduced if a payment plan is in place.
Missed the Deadline? File for an Extension Today
Need more time to file? You must request an extension by tonight:
Ways to get a filing extension:
- File Form 4868 via IRS Free File.
- Make an electronic payment marked for extension.
- Mail Form 4868, postmarked by April 15.
⚠️ Note: An extension gives you more time to file, not to pay. You still must estimate and pay taxes due today to avoid penalties.
Penalties for Late Filing or Payment
Missing today’s deadline without an extension may trigger:
- Failure-to-file penalty: 5% of unpaid taxes per month, up to 25%.
- Failure-to-pay penalty: 0.5% per month, max 25%.
- Daily interest: Currently at 7%, compounded daily.
If you’re due a refund, there’s no penalty for late filing—but you’ll lose it forever if you don’t claim it within three years.
Final Reminder: File Something, Pay Something
Even if you can’t pay your full tax bill, submitting your return today and paying what you can will limit penalties and interest.
As finance expert Kevin Thompson said:
“The only break? If you file on time and set up a payment plan, the failure-to-pay penalty drops to 0.25% per month.”
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