Latest news with #4868
Yahoo
15-04-2025
- Business
- Yahoo
When is the tax deadline in Wisconsin? Here's what happens if you file late
Millions of Americans are expected to file their federal and state tax returns by the April 15 deadline, according to the IRS. However, if you're running late, you can still file an extension to avoid late fees from the federal government. Here's what you need to know about filing your taxes in Wisconsin, plus how to check the status of your refund. The deadline to file your state and federal income tax return is April 15, 2025. If you're unable to file your tax return by the April 15 deadline, you can apply for an extension. Here's how to file an extension, according to the IRS: You can electronically request an automatic tax-filling extension through IRS Free File by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Make an electronic payment using Direct Pay, debit card, credit card or digital wallet and specify the payment is for an extension. Mail Form 4868 by the tax deadline. If you don't file your tax return by the due date, including extensions, you will receive a penalty from the IRS, according to its website. The IRS will send you a notice or letter if you owe the penalty. The amount depends of the type of tax return you file. For individuals and most business tax returns, the penalty is 5% of the tax due for each month or partial month the return is late. The penalty accrues up to a maximum of 25%. You have several options to file your state return, some of which won't cost you. WisTax is the state's free software for filing state income taxes. It uses your My Tax Account profile. If you opt for the IRS' Direct File program, federal form information will transfer into WisTax. You also won't need to attach forms like W-2s, 1099s or your federal return to state taxes. The Department of Revenue recommends waiting until your federal return is accepted before beginning your Wisconsin return. If your federal return gets rejected, you might have to update your state return, which can't be done through WisTax. In this case, you'd need to use third-party software, a paper form or find a tax professional. Those who don't qualify for Direct File might still be eligible to use WisTax. You can view eligibility information on its website. If you filed state taxes electronically in Wisconsin, then you should receive your refund in less than three weeks, according to the Wisconsin Department of Revenue. Paper tax returns, meanwhile, can take longer to process. The DOR says its safeguards against fraud and errors could delay paper refunds for up to 12 weeks. You can check the status of your Wisconsin state tax refund online on the state's portal. RELATED: Where's my tax refund? Is my deposit delayed? How to check federal, state refund status in Wisconsin Hope Karnopp contributed to this report. This article originally appeared on Milwaukee Journal Sentinel: What time are taxes due on April 15? What happens if you file late?
Yahoo
14-04-2025
- Business
- Yahoo
When are taxes due? Here's the last day to file, how to file an extension before Tuesday
Still haven't filed your taxes for 2025? Not sure if you're getting a refund? You'll need to file soon. According to IRS data, the bureau expects nearly 140 million Americans to file taxes. But when will that check or direct deposit arrive? Will there be delays? Here is what you need to know about tax deadlines, how to check your refund status, and when to expect your return. The deadline to file taxes is Tuesday, April 15, 2025. Tax Day is the next business day if April 15 falls on a Saturday, Sunday, or legal holiday. Americans residing overseas have an extended deadline of June 16, 2025 to file. The IRS clarifies that the timestamp in your time zone when submitting your electronic return determines its timeliness. For those submitting paper returns, the IRS will consider them on time if they are correctly addressed, have sufficient postage, and are mailed and postmarked by the due date. For electronic filers, the deadline is 11:59 p.m. local time. Need more time? According to the IRS, there are three ways to get an extension to file your tax return. Use Free File (no income limit for extensions): Use IRS Free File to electronically request an automatic tax-filing extension. Request an extension by mail: File Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. You can file by mail, online with an IRS e-filing partner or through a tax professional. Estimate how much tax you owe for the year on the extension form: Subtract the taxes you already paid for the filing year. Pay online and check the box: Pay what you owe using an online payment option and check the box that you are paying as part of filing for an extension. You don't have to file a separate extension form and you'll receive a confirmation number of your extension for your records. You may get an automatic 2-month extension if you're a U.S. citizen or resident alien on the regular due date of your tax return and living out of the country. On the site, taxpayers who filed their returns can see their refund status on the "Where's My Refund?" tool. To see the status, you must enter the following information: Your Social Security or individual taxpayer ID number (ITIN) Your filing status The exact refund amount on your return Once the information is entered, you will see one of the following: Return Received – The IRS received your return and are processing it. Refund Approved – The IRS approved your refund and are preparing to issue it by the date shown. Refund Sent – The IRS sent the refund to your bank or you in the mail. It may take five days for it to show in your bank account or several weeks for your check to arrive in the mail. The timeline for your refund depends on how you filed the tax you file electronically, your return is processed much faster than if you file a paper return and wait for a check. According to the , most refunds are issued in less than three weeks. The IRS advises taxpayers not to depend on receiving a refund by a specific date, particularly when making significant purchases or paying bills. Some returns may need further review, which could take more time. There is a bevy of reasons why a tax return gets delayed. Here are the most common reasons, as per the IRS: The return has errors, is incomplete, or is affected by identity theft or fraud. The return needs a correction to the child tax credit or recovery rebate credit amount. The return has a claim filed for an earned income tax credit or additional child tax credit or includes a Form 8379, Injured Spouse Allocation PDF. The time it takes a taxpayer's bank or credit union to post the refund to the taxpayer's account. This article originally appeared on Austin American-Statesman: Tax Day 2025: Taxes are due Tuesday. Here's how to file an extension Sign in to access your portfolio
