Latest news with #IRSFreeFile
Yahoo
15-04-2025
- Business
- Yahoo
Taxes are due today. Need more time? Here's how to get an extra six months through the IRS
It's Tax Day 2025, the final day to submit your tax returns to the IRS. Can't meet this year's Tax Day deadline? April 15 is the last day taxpayers can ask the IRS for additional time. Here's how to request a tax filing extension through the IRS. The deadline to submit your tax returns is today, April 15. But if you need more time, you can request an extension. The IRS says that a tax filing extension guarantees the taxpayer six more months to file, moving the deadline to Oct. 15. IRS Free File is one of the easiest ways to request an extension, but taxpayers should still pay taxes owed by April 15 to avoid penalties (the IRS can help you see what you might owe). An extension to file is not an extension to pay. You could be subject to penalties and interest if you don't file your taxes by the April 15 deadline. Even after Tax Day, the IRS recommends filing as soon as possible to minimize penalties, especially if you owe money. If you're expecting a refund or don't owe money on your taxes, there's no penalty for filing after the April 15 deadline, but the IRS says taxpayers due a refund should still consider filing as soon as possible. The IRS has these tips for filing with the Tax Day 2025 deadline looming: File your taxes electronically. The IRS says IRS Free File or IRS Direct File are the best options for electronic filing. They likely lead to fewer mistakes and are the quickest way (along with electronic deposit) to get your refund. Request an extension by April 15. Anyone can use IRS Free File to submit an extension, regardless of income. Remember, an extension of time to file is not an extension of time to pay. Make sure your return is accurate. Before filing, double-check that everything is correct, from your address to signing your returns to any figures and identification numbers. It's recommended to take your time to avoid common mistakes. For anyone needing last-minute tax filing help, the IRS has filing information for individuals as well as businesses and self-employed people available on Those who e-filed tax returns should receive a refund about one month or less from the filing date, according to the IRS. You can typically check your refund status soon after you file using the Where's My Refund tool, downloading the free IRS2Go mobile app or calling 800-829-1954. The refund tracker displays three status types: Return received: The IRS has received and is processing your tax return. Refund approved: If the return is complete and accurate, the IRS will approve and prepare to issue a refund. Refund sent: The refund was sent to your bank or the IRS sent a check through the mail. A refund status will appear 24 hours after you e-file a current-year return, three to four days after e-filing a prior-year return, or four weeks after you file a paper return. Typically, it takes up to 21 days to process an e-filed return, or longer for amended returns and returns sent by mail. The IRS recommends direct deposits as the fastest way to get your refund, rather than a mailed paper check that can take weeks to arrive. This article originally appeared on The Columbus Dispatch: Tax Day 2025 deadline is today. How to request more time from the IRS
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
15-04-2025
- Business
- Yahoo
Haven't filed your taxes yet? Here are some helpful tips
DES MOINES, Iowa — The countdown is on for Americans to file their taxes, as federal taxes are due on Tuesday. While the IRS says more than 101,000,000 Americans have already filed for the 2025 season, some will wait until tax day. If you're someone who hasn't filed yet, you still have time to do so. Mail-in taxes need to be postmarked by Tuesday, and you have until 11:59 p.m. Tuesday to file online. But, if people think they won't be able to file in time, experts say you can request an extension. More thunderstorms expected in Iowa Monday, later this week 'If you do feel like, for whatever reason, you just can't file your taxes by the end of the day tomorrow, you can file an extension. Now, filing an extension is rather easy as well. The IRS, you can go to their direct pay service and if you owe taxes you can pay, and then just click the box that says I want to file an extension and that will automatically file an extension for you. This means you still have to file your taxes, but you have an extra six months to file your taxes,' said Loren Merkle, Founder and CEO of Merkle Retirement Planning. Failure to file or request an extension can result in fees, penalties, and interest on taxes. Merkle says if your taxes are simple and you feel confident in filing them on your own, it's easy to do so online. 'To make it simple, if you do file taxes on your own, the IRS has created a free website for you to file directly with them, it's called IRS Free File. They do make it pretty simple. While you don't get advice and consultation of using a CPA or tax preparer if you're doing it yourself and you're confident in what you're doing it's a free service,' said Merkle. While Federal taxes are due Tuesday, Iowa state tax returns are due April 30. Iowa News: Iowa State University Insect Zoo to close Local parents pushing for change in student abuse investigations in Iowa school districts Haven't filed your taxes yet? Here are some helpful tips Man who shot at Iowa police officers sentenced after pleading guilty WATCH: Which Hawkeyes and Cyclones are bound for NFL? Draft Day Preview Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
12-04-2025
- Business
- Forbes
$1,400 Stimulus Check IRS Payment: Here's How To Claim It
$1,400 Stimulus Check IRS Payment With only a few days remaining, those eligible for the $1,400 stimulus check IRS payment must act fast. As I wrote in a previous Forbes post, most eligible individuals have already received their payment; however, you may still be eligible if you meet two conditions. First, you qualified for the $1,400 third stimulus check back in 2021. Second, you have not yet received the payment either as a stimulus check, a payment from the IRS, or a credit on your taxes. For those who qualify, claiming the $1,400 now requires filing (or amending) a 2021 tax return to include the Recovery Rebate Credit. File a 2021 Tax Return if You Haven't Already: This is non-negotiable. You must submit a 2021 Form 1040 (or 1040-SR for seniors) to claim the credit, even if you have little or no income and don't usually file taxes. The IRS explicitly urges eligible non-filers to file a return by April 15, 2025, to get their $1,400 credit. You can file electronically or by paper; if your income is low, you can use IRS Free File for 2021 through certain providers. Remember that April 15, 2025, is the last day; afterward, 2021 refunds are forfeited. Gather Proof of What You Received (if anything): When preparing the return, you'll need to indicate how much (if any) third stimulus payment you already got to calculate the credit accurately. The full amount for most was $1,400 per person. The IRS sent out Letter 6475 in early 2022, detailing how much they received from the third stimulus. You can also visit the IRS Get My Payment tool to confirm whether you received a stimulus check in 2021. Find that letter, or check your IRS online account to see what's recorded. You can claim the difference as a credit if it says you got $0 (or less than you should have). Calculate and Claim the Recovery Rebate Credit: On the 2021 return, there is a line for the Recovery Rebate Credit. If you use tax software, it will ask questions about your stimulus payment and help you figure out the credit. If you were eligible for $1,400 (plus $1,400 for each eligible dependent) and didn't receive it, you claim that exact amount as a credit. This credit will increase your tax refund (or reduce any tax due) dollar-for-dollar. Most eligible people who missed the stimulus will end up with a $1,400 refund check per person once they file since the credit is refundable. Already filed 2021 but missed the credit? If you did file a 2021 return but, for example, left the credit off by mistake, you have two possibilities. First, if you filed the 2021 tax return before the end of 2024, check if the IRS already caught it. According to an agency news release, the IRS automatically paid out $2.4 billion in January of this year to individuals who did not claim the Recovery Rebate Credit but had filed their 2021 tax returns. However, the IRS has emphasized that there is no automatic payment for those who missed the stimulus check-in 2021 because they didn't file a 2021 tax return. If you filed your 2021 return but didn't get an automatic payment and believe you should have, you might need to file an amended 2021 return (Form 1040-X) to claim the credit correctly. The IRS has information on how to do this, but the priority is to file an original return (for non-filers) by the deadline. Watch Out for Scams: Be aware the IRS is not sending text messages or emails to claim stimulus money – any unsolicited message about a 2025 stimulus check is likely a scam. To get your legitimate $1,400, file a real tax or amended return. Do not trust anyone who asks for personal info or fees to process your stimulus. After filing, eligible taxpayers can expect to receive the stimulus check as part of their tax refund. According to the IRS, any refund (including the Recovery Rebate Credit) can still be issued if you file by the deadline. If you miss the April 15, 2025 window, however, the window closes – the law won't allow the IRS to issue the 2021 credit after that date. In short, act now, or you will lose $1,400 for good.
Yahoo
11-04-2025
- Business
- Yahoo
Many Americans qualify to file federal taxes for free online. Here's how
The deadline for filing federal tax returns for tax year 2024 is April 15, 2025. If you haven't filed yet, you might be able to do so for free online through the IRS Free File portal, which offers pathways for U.S. taxpayers to submit their federal tax documents online and at no cost using guided tax preparation — either at an IRS partner site or by filling out forms online for themselves. (Both options are only for federal taxes, though some partners may also offer free or paid state filing options.) IRS Free File is a nonprofit, public-private partnership between the IRS and the Free File Alliance, a coalition of tax preparation and filing companies, to provide free federal tax preparation in two ways. The service may be used to prepare taxes only for the current year, as only registered tax preparers can file for the previous two tax years. Individuals who qualify for the guided tax preparation must have an adjusted gross income of $84,000 or less for tax year 2024. (AGI is defined as gross income minus adjustments to income, according to the IRS.) This option connects taxpayers with companies belonging to the Free File Alliance to prepare and file federal taxes online at no cost to qualifying taxpayers. Taxpayers whose adjusted gross income was over $84,000 in 2024 can use the fillable forms online through the IRS website. These include federal tax forms like 1040, used for individual income tax returns. Qualified taxpayers may file these forms themselves using the form instructions and IRS self-help guides available on the website. After determining the correct income bracket, taxpayers can choose either the IRS Free File or Free Fillable Forms option. Taxpayers with an AGI of $84,000 or less can begin the filing process at the website — users won't be able to get the free file option directly from affiliated companies' websites. Filers should only use companies verified by the IRS that are linked directly to the website. A redirection link will take the filer to a partner website for account creation. The IRS Free File offer can be viewed in greater detail on the IRS website. Incomes above $84,000 are still eligible for the Free File Fillable Forms option, which requires that taxpayers fill out and file the forms themselves. There is no tax preparation guidance, and only limited calculations are provided. It is recommended that users familiarize themselves with IRS forms, instructions and publications. The following documents are required to file annual federal taxes using the free programs, according to the Free File webpage. Personal information A copy of last year's tax return in order to access AGI. Valid Social Security numbers for oneself, one's spouse and any dependents, if applicable. Income and receipts for: Social Security benefits. Unemployment compensation. All receipts pertaining to a small business, if applicable. Income receipts from rental, real estate, royalties, partnerships, S corporations and trusts. Other income documentation W-2s showing annual wages from all employers. Form 1099-INT showing interest paid throughout the year. Form 1099-G showing any refund, credit or offset of state and local taxes. Forms 1099-DIV and 1099-R showing dividends and distributions from retirement and other plans paid during the year. Filers with health insurance purchased through the Health Insurance Marketplace will also need: Form 1095-A Health Insurance Marketplace Statement. (For more information see Affordable Care Act tax provisions.) Form 8962, Premium Tax Credit. Instructions for filing electronically When self-preparing taxes and filing electronically, filers must sign and validate their electronic tax return. Verify identity using last year's AGI or last year's self-select signature personal identification number. Have a valid email address so that the IRS may verify it has received the filing. The IRS notes that individual information is protected when it is sent to the IRS or its partner companies, who are not allowed to disclose or use tax return information for reasons other than filing taxes. All entities are also subject to Federal Trade Commission Privacy and Safeguards Rules, as well as the IRS e-file regulations. Users are encouraged to peruse the IRS Free File information page. If more time is needed, qualified filers may also ask for an extension to file, pushing back the deadline to Oct. 15, 2025. About Form 1095-A, Health Insurance Marketplace Statement | Internal Revenue Service. Accessed 11 Apr. 2025. About Form 1099-DIV, Dividends and Distributions | Internal Revenue Service. Accessed 11 Apr. 2025. About Form 1099-G, Certain Government Payments | Internal Revenue Service. Accessed 11 Apr. 2025. About Form 1099-INT, Interest Income | Internal Revenue Service. Accessed 11 Apr. 2025. About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc. | Internal Revenue Service. Accessed 11 Apr. 2025. About Form 8962, Premium Tax Credit | Internal Revenue Service. Accessed 11 Apr. 2025. About Form W-2, Wage and Tax Statement | Internal Revenue Service. Accessed 11 Apr. 2025. About the Free File Alliance | Internal Revenue Service. Accessed 11 Apr. 2025. Affordable Care Act | Internal Revenue Service. Accessed 11 Apr. 2025. Definition of Adjusted Gross Income | Internal Revenue Service. Accessed 11 Apr. 2025. File an Extension through IRS Free File | Internal Revenue Service. Accessed 11 Apr. 2025. File for Free with IRS Free File | Internal Revenue Service. Accessed 11 Apr. 2025. Free File Fillable Forms | Internal Revenue Service. Accessed 11 Apr. 2025. IRS Free File | Internal Revenue Service. Accessed 11 Apr. 2025. IRS Free File: Do Your Taxes for Free | Internal Revenue Service. Accessed 11 Apr. 2025. Understanding Tax Return Preparer Credentials and Qualifications | Internal Revenue Service. Accessed 11 Apr. 2025. Validating Your Electronically Filed Tax Return | Internal Revenue Service. Accessed 11 Apr. 2025.
