As of the end of March, 48% of Americans had not yet filed their taxes, according to a Trust Pilot survey. H&R Block Chief Tax Officer Kathy Pickering joins Wealth! to help last-minute filers ensure they avoid IRS penalties and submit on time.
Pickering’s message to filers: if you haven’t started yet, start now. As the deadline approaches, many filers may be considering an extension, but Pickering says Americans often confuse what an extension can offer them: "An extension to file your tax return is not an extension to pay your taxes due," she emphasizes.
Because the IRS processes tax returns on a "first in, first out" basis, Americans expecting a refund should file soon, Pickering says. If not, she adds, filers should expect delays to their refund. If filers are still struggling to get their documents in order, Pickering recommends paying at least 90% of what they paid in taxes last year to avoid late payment fees from the IRS.
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