Categories: USA News

IRS Reminder: April 15 Tax Deadline Approaching – File for Free and Save

As the April 15 tax deadline approaches, the IRS is urging taxpayers to take advantage of IRS Free File, a program that helps eligible filers submit their returns at no cost. With just weeks left before the due date, now is the time to gather documents, review deductions, and file accurately to avoid penalties.

This comprehensive guide covers everything you need to know about filing taxes before the deadline, including eligibility for Free File, key tax changes for 2024, and FAQs to simplify the process.

Why the April 15 Deadline Matters

The IRS requires most taxpayers to file their returns by April 15, 2024, unless they request an extension. Missing the deadline can result in penalties and interest on unpaid taxes. However, filing for free through the IRS Free File program can help taxpayers save money while meeting their obligations.

Key Dates for 2024 Tax Season

April 15, 2024: Deadline for filing federal tax returns or requesting an extension.
October 15, 2024: Extended deadline for those who file Form 4868.

How to File for Free with IRS Free File

The IRS Free File program offers free tax preparation and e-filing for taxpayers with an adjusted gross income (AGI) of $79,000 or less in 2023. Partnering with leading tax software providers, the program ensures accurate, secure, and cost-free filing.

Who Qualifies for Free File?

Individuals with an AGI of $79,000 or less.
Active-duty military personnel with an AGI under $79,000.
Those who qualify for the IRS Free File Fillable Forms (no income limit, but basic knowledge of tax filing is required).

Steps to Use IRS Free File

Visit IRS.gov/FreeFile and select a tax software provider.
Follow the guided process to enter income, deductions, and credits.
Review and submit your return electronically.
Receive confirmation from the IRS via email.

Tax Changes for 2024 You Should Know

This year, several tax adjustments could impact refunds or liabilities:

1. Increased Standard Deductions

Single filers: $14,600 (up from $13,850 in 2023).
Married filing jointly: $29,200 (up from $27,700).

2. Revised Tax Brackets

Due to inflation, income thresholds for tax brackets have increased by about 5.4%, potentially lowering tax bills for some filers.

3. Enhanced Child Tax Credit (CTC)

While the maximum $2,000 per child remains, more families may qualify for partial refundability.

4. Retirement Contribution Limits

401(k) contributions increased to $23,000 (up from $22,500).
IRA contributions now max out at $7,000 (up from $6,500).

FAQs: Last-Minute Tax Filing Questions

1. What if I Miss the April 15 Deadline?

Filers who miss the deadline should file as soon as possible to minimize penalties. Those owing taxes may face late-filing fees (5% per month) and interest.

2. Can I Get an Extension?

Yes, filing Form 4868 grants an October 15 extension, but taxes owed must still be paid by April 15 to avoid penalties.

3. What Documents Do I Need to File?

W-2s or 1099s for income.
Receipts for deductions (charitable donations, medical expenses).
Previous year’s tax return (for reference).

4. How Can I Track My Refund?

Use the IRS “Where’s My Refund?” tool at IRS.gov/refunds for real-time updates.

5. Is Free File Safe?

Yes, IRS Free File partners use encryption and security measures to protect taxpayer data.

Tips for a Smooth Tax Filing Experience

File early to avoid last-minute errors.
Double-check personal details (SSN, bank info) to prevent delays.
Consider direct deposit for faster refunds (typically within 21 days).
Consult a tax professional if you have complex filings (self-employed, investments).

Final Thoughts: Don’t Wait Until April 15!

With the tax deadline fast approaching, using IRS Free File can save time and money while ensuring compliance. Whether you’re expecting a refund or owe taxes, filing early reduces stress and avoids penalties.

Visit IRS.gov/FreeFile today to get started—and cross tax season off your to-do list!

By following this guide, taxpayers can confidently navigate the April 15 deadline while maximizing savings. Remember: File early, file for free, and stay ahead of the tax rush!

Vansh Baghel