The IRS tax-extension deadline is here: What to know

Taxpayers have until the end of the night Monday to meet the IRS deadline for filing a late tax return.

Those who miss the deadline and requested an extension to file their 2022 tax return could start to incur penalties if they do not get their taxes filed before the clock strikes midnight.

Here are some things to know if you have not filed your 2022 tax return:

How do I file my 2022 tax return?

Taxpayers can file their returns up until Monday’s midnight deadline.

Qualifying taxpayers can use the IRS Free File feature that allows taxpayers with an adjusted gross income of $73,000 or less to use a guided tax preparation software that prepares and files their tax returns.

Those with an income greater than $73,000 can use the IRS’s free fillable forms, which are electronic federal tax forms equivalent to the paper 1040 form.

How do I pay my federal taxes?

The IRS offers multiple avenues to pay federal tax payments that are available up until the Monday deadline. Those include:

• Electric payment: Taxpayers who use online tax softwares are able to pay online upon filing. The IRS advises those with a tax preparer to have the preparer make the tax payment through an electronic funds withdrawal from a bank account.
• IRS Direct Pay: This IRS feature allows users to pay their taxes for Form 1040 series, estimated taxes and other related forms directly online using their checking or savings bank accounts.
• By card: Taxpayers can make payments with a credit card, debit card or a digital wallet option using a third-party payment processor. The processor charges a $2.20 fee for debit card transactions and 1.85 percent for credit card payments with a minimum fee of $2.69.
• IRS2 Go: The IRS2Go mobile app gives taxpayers mobile-friendly options, including Direct Pay and debit and credit card payments.
• Electronic Federal Tax Payment System (EFTPS): The Treasury Department offers this free system that allows taxpayers to make payments online or by phone. However, if you fall under the Oct. 16 deadline, this option is no longer available, as payments must be scheduled by 8 p.m. EST or at least one calendar day before the tax filing due date.

Do I have additional time to file?

Certain areas covered by Federal Emergency Management Agency (FEMA) disaster declarations may have additional time to file. Those taxpayers and their respective deadlines include:

1. Those affected by flooding in Illinois and Alaska have until Oct. 31 to file.
2. Those impacted by flooding in Vermont have until Nov. 15 to file.
3. Those impacted by natural disasters in California have until Nov. 16 to file.
4. Those impacted by natural disasters, including the wildfires in Hawaii and Hurricane Idalia in parts of Florida, South Carolina and Georgia, have until Feb. 24, 2024, to file various individual and business tax returns.

Other areas may be eligible for tax relief provisions as well. A full list that is regularly updated by the IRS can be found on the agency’s website.

Members of the military and others serving in a combat zone also have extensions that typically include 180 days after they leave combat zones, according to the IRS.

The IRS noted that individuals and businesses in parts of Alabama and Georgia have payments due Monday, after the normal April 18 due date was postponed due to natural disasters earlier this year.

What are the IRS’s late penalties?

Those who do not meet the deadline could be faced with two IRS penalties.

Failure to pay penalty: This penalty applies to those who do not file their tax returns by the due date. The penalty is a percentage of the taxes you did not pay on time. Those who owe the penalty will be sent a notice or letter from the IRS.

Failure to file penalty: This penalty applies to those who do not pay the tax you report on your tax return by the due date or approved due date. The penalty includes a percentage of the taxes you failed to pay. Those who owe this penalty will also receive an IRS notice or letter.