Tax Day 2023: Extensions, Free Tax Prep, and What You Need to Know

Discover key details for Tax Day 2023, including extensions and free tax preparation services. Get all the essential information you need.

The April 15 tax-filing deadline is rapidly approaching, and millions of Americans are scrambling to submit their income tax returns. The Internal Revenue Service expects nearly 129 million returns to be filed by Tax Day, with over 19 million requests for extensions anticipated. As the clock ticks down, it’s essential to understand your options and the resources available to help you navigate this critical financial task.

Filing for an Extension

For those who need more time to complete their tax returns, an extension can be requested using Form 4868. This grants taxpayers until October 15 to file their return. However, it’s crucial to note that an extension does not provide additional time to pay any taxes owed. Payments are still due by April 15 to avoid penalties and interest.

The IRS offers several payment options, including Direct Pay from a checking or savings account, credit cards, debit cards, and digital wallets. For those unable to pay the full amount, short-term and long-term installment plans are available, depending on the amount owed. It’s important to consider the specific penalties and fees associated with each payment method and plan.

Free Tax Preparation Assistance

For those who need help preparing their tax returns, several free options are still available. The IRS Free File program provides free online tax preparation for taxpayers with an adjusted gross income of $79,000 or less. This program partners with various tax-software providers to offer eligible taxpayers access to free tax prep services.

In-person assistance is also available through programs like the IRS Volunteer Income Tax Assistance program. These programs offer free tax preparation help to individuals who generally make $60,000 or less, persons with disabilities, and limited English-speaking taxpayers. Volunteers are trained and certified by the IRS to provide this valuable service to their communities.

Avoiding Last-Minute Mistakes

While the pressure to meet the April 15 deadline can be intense, experts caution against hastily filing returns. Rushing through the process can lead to errors, missed deductions, and incomplete information, all of which can potentially delay refunds and cause unnecessary stress.

To ensure a smooth and accurate filing process, taxpayers should take the time to carefully review their returns and gather all necessary documentation. By double-checking your work and utilizing the available resources, you can minimize the risk of mistakes and maximize your potential refund or minimize your tax liability.