ATLANTA — It's tax time in the U.S., and taxpayers are piling into postal offices to mail their returns to make sure they meet this year's April 18 deadline.
Here are some last minute tips for people who haven't filed their taxes yet.
How do I file my taxes for free?
According to its website, IRS Free File lets taxpayers prepare and file federal income tax returns online though a guided software. Get information on the IRS' website.
How do I file for an extension?
Taxpayers who need more time beyond the deadline can request an extension until April 18. Form 4868 can be filed through a tax professional, tax software or using IRS Free File. It's important to note that filing Form 4868 gives tax payers until Oct. 16 to file their 2023 return -- but does not grant an extension of time to pay taxes due.
"Taxpayers who aren't able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes. If they owe taxes, they should pay them before the due date to avoid potential penalties and interest on the amount owed," the IRS website states.
What happens if you file taxes late?
Taxpayers should avoid filing late because this comes with penalties.
And the amount of that penalty? According to the IRS, it's based on how late you file your tax return and the amount of unpaid tax as of the original payment due date. For a complete breakdown on how that is calculated, click here.
If you are being hit with a penalty for Failure to File, you will receive an notice or letter in the mail.
How long do I have to file my taxes if I live in a disaster-area?
For people who own businesses or live in a federally declared disaster area, they have a little longer to file their returns this year. For Georgians who live in the impacted areas, they will now have until Oct. 16 to do so.
Details on what they need to know are posted here.
How does the IRS payment plan work
Firstly, the IRS' time to collect is either suspended or prolonged while an payment plan is pending.
If approved, a fee will be added to your tax bill. For more information on the IRS payment plan, including costs and fees, click here.
Now, if your payment plan is not approved or even terminated, the running of the the collection period is suspended for 30 days.
You can appeal a rejection and the running collection period will be suspected by the time the appeal is pending to the date the decision becomes final.