April 15 is here and that means millions of consumers are still scrambling to get everything together so that they can submit their annual tax filings to the IRS before the deadline. However, many may not make it to that point, and that can significantly increase their financial burdens overall.
Anyone who doesn't think they're going to be able to file on time - before midnight on April 15 - will face an additional fee on top of whatever other costs they have to deal with as a result of their normal liabilities, according to a report from the Huntsville Times. Fortunately, those people will have the option to request a free extension from the IRS through its Free File program - available to those making $58,000 annually or less - up until that date.
However, it's important to note that consumers still have to get in their payments as of that April 15 deadline, meaning that they'll have to mail checks regardless of whether they're applying for an extension, the report said. But once that payment is made, the filing itself can still be altered, and as such it might allow consumers to get a refund back in something resembling a timely fashion.
What else can help?
When consumers have had their extension requests approved, they can go about the work of dealing with finding all the deductions and allowances that might be able to help them significantly reduce their liability, the report said. The more of these breaks they can find, the more significant their savings, or even their refunds, will likely end up being overall.
Of course, when these people need help, they might want to turn to trusted tax professionals, who may be able to help them identify a number of benefits that may be available to them, but which they didn't know about or weren't certain applied to them. The more assistance that's given in this regard, the greater chance to not only see greater financial benefit, but also avoid potential filing problems that could complicate their chances of receiving refunds in a timely fashion, or even trigger an audit from the Internal Revenue Service.
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