What, Me Worry? Last-Minute Taxes
According to the Internal Revenue Service, 20-25% of all Americans wait until the last two weeks before the deadline to prepare their tax returns. At that late date, there are only two things you can do: File your taxes pronto, or request a tax extension.
When a significant natural disaster hits – such as a hurricane, earthquake, tornado, flood, wildfire, blizzard, or the like – the IRS will extend upcoming federal tax deadlines for affected taxpayers if a federal disaster is declared. The extended due dates apply to most federal tax returns and payments, including those for income taxes (including estimated tax payments), payroll taxes, and excise taxes. If you’re impacted by a natural disaster, check our IRS Disaster Relief page to see if you qualify for an automatic tax filing or payment extension.
Key Takeaways
- To avoid scrambling at the last minute, keep important documents—including receipts, Form W-2, Form 1099-INT, Form 1098, and Mortgage Interest Statement—in one place.
- Make sure you have the Social Security numbers for yourself, your co-filer (if you’re filing jointly), and all dependents you are claiming on your return.
- You can use the TurboTax Tax Preparation Checklist for an easily-printable list of documents to collect before preparing your taxes.
- Filing your taxes electronically can help you file a more accurate tax return, receive a refund faster, and be able to meet the tax deadline.
It's time to get them done
According to the Internal Revenue Service, 20-25% of all Americans wait until the last two weeks before the deadline to prepare their returns. At that late date, there are only two things you can do: File your taxes pronto, or request an extension.
Not that there’s anything inherently wrong with waiting.
- If you owe taxes, you might want to earn interest on your money right up until the minute before it departs your bank account.
- Maybe you've been too busy with your business to keep track of the time.
- Or maybe you just plain forgot.
Whatever the reason, to avoid scrambling at the last minute, experts recommend preparing in advance by keeping yourself organized year-round with all-important documents—including receipts—maintained in one place.
Organization is key
Having everything in one place—even if it’s just a shoebox—will help make preparation of your income tax return easier. Some of the documents that might be required to complete the process include:
- Form W-2 (your employer is required to mail the form, which shows your earnings and taxes withheld, by Jan. 31)
- Form 1099-INT, for interest earned, such as from a savings account
- Form 1098, Mortgage Interest Statement, which shows mortgage interest paid on a loan for your own home
- Receipts for all purchases and payments, including those for business, healthcare and education
You will also need your Social Security number and, if you are filing jointly, you will need the Social Security number of your co-filer. Social Security numbers are also required for all listed dependents for whom you are claiming on your return.
It also helps to have a checklist of deductions that you might forget in your rush to file your return. Check out our Tax Preparation Checklist for an easily-printable list of documents to collect before preparing your taxes.
File faster online
Once you're ready, experts recommend filing your taxes electronically. Doing so can mean a more accurate tax return, a faster refund and—if every minute counts—the luxury of last-minute filing. Since 1990, nearly 1 billion tax returns have been filed, according to the IRS. The majority of individual taxpayers—70%—file electronically, either on their own or using a tax preparer.
TurboTax makes it easy to prepare and file your taxes online, which is the fastest way to get your money if you’re expecting a tax refund.
TurboTax Tip:
To request an extension for filing your return, file IRS Form 4868 by the tax deadline. The form is available at IRS.gov. The IRS typically grants extensions automatically.
Avoid last-minute mistakes
The biggest problems with tax returns are often the easiest to prevent because they usually occur through carelessness. Even the simplest mistakes, however, can delay a refund.
The three most common mistakes made by flustered filers are:
- math errors (easily prevented with a calculator or tax software)
- incorrectly written Social Security numbers (be sure to proofread)
- failure to sign or date the tax return
Extending the inevitable
To request an extension for filing your return, use Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, which is available for download at IRS.gov. Extensions are generally granted automatically and you don't have to explain in your initial request why you are seeking one. The only requirement is that the extension request has to be filed no later than midnight on April 15, 2025 for 2024 taxes.
Again, TurboTax can help here. You can file a tax extension for free using TurboTax Easy Extension. It only takes a few minutes to get a few months of extra peace-of-mind.
Each year, approximately 7% of U.S. taxpayers—around 8 million people—request an extension. There is one caveat:
- An extension of time to file is not an extension of time to pay taxes owed, so be sure to pay your estimated balance—or as much of it as possible—even if you request an extension.
- Form 4868 offers a variety of payment options. You can use a calculator like TaxCaster to estimate the taxes you may owe.
If you’re worried that you can’t pay what you owe, the IRS recommends filing your taxes or extension request and then calling to discuss setting up a payment plan. The IRS also offers a payment agreement application on its website.
No matter what the reason for the wait, taxes don’t have to bring hesitation. Stay prepared year-round, consider filing online, and get familiar with the automatic extension form to avoid seasonal panic. Then sit back and welcome spring.
Last-Minute Tax Fun Facts
Question: Does your filing date determine whether you receive a refund?
Answer: Your filing date does not affect whether you are entitled to a refund. According to the IRS, however, over 70% of tax returns filed before April 1 receive refunds, while 61% of late filers end up owing money.
Want to know when your refund's coming?
Find out at IRS.gov or check your e-file status here with TurboTax.
With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish. Or, get unlimited help and advice from tax experts while you do your taxes with TurboTax Live Assisted.
And if you want to file your own taxes, you can still feel confident you'll do them right with TurboTax as we guide you step by step. No matter which way you file, we guarantee 100% accuracy and your maximum refund.
