File electronically to avoid errors and delays, consider payment plans for tax debts.
Deep dives
Tax Filing and Extensions
Deadline approaching, tax columnist Michelle Singletary advises on accurate filing and extension options. Procrastinators facing IRS fear are urged to file electronically to avoid common math errors and delays. Direct filing pilot programs with the IRS simplify returns for individuals in specific states with straightforward tax situations aiming for expansion.
Dealing with Tax Debts
Financial advice columnist Michelle recommends payment plans for tax debts and navigating IRS negotiations. Payment agreements can range from short-term options to longer repayment plans up to five years. Avoiding financial advisory scams, Michelle emphasizes direct communication with the IRS for feasible debt repayment strategies.
Tax Refunds and Financial Management
Michelle advocates against relying on tax refunds, discouraging interest-free loans to the government. Instead, consider using refund amounts for high-interest debt payments or investment opportunities. Planning the use of refunds strategically for emergency funds or debt reduction is advised for effective financial management.
The tax filing deadline is less than a week away. Personal finance columnist Michelle Singletary answers your last-minute tax questions and offers advice on what to do if you need more time to file.
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The deadline for most taxpayers to file a federal tax return is Monday, April 15. If you haven’t filed yet or have some lingering questions about the 2024 tax season, don’t panic. Personal finance columnist Michelle Singletary is here to put your mind at ease and help make sure you don’t end up in hot water with the IRS.
You don’t have to feel intimidated by tax season and the IRS. There are things you can do to make filing easier. If needed, you can file for an extension or enlist the help of a trusted tax professional for some of those tricker circumstances.
Today’s show was produced by Charla Freeland. It was mixed by Sean Carter. It was edited by Maggie Penman with help from Ted Muldoon.