The Brian Lehrer Show
Procrastinators Guide to Tax Filing
Apr 14, 2025
Andy Phillips, vice president of the Tax Institute at H&R Block, shares invaluable tax filing insights just before the April 15th deadline. He emphasizes the importance of timely submissions to avoid penalties and guides listeners on when to seek professional help. The discussion includes solutions for missing W-2 forms and the significance of filing even without obligations. Additionally, Andy addresses IRA contribution deadlines and tips for assessing the reliability of tax auditors, making tax season much less daunting!
13:07
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Quick takeaways
- Timely filing of tax returns is crucial to avoid penalties, and extensions do not alleviate the necessity of payment by the deadline.
- Determining whether to file taxes independently or seek professional help is influenced by the complexity of one's tax situation and significant life changes.
Deep dives
Understanding Tax Filing Deadlines
Federal and state tax returns are due on April 15th for most Americans, which necessitates timely filing to avoid penalties. A critical point is that filing an extension only allows for more time to submit the tax return, not to make any necessary payments. Individuals expecting a refund generally are not subject to late fees, but those who owe money must calculate their payments and submit them by the deadline. To avoid hefty penalties, it is imperative to file on time, and if needed, individuals can seek installment payment agreements later.
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