ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning. This is Daniel de Visé with your Daily Money, Sunday Tax Edition. |
On Sundays up to April 15 -- tomorrow -- we've been walking you through what's new and newsworthy in Tax Season 2024. |
Tax Day is here. What if you still haven't filed your return? |
Here are some tips for tax procrastinators, straight from the IRS: |
File your taxes electronically |
The IRS considers e-filing the safest, fastest and easiest way to submit a tax return. Any taxpayer can e-file. |
An incorrect, illegible or missing Social Security number can delay or diminish a refund, the IRS says. Check and recheck identification numbers for everyone listed on your return. |
Check the math on your tax return |
Especially if you are filing a paper return, review your numbers. Make sure you have correctly calculated your refund, or how much you owe. |
It's easy to grab the wrong figure from a long list of numbers. Check the IRS tax table to make sure you are reporting the correct amount of tax due for your taxable income and filing status. |
This might seem obvious, but don't forget to properly sign and date your tax return. If you are filing jointly, both of you must sign, even if only one of you reported income. If you used a tax preparer, they, too, must sign. |
Follow the IRS mailing instructions |
If you're sending a paper check to the IRS, make it payable to United States Treasury. Enclose it with, but don't attach it to, the return or payment voucher. |
The IRS advises that the check should include "the Social Security Number of the person listed first on the return, daytime phone number, the tax year and the type of form filed" – if you can find the space for all that. |
If you're mailing a paper return, make sure you are using the correct IRS mailing address. There are several. |
Pay your taxes electronically |
If you owe taxes, the IRS considers electronic payment a safe, convenient and secure method. Taxpayers may pay by electronic withdrawal or use a credit or debit card. |
Can't get your return in by April 15? You can file an extension, giving you six more months. But remember: An extension to file is not an extension to pay. If you owe, you could face late-payment penalties. |
"To make the extension fully effective, you should pay what you owe" by April 15, said Chester Spatt, a professor of finance at Carnegie Mellon University. |
Don't know what you owe? "Guestimate on the high side," he said. |
This has been a special Sunday Tax Edition of The Daily Money. Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | What does an audit mean? In 2022, the odds were 0.38%. Take these steps to avoid an audit by the IRS, but here's what to do if you do get the notice. | | | |  | Married couples should consider popping this question: To file separately or jointly? Some couples could get a bigger tax refund together, others not. | | | | A tax extension will give you a few more months to file your taxes. | | | | With Tax Day approaching, here's a sobering thought: The average American pays $524,625 in taxes in their lifetime, according to a new study. | | | | Half of Americans will claim parents as dependents this tax year, a poll says. Inflation fueled the trend as fewer seniors can afford life on their own. | | | | Your refund check has arrived. You've already spent it, or saved it, several times over, but only in your head. Now, you must decide what to do. | | | | State tax deadlines are fast approaching. Here are some credits to help you save | | | | 2023 US federal tax bracket guide: Which tax bracket am I in for 2023? What are the new IRS tax brackets for 2024? | | | | Ghost tax preparers are among the top 10 scams to watch for this tax season. Here are signs your preparer is a fraud and how to avoid these scammers. | | | | You might not have to worry about paying a tax bill this year if you qualify for the Saver's Credit. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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