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The April 15, 2025, deadline to file 2024 federal income tax returns (Form 1040) is approaching. The IRS has reported a 1.7% decrease in tax filings compared to last year, making it essential for taxpayers to file on time or request an extension if needed.
Key Tax Filing Facts
- In 2023, 163 million tax returns were filed, with 17% submitted after the deadline.
- Filing an extension (Form 4868) grants an additional six months to file, but it does not extend the deadline to pay taxes owed. Interest and penalties may apply if payments are late.
- IRS staff reductions could delay processing, making early filing advisable.
Should You File for an Extension?
Many taxpayers request extensions due to missing documents, complex tax situations, or personal circumstances such as illness or travel. Filing an extension does not increase the likelihood of an audit. However, tax professionals recommend paying at least the estimated tax amount owed to avoid penalties.
Final Advice
To avoid penalties and interest, taxpayers should file their returns or request an extension by April 15, ensuring that any taxes owed are paid on time.
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