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One option per the IRS –
Pay online and click on extension. Taxpayers simply pay what they owe using an online payment option, then click on extension as the reason for the payment. The taxpayer will receive a confirmation number of their extension for their records. There’s no need to file any additional forms.
https://www.irs.gov/payments
The failure to pay penalty is 0.5% per month. The failure to file penalty is 5.0% per month. Both are typically capped at a maximum of 25%. Just a word to the wise.
If you owe big bucks pay as much as you can now with your extension to help keep interest and penalty as small as possible. If you overpay you can choose to apply all or part of your over payment to your 2025 taxes when you file your 2024 return.
As of 12/31/2024 you can not longer purchase electronic I-Bonds with your federal tax over payment.
Most tax preparers will take this April 16 off. If you will use a preparer they will appreciate you not waiting until near the 10/15/2025 extended due date, for individuals, to get your preparer your tax information and electronically file your return(s).
Help your preparer, and yourself, by completing any tax organizer they provide. There are certain questions the IRS mandates the preparer ask you like do you have any digital assets or foreign accounts in 2024?
To avoid headaches please verify your bank routing number, account number and type of account if you will have any over payment direct deposited or if you are are having any balance due drafted.
If possible, provide your data to your preparer in the format they prefer. When I review a return for a colleague I type any notes or comments as I have lousy penmanship. I suggest you do the same if your hand writing is hard to read. Most prepares prefer that you skip staples for anything on paper. Please skip post it notes, it just jams the scanner or copier.
If your preparer wants their engagement letter signed my experience is that will likely be required for the preparer to do your work.
Hey Rick, any comment about availability of volunteer tax services after April 15?
Bill, I did a little digging on the IRS’ VITA site. I searched the location tool using my zip code (Monmouth County , NJ) and set the distance at 100 miles. I received 19 pages of sites, and a number of them indicated they were open past April 15, some all year. I then put in Nashville’s zip code ad there was one site that listed Oct 15 as its end date. I wonder if any more sites will stay open because of the state wide extension? If folks need service they should check the link and see if they can find a site.
All North Carolina filers got a reprieve until May 1st for both state and federal taxes because of Helene. It would have helped if it had been announced earlier! I had already filed and paid. I believe at least one other state has a similar, but longer, reprieve. (Yes, Tennessee, until November.) So some tax preparers will be working longer.
Not just North Carolina until May 1st, the same extension applies also to South Carolina and Georgia.
Comments I have heard most since the 4/14/25 announcement mirror your thinking when you wrote It would have helped if it had been announced earlier! I had already filed and paid.
Bill
unfortunately I’m not aware of any VITA sites that stay open after 4/15. I’ve heard of a few that may be available for amended returns or correcting a late-filed return that was not accepted. They may be sites associated with a charity that provides year round services, in addition to seasonal tax preparation.
I got a call yesterday from someone asking what happens if they file late but are due a refund. Their tax preparer was apparently running behind and not returning phone calls. I told him they should be OK as long as they don’t owe anything. I’ve done many previous year returns for people due refunds. This year we amended a 2022 and 2023 return for someone who missed significant education credits. They should get substantial belated refunds. They point is it may not be to late to fix a tax issue, especially if you stand to benefit.
Your comment about late filing is spot on. Today, 4/16/2025, the IRS issued IR 2025-51 that included the following –
There’s no penalty for filing after the April 15 deadline if a refund is due. Every year, the IRS estimates nearly a million taxpayers who failed to file prior year tax returns are potentially due refund money.
Thanks to you and others who volunteered to help with preparing returns this season.
I believe it was paper I bonds only that you could buy with your refund. Never made that mistake again.
Your right Randy. It was paper I bonds that were issued not electronic. The purchase using a federal tax over payment was a headache for everyone and that program ended 12/31/2024. I only had one tax client want to do that back a few years ago when I bonds rates spiked upwards. I was dealing with that purchase through electronic e-filing of their 1040. Good catch.
Best Bill