![]() This strategy helps you avoid paying taxes late, but note that the form doesn’t extend the time to pay taxes. Paper filers will need to submit Form 4868 to get a six-month extension on their tax deadline. ![]() If you’re e-filing, you can file for an extension for free using the IRS’s Free File. Some people need more time to file taxes. The deadline for filing your 2020 federal taxes is May 17, 2021. However, if you owe taxes, you will be penalized for both filing and paying late. If the IRS owes you a refund, filing late generally won’t hurt you. Plus, filing late might incur some expensive consequences. The longer you wait to file your taxes, the longer it will take to get your refund. In addition to releasing yourself of the burden, you can expect an earlier tax refund. What If You File Your Taxes Late?įiling taxes on time is generally a good practice. If your account has others named on it or is in someone else’s name, the IRS will mail a paper check to you instead. Make sure your direct deposit account is in your name: The IRS can only deposit a check into an account in your name, your spouse’s name or a joint account. The paper return with a check is a much slower process, which can take up to four weeks. If you prefer, you can even spread out your refund among two to three bank accounts, including an IRA. Opt to use e-file to have your refund directly deposited into your bank account: With direct deposit, it might take a few days for the refund to show up in your account, depending on your financial institution. ![]() Specifically, taxpayers taking advantage of the Earned Income Tax Credit and/or the Additional Child Tax Credit may have to go through this wait.Ĭheck your return for errors or omissions: When the IRS needs to contact you for additional information, it slows down how quickly you receive your refund. But returns claiming certain tax credits might not get processed any earlier than late February. ![]() File early: In general, the sooner you file, the sooner you will get your refund. ![]()
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