TAYLOR COUNTY—Those who requested an extension on their taxes will soon need to submit their returns for processing.
The Internal Revenue Service (IRS) has issued a reminder to citizens that the tax extension deadline is quickly approaching, and that taxpayers will have until October 15 to file their 2020 returns.
Electronic filing options, including IRS Free File, are still available for individual to utilize when submitting their returns.
Taxpayers should file on or before the deadline to avoid late penalties. And while there are usually no penalties assessed to those who are set to receive a refund, people who wait too long to file and claim a refund risk potentially losing out on that money.
The IRS suggests that those who have yet to file their 2020 return, owe taxes or did not request an extension can avoid additional fines by filing their return as soon as possible and paying any taxes owed.
One of the quickest and simplest ways to file and pay taxes is electronically, and the IRS2Go app puts tax filing at your fingertips.
And when filing electronically, the IRS offers some reminders for taxpayers including the optimal way to make a payment is the electronic payment option.
IRS direct pay allows taxpayers to pay online directly from a checking or savings account for free. Those using this option will be able to schedule payments to 365 days in advance.
The IRS2Go app provides the mobile-friendly options including direct pay and debit or credit card payments on mobile devices.
Additionally, taxpayers will have a choice to pay with a credit debit card or digital wallet option through a payment processor, however, fees may apply for the service.
Individuals filing electronically are able to submit payment when they file their return. Those utilizing the service of a tax preparer should request payments be made via and electronic funds withdrawal from their bank account.
Finally, the Electronic Federal Tax Payment System is convenient, safe and easy to use.
The IRS provides payment options for taxpayers, which can be found by visiting IRS.gov/payments.
For those set to receive a refund, the IRS suggests utilizing the direct deposit option, as it is the safest and fastest way to receive your money.
Those with multiple bank accounts will be able to split their refund I into up to three accounts.
Those who do not have a bank account set up may visit the FDIC website or the National Credit Union Association to find out how to open an account.
Alternately, veterans may utilize the Veterans Benefits Banking Program to access services at participating banks.
Those with questions concerning filing are encouraged to use the Interactive Tax Assistant, a tax law resource. For more information, please visit IRS.gov.