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Filing Taxes Before the October Tax Extension Deadline

Upon submission of a tax extension, it is crucial to remember that the final return must still be filed by the October 15, 2024 deadline. Failure to meet this tax extension deadline in October may result in penalties being imposed. Extensions are a valuable resource for individuals requiring additional time to complete their tax returns. For the year 2024, obtaining an extension will push the filing deadline to October 15.

What Is A Tax Extension Due in October?

Discover the concept of a tax extension. A tax extension involves asking for an extra half-year to submit a tax return to the IRS. Essentially, extensions often shift the filing cutoff date from April to October.

tax extension deadline

How Does Tax Extension Work

Understanding tax extensions can sometimes be confusing. One common misunderstanding about tax extensions is that they provide extra time to settle your tax debt. However, the truth is that a tax extension simply shifts your filing deadline, not your payment deadline.

Should you have requested an extension, tax payments were still required by April 15. In case you need additional time to manage your tax debt, the IRS provides installment options to assist you in gradually settling your outstanding amount.

How Tax Extensions Work When I Owe Taxes

Should you find yourself unable to file your tax return by the deadline, the IRS recommends estimating your tax amount and making a payment promptly to avoid interest and late-payment penalties. Act swiftly in such situations is important to prevent additional charges from accumulating on your outstanding balance.

If you find yourself in a situation where you need to reduce penalties, consider making a payment of at least 90% of your taxes before the deadline and cover the remainder when you submit your tax return.

File Your Tax return By October, Even If You Need More Time

In the event that you are unable to cover your full tax liability, it is still crucial to submit your tax return. To mitigate any associated charges, consider remitting whatever amount you are able to manage, as advised by the IRS.

Upon completion of the filing process, individuals have access to a range of online tax payment methods. For those with impending tax obligations for the year 2023, the ultimate deadline for the tax extension falls on October 15, 2024. It is crucial to complete and file your tax return by this date to avoid any penalties or repercussions.

In the event that the October extension filing deadline is overlooked, penalties for failure to file may be imposed, dating back to the initial filing date of October 15.

In cases where a taxpayer is owed a refund, the IRS waives the failure-to-file penalty for late-filed tax returns. Despite this exception, opting for a tax extension can still prove to be a wise decision. By obtaining a tax extension, individuals can avoid incurring penalties for late filing in situations where unexpected tax liabilities arise due to miscalculations.

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Should I Get a Tax Refund Advance Loan?

Exploring the option of a tax refund advance loan? Weigh the advantages and disadvantages of obtaining a tax refund advance loan. Rapid Tax provides the opportunity to secure a quick tax refund advance by utilizing certain tax preparation services. While many tax preparation firms may not offer the full expected refund amount to prevent issues during IRS review, Rapid Tax fast refund advance loans facilitate accessing your tax refund funds quicker with minimal or zero charges.

Pros

Access some of your federal tax refund money quickly and affordably.

When opting for certain options, there is a possibility of enjoying a 0% interest rate along with low fees to pay.

Easily manage your finances without any hassle by effortlessly handling your funds. Simply submit your tax return to initiate automatic repayment of your loan when your tax refund is processed.

Prevent potential delays from the IRS. It’s important to take certain precautions. While the majority of tax refunds are typically processed within three weeks of submission, there is always a chance for hold-ups, particularly if you have applied for the earned income tax credit or the additional child tax credit.

refund advance loan

Cons

It’s important to note that obtaining a tax refund advance loan may not be possible for everyone. While tax refund advances typically have a good approval rate, there is no absolute guarantee of approval. If you decide to hire a tax professional specifically for a tax refund advance loan, you could end up feeling let down and out of pocket due to the costs associated with tax preparation.

Should you find yourself with an unwanted account, it might not disappear on its own. After receiving tax advance loan funds into a checking account, remember that the account may linger even after your tax refund is depleted. To close the account after your loan is settled, take proactive steps to close it once your refund is issued.

There is a possibility of facing the consequence of overspending when it comes to tax refunds. It’s important to be prepared for the situation where your actual refund amount ends up being lower than initially anticipated. Should this occur, there may be a need to return the discrepancy between the amount you received and the sum the IRS disbursed.

Can I Still Get a Loan on My Tax Refund Even After I Have Already Filed My Taxes?

When looking to participate in tax refund advance programs, the first step usually involves submitting an application for the loan at the time of electronically filing your taxes with Rapid Tax. 

Individuals who have already submitted their tax return directly to the IRS may find themselves ineligible for these programs due to not meeting the necessary criteria.

To maximize your chances of receiving a tax refund advance loan, it is advisable to select a file with Rapid Tax dedicated Tax Professional at the beginning of the season. These advance options are typically offered during the months of January or February, emphasizing the importance of early action.

To Summarize

Receiving a tax refund advance loan is a convenient and cost-effective way to early access your refund sooner than expected. If you had already budgeted for preparation expenses, opting for a refund advance poses minimal risks and allows for quicker access to your tax refund.

Timing is crucial when it comes to filing your taxes. Failure to act promptly or neglecting to request an advance could mean waiting until the following year to seize the opportunity.

Consider utilizing your tax refund to reduce your debt and optimize your finances. Consult with your assigned Rapid Tax dedicated tax Professional to determine the best approach for allocating extra funds towards paying down debts.

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Faster Tax Refund in 2025

As we approach the upcoming tax season, it is essential to prepare for a faster tax refund and steer clear of common errors that could delay the process, according to advice from our dedicated expert tax professional. Individual taxpayers can anticipate the commencement of tax season on January 27, while the Internal Revenue Service has already begun accepting and processing tax returns for the year 2024.

Looking forward to receiving a faster tax refund this tax season? Speed up the process and access your funds sooner with RapidTax, along with the added benefit of complimentary assistance from our experienced tax experts.

faster tax refund

As the upcoming tax season approaches, the IRS is gearing up to begin processing tax returns for the year 2025 in January. To expedite the receipt of your tax refund, several strategies are recommended by our team of tax specialists. Delays in receiving tax refunds are frequently attributed to errors made by individuals, as highlighted by our dedicated expert Tax Professional at RapidTax.

The IRS is preparing to process over 140 million individual tax returns in the upcoming season. For most filers, the tax deadline is April 15, although a few states have extended deadlines.

In general, a tax refund is received when an individual pays more in taxes than necessary during the year. Looking back at the recent tax season, statistics showed that the average tax refund from the previous year’s filings amounted to $3,167. This figure marked a 2.6% decrease compared to the refund amount from the preceding season.

The best way to get your tax refund fast

For those looking to expedite their tax refund process, experts recommend utilizing certain methods. Opting to electronically file tax returns and choosing direct deposit can significantly accelerate the receipt of your refund. In the fiscal year 2022, the IRS reported that approximately 93.8% of individual taxpayers preferred to file their returns electronically.

Before opting for direct deposit, it is crucial to verify the accuracy of your banking information, specifically the routing and account numbers. In cases where these details are incorrect, the IRS may need to send your payment via check, according to experts.

Accurate Tax Refund Filing. Don’t guess.

One of the common causes of delayed refunds is errors on tax returns. According to a Tax Professional from RapidTax, precision is crucial when filing your taxes.

It is essential to have all the required tax forms on hand to ensure a smooth and accurate tax filing process. Failure to provide complete and error-free information may result in the IRS flagging your return for missing details. The IRS points out that common tax return errors can be quite basic, including issues like inaccurate Social Security numbers, misspelled names, incorrect data entry, and mathematical inaccuracies.

When to expect your tax refund

In most cases, taxpayers can expect to receive their tax refund within 21 days after filing their return, with many individuals receiving it sooner. Opting for electronic tax filing speeds up the process, whereas paper-filed returns or submissions containing errors may experience delays.

There is a longer waiting period for refunds for those who qualify for the earned income tax credit or child tax credit. The IRS states that these filers can expect to receive their refunds by February 27.

Tools to check you Tax Filing Status

Explore the status of your payment by utilizing the “Where’s My Refund” feature. This feature now offers additional information for this tax season, such as any required steps for taxpayers. Easily track the progress of your refund within a day of submitting an electronic return for the current year, as the IRS refreshes the tool daily.