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What should taxpayers know as the April 15 deadline approaches?
Taxpayers should be aware that filing their tax returns is essential, even if they cannot pay the full amount owed. Experts emphasize that failing to file can lead to penalties, so it's important to submit your return on time. Additionally, taxpayers can request extensions to file, but this does not extend the payment deadline, which remains April 15.
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What options are available for those unable to pay their taxes in full?
For those who cannot pay their taxes in full, the IRS offers several options. Taxpayers can apply for an installment agreement to pay their taxes over time. Additionally, the IRS hardship program allows individuals facing financial difficulties to temporarily pause collection activities, provided they have a history of timely payments.
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How can first-time filers navigate the tax process effectively?
First-time filers should start by gathering all necessary documents, such as W-2s and 1099s. It's also helpful to use tax preparation software or consult a tax professional for guidance. Understanding available deductions and credits can significantly impact your tax return, so take the time to research these options.
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What happens if I miss the April 15 deadline?
If you miss the April 15 deadline, you may face penalties and interest on any taxes owed. However, it's still important to file your return as soon as possible to minimize penalties. You can also request an extension, but remember that this only extends the filing date, not the payment date.
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Can I get help from the IRS if I'm struggling to pay my taxes?
Yes, the IRS is willing to work with taxpayers who communicate their financial situations. If you're struggling to pay your taxes, reach out to the IRS to discuss your options. They may offer payment plans or other relief programs to help you manage your tax obligations.