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What are the key deadlines for tax filing this year?
The primary deadline for filing your federal tax return is April 15. If you need more time, you can file for an extension, but remember that this does not extend the payment deadline. It's crucial to estimate and pay any taxes owed by April 15 to avoid penalties.
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What options do taxpayers have if they can't pay their taxes?
If you can't pay your taxes in full, it's important to still file your return by the deadline. You can explore payment plans with the IRS or request an extension. Additionally, the IRS offers hardship programs that may allow you to temporarily pause collection activities if you have a history of timely payments.
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How can first-time filers prepare for tax season?
First-time filers should gather all necessary documents, such as W-2s and 1099s, and familiarize themselves with the filing process. It's also helpful to use tax preparation software or consult a tax professional to ensure accuracy and maximize deductions.
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What are the IRS hardship programs available?
The IRS hardship programs are designed to assist individuals facing financial difficulties. These programs can temporarily halt collection activities if you demonstrate a history of timely payments. It's essential to communicate your situation with the IRS to explore these options.
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What happens if I miss the tax filing deadline?
Missing the tax filing deadline can result in penalties and interest on any taxes owed. If you miss the deadline, it's still advisable to file your return as soon as possible to minimize penalties. You may also want to consider filing for an extension if you anticipate needing more time.
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Can I file my taxes online?
Yes, you can file your taxes online using various tax preparation software options. Filing online is often faster and can help ensure accuracy. Many software programs also offer guidance for first-time filers and can help you maximize your deductions.