Tax Day is almost here! For millions of Americans, April 15 is the final deadline to file their federal income tax return. If you’ve not yet submitted yours, you’re not alone. The IRS had received over 101 million tax returns by April 4, but millions more are still expected to be filed in the days leading up to the deadline.
If you’re using the last weekend or Monday to finish your taxes, don’t panic — there’s still time. This guide will walk you through some essential last-minute tax tips to help you file accurately and avoid penalties.
Gather All Necessary Tax Documents First
Before you dive into filling out your return, make sure you’ve got everything you need.
Important forms to collect:
W-2: If you’re an employee, your employer should have issued this.
1099-NEC / 1099-MISC: For freelancers and contractors.
1099-K: From payment apps like Venmo or PayPal, if you received payments for goods or services.
1099-R: If you received distributions from a pension or IRA.
1099-INT / 1099-DIV / 1099-B: For income such as bank interest, dividends, or capital gains from investments.
These forms could have been sent by post, email, or both — check all your inboxes and physical mail.
Don’t forget about life changes:
Major life events in 2024 could impact your taxes:
Marriage or divorce
Having a baby
Starting a business
Buying or selling a house
Inheriting retirement accounts
Receiving unemployment benefits
These changes might mean new types of income or new deductions.
Should You Itemise or Take the Standard Deduction?
Most taxpayers go for the standard deduction, which simplifies things:
$14,600 for single filers or married filing separately
$29,200 for married couples filing jointly
$21,900 for head-of-household filers
However, itemising may benefit you if your eligible expenses add up to more than your standard deduction.
You might want to itemise if you had:
High state and local taxes
Paid mortgage interest (Form 1098)
Made charitable donations (keep receipts!)
Had large medical bills not covered by insurance
Make sure to have supporting documents for any deductions you plan to itemise.
A Last-Minute Tax Break You Might Still Use
If you qualify, there’s still time to contribute to a traditional IRA for the 2024 tax year — until April 15.
Contribution limits:
Up to $7,000
$8,000 if you’re age 50 or older
This is considered an “above-the-line” deduction, so you can take it even if you use the standard deduction.
Your eligibility depends on your income and whether you’re covered by a retirement plan at work. Check the IRS IRA deduction rules for full details.
Try the IRS Direct File Program (If You Qualify)
If your tax situation is relatively simple, you might be eligible to file your return for free using the IRS Direct File program.
Eligibility requirements:
Household income below $250,000
You take the standard deduction
You claim only basic credits (e.g., child tax credit)
Available in 25 states:
Including California, Florida, New York, Texas, and more. A full list can be found here.
You can use Direct File on:
Smartphones
Laptops
Tablets
Desktop computers
The system can also help you complete your state tax return if applicable.
Alternatively, the IRS provides other free filing options via private tax software, but these are usually for those earning $84,000 or less annually. Learn more at IRS Free File.
Before You Submit – Double Check Everything!
Even if you’re in a rush, take a moment to review your return carefully before submitting it.
Common mistakes to avoid:
Typing errors in names or numbers
Selecting the wrong filing status
Forgetting to sign your return
Such mistakes can delay processing — and hold up your refund.
Tip:
E-file if possible. It’s quicker, safer, and reduces the chance of errors. The Taxpayer Advocate Service recommends it.
What If You Can’t File By April 15?
If you can’t meet the deadline, you must take action before 11:59 p.m. local time on Tuesday.
Here’s what to do:
File for a six-month extension online via the IRS Free File tool.
Estimate and pay any tax due. Not paying on time can result in penalties, even if you request an extension.
Tax expert Tom O’Saben suggests: Multiply your income by 20%. If you haven’t paid at least that amount through withholdings or payments, send the difference to the IRS.
Send your payment before the deadline:
Pay online or by certified mail for proof of sending.
If you can’t pay the full amount, pay what you can and explore IRS payment plans.
Who already gets more time to file:
Residents of federally declared disaster areas (e.g., Alabama, Georgia, Florida)
US citizens abroad
Military members serving overseas or in combat zones
Avoid These IRS Penalties
Failing to file or pay on time can lead to costly penalties:
Failure-to-file penalty: 5% of the unpaid tax, per month
Failure-to-pay penalty: 0.5% per month, plus interest
Even if you can’t pay the full amount, file something by April 15 to avoid the steeper failure-to-file penalty.
Final Thoughts
Tax Day is stressful — but a bit of organisation and last-minute effort can make a big difference. Whether you’re using tax software, filing manually, or seeking professional help, make sure you have all your information ready, double-check for errors, and file on time.
And remember: extensions give you more time to file, but not more time to pay.
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