IR-2024-312, Dec. 19, 2024

WASHINGTON — The Internal Revenue Service reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them pay their tax obligation.

Tax returns for 2024 are due on April 15, 2025, with exceptions for taxpayers in a disaster area, combat zone or living and working abroad. April 15 is also the deadline for making tax payments to avoid late charges such as interest and the late payment penalty.

The IRS urges those who cannot pay their full balance to file and pay as much as they can on or before April 15. Filing on time avoids the late filing penalty, which is usually 5% per month on the unpaid balance.

In addition, by paying at least part of what they owe on time, taxpayers can reduce the amount of interest and late payment penalty that will be added to any payments made after April 15. Currently, the interest rate is 7% per year, compounded daily, and the penalty rate is usually 0.5% (one-half of one percent) per month.

For anyone with unpaid tax, the IRS cautions that requesting an extension is not a solution because it only gives a taxpayer more time to file, not more time to pay.

A few of the services we offer:

• Tax Preparation – Federal, state and local income tax returns for individuals including ministers, small businesses and rental real estate owners.
• Amended Returns – Correction of errors on prior filed return.
• Tax Planning and Estimates – Tax planning helps to minimize your taxes.
• Notary Services – Available when you need us.
• Financial Analysis – To help support your continued prosperity.
• IRS Correspondence – Explain notices and advise you of your options.