Fri Apr 11 08:40:00 UTC 2025: ## Last-Minute Tax Tips from the Experts: Don’t Panic, File an Extension!
**New York, NY (April 14, 2024)** – Tax Day is looming, but for those who haven’t filed yet, it’s not too late, according to a panel of tax experts featured on MarketWatch. While the April 15th deadline is fast approaching, experts emphasize that filing an extension is crucial for those needing more time.
Failing to file carries a significantly larger penalty than failing to pay, experts warn. Therefore, even if you can’t pay your taxes in full, filing for an extension (Form 4868) by April 15th is paramount. This grants you until October 15th to file your return, although taxes owed are still due by April 15th.
Key recommendations from the experts include:
* **Gather your documents:** Collect all W-2s, 1099s, and other relevant financial statements immediately.
* **File for an extension:** Use an accredited online tax service or IRS resources to electronically file Form 4868 for an automatic six-month extension. Even a partial payment with the extension helps mitigate penalties and interest.
* **Utilize professional help:** If you need assistance, contact a tax professional. While finding one at this late stage may be challenging, organizing your documents beforehand will expedite the process.
* **Consider disaster relief:** Taxpayers in federally declared disaster areas may have extended deadlines.
* **Plan for next year:** Organize your tax documents throughout the year to streamline next year’s filing.
Experts also highlight opportunities for last-minute tax advantages, such as contributing to an IRA to reduce your tax liability or setting up a retirement plan if self-employed. These actions could potentially lower your tax burden.
The article stresses the importance of taking action now, whether that involves filing a return, filing for an extension, or seeking professional assistance. Procrastination, experts warn, will only worsen the situation.
First Piper 