What You Need to Know Before the 2024 Tax Return Deadline
What You Need to Know Before the 2024 Tax Return Deadline | Money Monday
As the April 15 tax deadline quickly approaches, financial expert Jini Thornton joined Get Up Mornings with Erica Campbell to help ease the stress and confusion many feel around tax time. From extensions to payment plans, she broke down what people need to know before hitting that “submit” button—or filing for more time.
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“If you’re not ready, you’re not alone,” said Jini, who reminded listeners that millions of Americans still haven’t filed. “Just file an extension. It’s Form 4868 and it gives you extra time to get everything together.” She explained that the deadline really only impacts those who owe money to the IRS. “If you’re sure you’re getting a refund, you’re actually okay,” she added, but filing the extension is still the safest bet.
For people living in states like California that were hit by natural disasters and declared federal emergencies, the IRS may offer extended deadlines. “Some have until May, and others—especially those impacted by wildfires—may have until October,” she shared. To find out if you qualify, head to irs.gov.
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Jini also emphasized that not filing because you can’t pay is a big mistake. “If you owe, still file your return. There’s a penalty just for not filing, and it will cost you more in the long run,” she warned. The good news? If you owe less than $50,000, you can set up an online payment plan in about 10 minutes, giving you up to five years to pay it off.
For those wondering where to file for free, Jini says options are out there. The IRS offers a “Free File” program for anyone making less than $84,000 a year. Plus, companies like TurboTax and H&R Block often provide free federal filing, though state returns may cost extra.
For more financial tips and updates, you can follow Jini on social media at @JiniThornton or visit irs.gov for official IRS resources.
“Happy Tax Day, y’all,” Jini said with a smile. “You got this!”
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