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Today ends the term that the Internal Revenue Service (IRS) granted to 16.5 million taxpayers to file 2020 tax returns.
Individuals who requested an extension must submit the application before the extension deadline to avoid the late application penalty.
Although this October 15 is the last day for most taxpayers to file their return, some people may have more time, for instance:
The members of the armed forces and others who serve in uon combat zone . They generally have 180 days after leaving the combat zone to file returns and pay the taxes owed.
Taxpayers in federally declared disaster areas that already had valid extensions. For more details, see the disaster relief page on IRS.gov.
Generally, there is no penalty for failure to file if the taxpayer is owed a refund. However, people who wait too long to file and claim a refund, they run the risk of losing it completely.
Those who have not yet filed a 2020 tax return, owe taxes and did not request an extension generally they can avoid additional penalties and interest when filing the return as soon as possible and pay the taxes owed.
Options electronic payment they are an optimal way to make a tax payment. Taxpayers can pay when they file their returns electronically using online tax software.
IRS Direct Payment allows taxpayers to pay andn line directly from a checking or savings account for free and schedule payments up to 365 days in advance.
The options to pay with credit card, debit card or digital wallet are available through a payment processor . The payment processor, not the IRS, charges a fee for this service.
The application IRS2Go offers mobile-friendly payment options, including Direct Pay and debit / credit card payments on mobile devices.
In addition, the IRS offers payment options in IRS.gov/payments and tax information is available in multiple languages.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.