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Category: Resources

  • Tax Filing Deadlines

    Tax Filing Deadlines

    Tax Filing Deadlines & Extensions: What You Need to Know

    Missing a tax deadline can lead to penalties, interest, and IRS notices. Here’s everything you need to know about tax deadlines, late filing penalties, and how to request an extension.

    1. Important Tax Filing Deadlines for 2025

    📌 Tax Day 2025: April 15, 2025 – Deadline to file your federal tax return.
    📌 Extension Deadline: October 15, 2025 – If you file for an extension.
    📌 Quarterly Estimated Tax Payments:

    • Q1: April 15, 2025
    • Q2: June 17, 2025
    • Q3: September 16, 2025
    • Q4: January 15, 2026

    🔗 Related: How to File Taxes for the First Time

    2. What Happens If You File Late?

    🚨 Failure-to-File Penalty: 5% of unpaid taxes per month, up to 25%.
    🚨 Failure-to-Pay Penalty: 0.5% of unpaid taxes per month, up to 25%.
    🚨 IRS Interest Charges: Accrue daily until balance is paid in full.

    🔗 Need help? IRS Payment Plans & Tax Debt Relief

    3. How to File a Tax Extension

    If you need more time to file, request an automatic 6-month extension by April 15, 2025.

    ✅ Use IRS Free File or tax software to submit Form 4868.
    ✅ Mail Form 4868 if filing a paper return.
    ✅ An extension gives more time to file, NOT to pay taxes owed.

    🔗 Learn more: Tax Filing Shortcuts

    4. What If You Owe Taxes?

    If you can’t pay by April 15, 2025: ✅ Pay as much as possible to reduce penalties.
    ✅ Set up an IRS installment plan.
    ✅ Consider Offer in Compromise if facing hardship.

    🔗 Read more: How to Apply for an IRS Payment Plan

    Final Thoughts

    Mark your calendar with key tax deadlines and file early to avoid penalties and IRS notices. If needed, file an extension before April 15 to avoid late filing fees.

    🚀 Next Steps:

    • File on time or request an extension.
    • Pay any taxes owed to minimize penalties.
    • Set up an IRS payment plan if needed.

    🔗 Need more tax guidance? Visit our Tax Filing Shortcuts Guide.

  • IRS Transcript Request

    IRS Transcript Request

    Transcript

    How to Request Your IRS Transcript

    If you need to verify your tax records, apply for a loan, or check income reported to the IRS, requesting an IRS transcript is a quick and easy solution. Here’s how you can obtain yours.

    What is an IRS Transcript?

    An IRS transcript is a summary of your tax return information. It is free to request and can be used to verify income, tax payments, or refund history. Common transcript types include:

    • Tax Return Transcript – A summary of your filed tax return (most requested option).
    • Tax Account Transcript – Includes basic data like return type and payment history.
    • Wage & Income Transcript – Shows reported W-2s, 1099s, and other income statements.
    • Record of Account Transcript – A full combination of return and account transcripts.

    Ways to Request an IRS Transcript

    1. Online (Fastest Method)

    • Go to the IRS Get Transcript page.
    • Select Get Transcript Online and log in or create an IRS account.
    • Choose the transcript type and tax year you need.
    • Download or print your transcript immediately.

    2. By Mail

    • Visit the Get Transcript page.
    • Select Get Transcript by Mail and enter your personal details.
    • The IRS will mail your transcript in 5–10 business days.

    3. By Phone

    • Call the IRS at 1-800-908-9946.
    • Follow the prompts to request a transcript by mail.

    4. By Paper Form (For Businesses & Older Records)

    • Complete Form 4506-T (Request for Transcript of Tax Return).
    • Mail or fax it to the IRS address listed on the form.
    • Processing time takes about 10 days.

    Why Would You Need an IRS Transcript?

    • Verifying income for a mortgage, loan, or financial aid.
    • Confirming tax payments if facing an audit or IRS dispute.
    • Checking for errors or discrepancies in reported income.
    • Recovering tax documents if you lost your tax return copy.

    Need Help with Back Taxes?

    If you’re behind on taxes or need to file old returns, check out our guide on How to Start Filing and Paying Back Taxes.

    Final Tips

    ✅ Always request the correct transcript type for your needs.
    ✅ If you need a full copy of your tax return, file Form 4506 instead.
    ✅ Transcripts are available for up to 10 years of tax records.

    For more details, visit the IRS Transcript Request Page.