As the April 15 deadline to file federal taxes draws near, tax professionals are urging Americans to act fast to avoid late penalties and interest charges. According to the IRS, returns must be submitted by 11:59 p.m. in your local time zone on Tax Day.

In a Consumer Watch segment by Jenn Sullivan, tax accountant Travis Belton—owner of Your Tax Partners US—shared advice for those scrambling to finish their returns.

“I’ve seen some people take up to 30 hours just because the understanding of tax law is confusing,” Belton said, stressing the importance of getting started immediately.

While taxpayers can file for an extension, Belton warns that doing so may still come with financial consequences. “There is a penalty for underpayments if you have an over amount of $1,000 or more. It’s called an ‘underpayment penalty.’”

For those who can’t pay their full tax bill, the IRS offers installment agreements, which allow payments to be made over a period of up to 18 months. However, Belton says partial payments made before the deadline can help minimize penalties.

The IRS charges a 5% late filing penalty per month on unpaid balances, and the interest rate currently stands at 7% per year. Belton advises, “It’s encouraged to pay as soon as you can in order to avoid additional penalties and interest or consequences.”

Filers who experienced major life events in 2024—like marriage or having a child—should also plan for additional time, as these situations can add complexity to the return.

Whether you owe money or are expecting a refund, experts agree: the sooner you file, the better.

For more resources or to start your return, visit Your Tax Partners US or IRS.gov.

For Consumer Watch, I’m Jenn Sullivan.

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Credit: CNN Newsource

Tax Deadline Approaching: Experts Share Last-Minute Filing Tips to Avoid Penalties