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Tax Day: Tips for filing an extension, getting the most out of your refund

Tax Day
Posted at 6:52 AM, Apr 18, 2022
and last updated 2022-04-18 10:54:25-04

LAS VEGAS (KTNV) — Monday, April 18 is Tax Day, which means it’s the deadline to file and pay taxes for most Americans.

If you’re a last-minute filer, the IRS is urging tax payers to file electronically. It can reduce errors and it’s faster to process. Tax software will do calculations for you, as well as flag common errors and missing information. The quickest way to receive your refund is by signing up for direct deposit.

REFUNDS: Study shows Nevada taxpayers will receive 10th-largest refunds nationwide

Financial analyst Steve Budin says things seem to be moving smoothly this year with the IRS dedicating more employees to processing returns, but there is still a backlog from 2020.

Budin said with all of the new tax credits and benefits that were put in place during the pandemic, it’s a good idea to use a tax professional for help to ensure you’re getting the refund you deserve.

“Whether it’s a child tax credit, PPP loan forgiveness, electric car purchase — there’s all kinds of tax credits that were put into play over the last couple of years that are still there. Everybody should take advantage, if you qualify,” Budin said.

MORE: This year’s average refund is expected to be more than $3,200.

The IRS estimates 15 million people will need an extension. You can request an extension to file to Oct. 17 by using IRS Free File and downloading Form 4868.

An extension to file is not an extension of your deadline to pay taxes owed. You’ll have to estimate your tax liability on Form 4868 and pay by April 18 to avoid penalties and interest.

April 18 is also the deadline to claim tax refunds from 2018. The IRS says there is $1.5 billion in unclaimed tax refunds from 2018. If you didn’t file a tax return in 2018 and miss the April 18 deadline this year, the refund will become property of the U.S. Treasury.