GREENSBORO, N.C. — With Tax Day quickly approaching, this is the last weekend before you miss the deadline. If you've already filed your taxes, the IRS said returns are usually sent back within three weeks or less than 21 calendar days.
Laura Hernandez with Liberty Tax said returns are taking a bit longer here in North Carolina, "some of our filers that filed back in January started getting a refund about the 18 of March or so. So, it's taking a couple of weeks, so don't be impatient. They are coming eventually."
On the flip side, while most people look forward to getting their tax return, others have to pay. Local certified public accountant, Ryan Dodson said the window of time to pay is a lot larger than you might think, "You do have 180 days to make any payments to the IRS before they are really going to say anything to you, especially if it's under a $100,000."
Dodson says you aren't doing yourself any favors by waiting to file because you don't have the money to pay. There are several reasons why you might file for an extension. For example, you changed your address and you're waiting for documents or you have investments that haven't been accounted for yet, "An extension is an extension to file… not necessarily an extension to pay."
If you can't file by Monday, you must file for an extension by midnight. Once you do, your new due date to submit is October 15, 2024.
If you're thinking of not filing at all, both Dodson and Hernandez advise against that, "The purpose of a deadline is for us to use it, so, if you don't file on time… there's a penalty," Hernandez said.
If you don't file, the IRS could take money from your paycheck, put a lien on your property, or even revoke your passport.