2024 Tax Deadline: What Filers Need to Know

Today marks the critical deadline for filers who secured an extension for their 2024 taxes. Approximately 20 million Americans are navigating the last-minute rush to submit their returns. Tax lawyer Mark Kler advises those who have yet to file not to skip the paperwork out of fear of financial obligations. Failing to file incurs a significantly harsher penalty than merely not paying, he emphasizes. The IRS wants transparency, similar to the importance of keeping communication in other relationships. Kler highlights various options available to individuals who owe taxes, including requesting a 30-60 day hold on collections after filing. Additionally, the complexity introduced by side hustles is balanced by new opportunities for deductions and tax write-offs. As tax season wraps up, Kler encourages taxpayers to reactive financial literacy within families, suggesting they incorporate family members into small business operations to maximize benefits while teaching valuable skills. This approach allows earnings for children under 18 to escape taxation. As we approach a pivotal election year, taxpayers must focus on personal financial strategies rather than governmental promises. The time for year-end tax planning is now, and Kler recommends filing immediately to avoid penalties and discussing potential payment plans with the IRS.