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Tax Deadline Looms: Millions Scramble to File

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  Published in Stocks and Investing on Tuesday, March 31st 2026 at 20:15 GMT by krtv
      Locale: UNITED STATES

By Anya Sharma, KRTV News - April 1st, 2026

The annual crunch is on. With the April 15th deadline rapidly approaching, millions of Americans are scrambling to file their 2024 tax returns. The Internal Revenue Service (IRS) is issuing a final push to remind taxpayers of the impending date and offer guidance to ensure a smooth filing process.

While April 15th is the standard deadline, it's crucial to remember that this date applies to both filing and payment of taxes owed. For those who require additional time, filing for an extension is possible. However, an extension to file is not an extension to pay. Taxpayers who anticipate needing more time must submit a separate extension request - Form 4852 - before the April 15th deadline. Failure to do so could result in penalties and interest charges.

Gathering Your Documents: The First Crucial Step

Before diving into tax software or contacting a tax professional, organization is key. The IRS stresses the importance of gathering all necessary documentation. This includes, but isn't limited to:

• W-2 Forms: Received from employers, detailing wages earned and taxes withheld.
• 1099 Forms: Covering various types of income, such as freelance work (1099-NEC), interest earned (1099-INT), and dividends (1099-DIV).
• Documentation for Deductions and Credits: This could include receipts for charitable donations, medical expenses exceeding 7.5% of adjusted gross income (AGI), student loan interest statements, and documentation for educational credits like the American Opportunity Tax Credit or Lifetime Learning Credit.
• Records of Investments: Statements detailing capital gains and losses from the sale of stocks, bonds, and other investments. The complexity of investment reporting has increased in recent years, particularly with the rise of cryptocurrency and alternative investments.

Filing Options: Software, Professionals, and IRS Assistance

Taxpayers have several options when it comes to filing their returns. Popular tax software packages like TurboTax, H&R Block, and TaxAct offer user-friendly interfaces and step-by-step guidance. Many offer free versions for simple returns. For those with more complex tax situations - involving self-employment income, rental properties, or significant investments - hiring a qualified tax professional (Certified Public Accountant or Enrolled Agent) is often the best course of action.

The IRS itself offers free tax assistance through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. These programs provide free tax help to those who qualify, including people with low to moderate income, seniors, and individuals with disabilities. Details on eligibility and locations can be found on the IRS website.

Rising Tide of Tax Scams: Stay Vigilant

Tax season consistently attracts a surge in scam activity. The IRS warns taxpayers to be particularly wary of unsolicited emails, phone calls, or text messages claiming to be from the agency. Common tactics include threats of legal action, demands for immediate payment, and requests for sensitive personal information like Social Security numbers and bank account details.

"If something seems off, it probably is," warns IRS spokesperson, Lisa Miller. "The IRS will never demand immediate payment over the phone or threaten you with arrest. Always contact the IRS directly through official channels if you have any concerns." The official IRS website ([ irs.gov ]) provides information on how to report tax scams.

Looking Ahead: Tax Law Changes on the Horizon

While the focus is currently on filing 2024 taxes, it's important to be aware of potential changes to the tax code. Discussions are underway in Congress regarding several provisions of the Tax Cuts and Jobs Act, which are set to expire after 2025. These provisions include individual income tax rates, the standard deduction, and certain itemized deductions. Experts predict significant changes could be implemented for the 2026 tax year, making proactive tax planning even more crucial. The IRS is expected to release guidance on these changes throughout the year. Staying informed about these potential shifts will allow taxpayers to optimize their tax strategies and minimize their tax liability in the future.