How to file for an extension, and other Tax Day advice
And if you're worried that you still might not be able to finish in time, you can file for an extension, which will give you until Oct. 16 to file your return.
What do I need to file my tax return?
Generally, every tax-filer needs the following at hand
— your Social Security number
— W-2 forms, if you're employed
— 1099-G forms, if you're unemployed
— 1099 forms, if you're self-employed
— Savings and investment records
— A sense of any eligible deductions, such as education expenses, medical bills, charitable donations, etc.
— A sense of relevant tax credits, such as the child tax credit, retirement savings contributions credit, etc.
To find a more detailed document list, visit the IRS website.
Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all your documents in one place before you start your tax return, as well as having your documents from last year if your financial situation has drastically changed.
Theresa Grover, site coordinator for the Volunteer Income Tax Assistance (VITA) program at Northeast Wisconsin Technical College, also recommends taxpayers create an identity protection PIN number with the IRS to guard against identity theft. Once you create a number, the IRS will require it to file your tax return.
How do I file for an extension?
If you run out of time to file your tax return, you can file for an extension to take more time by using your preferred tax software, with the IRS Free File tool, or via mail.
However, it's important to remember the extension is only to file your tax return, not to pay owed taxes. If you owe taxes, you should pay an estimated amount before the deadline to avoid paying penalties and interest. If you expect to receive a refund, you'll still receive your money when you file your taxes.
The deadline to file for an extension is Tuesday, April 15, which will give you until Oct. 16 to file.
How can I avoid mistakes filing my taxes?
Many people fear getting in trouble with the IRS if they make a mistake. To avoid common errors:
— Double check your name on your Social Security card.
When working with clients, O'Saben always asks them to bring their Social Security card to double-check their number and their legal name, which can change after marriage, for example.
'You may have changed your name but you didn't change it with Social Security,' O'Saben said. 'If the Social Security number doesn't match the first four letters of the last name, the return will be rejected and that will delay processing.'
— Search for tax statements if you've opted out of paper mail.
Many people like to opt out of snail mail, but paper mail can also include your tax documents.
'If you didn't get anything in the mail doesn't mean that there isn't an information document out there that you need to be aware of and report accordingly,' said O'Saben.
— Report all of your income.
If you had more than one job in 2022, you need the W-2 forms for each — not just the one from the job you ended the year with, said Christina Wease, interim director of the tax clinic at Michigan State University.
What resources are available?
For those who make $73,000 or less per year, the IRS offers free guided tax preparation that does the math for you. If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool.
Beyond TurboTax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers a directory of tax preparers across the United States.
The IRS also funds two types of programs that offer free tax help: Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly program (TCE). People who earn $60,000 or less a year, those who have a disability, and those who speak limited English all qualify for the VITA program. Those who are 60 or older qualify for the TCE program. The IRS has a site for locating organizations hosting VITA and TCE clinics.
If you have a tax problem, there are clinics around the country that can help you resolve these issues. Generally, these tax clinics also offer services in other languages such as Spanish, Chinese and Vietnamese.
The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
5 minutes ago
- Business Upturn
Loeffler Issues Statement on One Big Beautiful Bill Signing
By GlobeNewswire Published on July 5, 2025, 03:00 IST WASHINGTON, July 04, 2025 (GLOBE NEWSWIRE) — Today, after President Donald J. Trump signed the One Big Beautiful Bill into law, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), released the following statement: 'The One Big Beautiful Bill is a landmark victory for America's small businesses, and it cements President Trump's legacy as the greatest small business champion our country has ever known,' said Loeffler. 'These historic tax cuts lay the foundation for generational prosperity on Main Street – ushering in a new era of growth, hiring, investment, and opportunity for job creators. I applaud Congressional Republicans for their efforts to pass the One Big Beautiful Bill, and I thank President Trump for his visionary leadership and unwavering commitment to putting American workers and job creators first.' Administrator Loeffler has been one of the Trump Administration's most outspoken proponents of the One Big Beautiful Bill. Last month, she embarked on a national tour to tout its benefits alongside America's small business owners – traveling to Florida, Indiana, Kansas, Louisiana, Maine, and North Carolina. In addition to delivering the largest tax cut in history for middle and working-class Americans – increasing annual take-home pay by at least $10,000 for most families – the One Big Beautiful Bill includes revolutionary reforms to end entitlement abuse, secure the border, stop the Green New Scam, and slash wasteful spending. It also includes numerous provisions that will directly empower small businesses and workers, including: Prevents the largest tax hike in history, making the 2017 Trump Tax Cuts permanent and increasing the standard deduction for every American family. making the 2017 Trump Tax Cuts permanent and increasing the standard deduction for every American family. Makes the Small Business Tax Deduction Permanent, preserving the 199A 20% small business deduction, which will generate $750 billion in economic growth and create over 1 million new Main Street jobs. Without the One Big Beautiful Bill, 26 million small businesses would have seen their top tax rate double to 43%. preserving the 199A 20% small business deduction, which will generate $750 billion in economic growth and create over 1 million new Main Street jobs. Without the One Big Beautiful Bill, 26 million small businesses would have seen their top tax rate double to 43%. Supports the return of Made in America by allowing 100 percent expensing for new factories, factory improvements, equipment, and research and development. by allowing 100 percent expensing for new factories, factory improvements, equipment, and research and development. Ends the war on the gig economy by removing the requirement that Venmo, PayPal, and other gig transactions over $600 be reported to the IRS. by removing the requirement that Venmo, PayPal, and other gig transactions over $600 be reported to the IRS. Protects family farmers by preventing the death tax from hitting 2 million family-owned farms who would otherwise see their exemptions cut in half. by preventing the death tax from hitting 2 million family-owned farms who would otherwise see their exemptions cut in half. Cuts taxes on seniors, tips, and overtime , saving tipped and overtime workers up to $1,750 per year. , saving tipped and overtime workers up to $1,750 per year. Protects Medicaid for working Americans , by ending benefits for at least 1.4 million illegal immigrants who are gaming the system. , by ending benefits for at least 1.4 million illegal immigrants who are gaming the system. Increases the child tax credit to $2,200 per family. # # # About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
an hour ago
- Yahoo
Here are the 6 levels of wealth for retirement-age Americans — are you at the top or bottom of the pyramida
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. If you're planning your own retirement, you probably have a retirement savings goal in mind. Americans believe the 'magic number' they need to retire comfortably is $1.26 million, according to a survey by Northwestern Mutual. Comparing your number with the actual net worth of retirement-age seniors should give you an idea of how realistic your long-term financial plan is and what kind of lifestyle you can expect in your golden years. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 4 of the easiest ways you can catch up (and fast) No millions? No problem. With as little as $10, here's how you can access this $1B private real estate fund of diversified assets usually only available to major players Here are the six levels of wealth for senior-led households between the ages of 65 and 69, based on the Federal Reserve's Survey of Consumer Finances from 2022. Seniors with a net worth of less than $69,500 fall into the bottom 25% of retirees. This group is particularly vulnerable to financial shocks and highly dependent on public safety net programs such as Social Security and Medicare. If you're approaching retirement with less than this number, it could be a good idea to look for additional income, more ways to save money or even potentially delay your retirement to be less vulnerable in your senior years. If you're just starting to think about your retirement, it's important to start saving immediately. The best part? You don't need a lot of money to start saving for your long-term financial goals. With that said, the sooner you start the more time you have to earn interest. On that note, it can also pay to make sure you're getting the highest interest rate you can on any savings accounts you have. The median net worth of these households is $394,000, according to the Federal Reserve. If your wealth is under this benchmark, around half of all senior households in this age group are wealthier than you. This cohort isn't necessarily financially vulnerable. However, this is far from a comfortable retirement. Seniors in this bracket may be forced into a tight budget, cutting costs where possible. Shopping around for home insurance providers can help make more space in your budget. With it takes just two minutes to comb through over 200 insurers, for free, and find the best deal for you in your area. The process can also be done entirely online. Similarly, can help you switch to a more affordable auto insurance option within minutes. After answering a few questions about yourself and your vehicle, you can immediately compare quotes from trusted brands like Progressive, Allstate and GEICO. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Seniors with a net worth that places them between the 50th and 75th percentiles could be described as middle class. This means access to a more comfortable retirement. But if much of your net worth is trapped in an illiquid asset, such as your house or business, you may need to find easier ways to access cash in your golden years. One option, that can provide some tax advantages, is to open a gold IRA with the help of Thor Metals. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax benefits of an IRA with the inflation-resistant nature of gold investing. This can make for an attractive option if you want to hedge some of your retirement fund against economic uncertainties. Just keep in mind that gold works best when combined with other diversified investments. To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases. Making it to the upper middle class can be the first major hurdle to securing a retirement lifestyle consistent with your highest earning years. It's also when the very real threat of lifestyle creep can take hold. After all, now that you've almost made it, why not let loose with a little more luxury? But living below your assets now can pay dividends later. To keep yourself on track, you could consider reassessing your budgeting practice with a personal finance concierge such as Monarch Money, which connects to over 11,200 financial institutions. This means you can have a top-down view of your bank accounts and investment portfolios once you add your accounts — and even digital assets like crypto if you're using Coinbase. Services like Monarch aren't just about monitoring your finances. They're about actively planning and tracking your financial goals, including trying to chart a course into the top 10% of households. To that end, Monarch offers a net worth tracker that includes your bank accounts, credit card debts, investments, loans and even property values synced with Zillow so you can monitor your progress. You can also get 50% off an annual subscription with code MONARCHVIP. Only the top 10% of senior households between the ages of 65 and 69 have a net worth above $2.9 million. These affluent retirees are usually former bankers, lawyers, C-suite executives or business owners who are accustomed to a lavish and financially free lifestyle. If you're a high earner planning for retirement, the gates to this prestigious club should be within reach. However, you still need robust saving habits and resilient investments over the long term to get there. Diversification can help, because it ensures you aren't overly invested in any one asset. There are many ways to go about this aside from gold, including investing in real estate. Platforms like Homeshares allow accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund. Their fund can provide an effective, hands-off way to invest in high-quality residential properties. You can diversify your portfolio into real estate across regional markets, with a minimum investment of $25,000. With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities as a low-maintenance alternative to traditional property ownership. But gold and real estate aren't the only tools for diversifying your portfolio. You could also consider investing in art with Masterworks. Their platform has given over one million users the opportunity to invest in pieces from artists including Banksy, Basquiat and Picasso. From their 23 exits so far, Masterworks investors have realized representative annualized net returns like +17.6%, +17.8% and +21.5% among assets held for longer than one year. To see if you qualify, you can find out more about investing with Masterworks here. See important Regulation A disclosures at Only the top 1% in this bracket have a net worth over $21.7 million. This is the ultra-wealthy group that most Americans can only dream of belonging to. If you fall into this group, your retirement plan probably looks a little unconventional. You may be less focused on budgeting and more focused on asset allocation, tax optimization and estate planning. Making sure you have the right life insurance policy is essential for preserving your legacy and passing on your wealth to your loved ones. Life insurance payouts are also generally tax-free and can provide up to $12.92 million for beneficiaries. Ethos Life Insurance is a modern life insurance company that offers a seamless, online process for purchasing term life insurance. Ethos doesn't require medical exams for most applicants either, which can help you achieve peace of mind quickly. BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis There's a 40% chance of a recession hitting the U.S. economy this year — protect your retirement savings with these essential money moves (most of which you can complete in just minutes) Here's how 5 minutes could get you up to $2M in life insurance coverage — with no medical exam or blood test Rich older Americans are using these 3 retirement saving strategies to supercharge their nest eggs — here's how to use them to prepare for a comfy retirement Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
2 hours ago
- Yahoo
Tenney gets first challenger for Congress in 2026 -- Democrat Kastenbaum of WNY
Jul. 4—Claudia Tenney has her first declared opponent in her run for reelection to represent New York's 24th Congressional District — Diana K. Kastenbaum, a former manufacturing CEO from Batavia, Genesee County who once sought the Democratic nod for the now-defunct 27th District nearly a decade ago. In an announcement shared on Wednesday, Kastenbaum said she would seek to focus on "kitchen table" issues like Social Security, Medicare and Medicaid, rural healthcare, veterans services, education and workforce shortages in the district, which stretches from Jefferson County to Niagara Falls, largely following the southern shore of Lake Ontario. "Our rural hospitals and nursing homes depend on Medicaid funding to serve our communities," Kastenbaum said. "Our farmers need workers who are willing to do the essential work of feeding America. Our veterans deserve the services they've earned through their honorable service. These aren't partisan issues — they're neighbor issues." Kastenbaum has retired from running her company, Pinnacle Manufacturing, and currently serves as a trustee on the SUNY Genesee Community College board. Kastenbaum has been slowly rebuilding her political presence in the district, launching a series of town hall events across the district with the group "Concerned Citizens NY-24", a nonpartisan community group that aimed to host community forums across the district after the start of the Trump administration. In an interview Wednesday, Kastenbaum said she started organizing that forum with other politically-minded people in western New York to provide a forum for local residents to discuss their thoughts on federal policies and actions, and to better understand the scope of what was going on. Kastenbaum had invited Tenney to attend the nonpartisan forums, but the Congresswoman did not take her up on the offer, and has not hosted a town hall of her own in the district in months. Kastenbaum said it was her experience with the health care system that pushed her to run — she cared for her father and then her husband, former Seinfeld cast member Hiram Kasten, before they died, and said she found the health care system very difficult to successfully move through. "I thought, if I'm having these problems, other people must be too," she said. Kastenbaum said she wants to pitch a stable rural health care system, and said that Republican actions in Washington are doing the opposite. She pointed to the "One Big Beautiful Bill," President Trump's keystone legislation package that includes major cuts to Medicare and Medicaid that are likely to push thousands of Americans off of the government-sponsored health insurance program. Kastenbaum said that bill is going to rip health coverage away from thousands of NY-24 residents, push regional hospitals into financial ruin and make quality of life worse. "I don't know why Claudia Tenney supports this," she said. "She doesn't see what it's going to do to her constituents. She's never here to hear from them." Kastenbaum said she has experience running in a heavily Republican district like NY-24, referencing her previous campaign in NY-27 back in 2016. In that race, she carried 32.8% of the vote to then-Congressman Chris Collins 67.2%. Kastenbaum said she has seen concerns among area Republicans just as much as from Democrats about the direction the country is taking and the priorities the GOP is pursuing in D.C., and she said she thinks there's bipartisan backlash to what's being done. She said the results of the "One Big Beautiful Bill," which House GOP members were debating throughout the day Wednesday, will give local voters a lot more to be mad about. Kastenbaum has been touring the district to meet with local county Democratic committee chairs, and said she's met all of them. She said there are other candidates planning to announce their campaigns in the coming days, and there's likely to be a primary election for the Democratic party in NY-24 this year. Her advantages, she said, are business acumen, a long history in the district as a native born and raised in Batavia, experience in local politics and a passion to fight. "I decided I had to fight, and the best way to do that is to run," she said. As of Wednesday, Kastenbaum and Tenney are the only two candidates to have filed with the Federal Election Commission to run for the seat — Kastenbaum has not recorded any financial information yet because her campaign is too new, but Tenney reported that she has raised $638,790 since January of this year, and has spent $312,046.
