If you asked for an extension for your 2024 taxes, this is the key week. The extension just gave you more time to file, not to pay. If you owe and don't file by October 15, you could pay unnecessary penalties and interest. The good news: You're still on time and we can help you today.

Why it matters to act now

- Significant refunds: The average reimbursement was around $3,000 during the 2024 season. To delay is to delay your own money, if you are entitled to a refund. Source: IRS, Filing Season Statistics 2024.

- Filing online works: in recent years, more than 90% of individual returns were submitted electronically (e-file), reducing errors and accelerating reimbursement. Source: IRS Data Book.

- Don't leave credit on the table: about 1 in 5 eligible people don't claim the Earned Income Credit (EITC). A good review can mean thousands of dollars for your family. Source: IRS, Earned Income Tax Credit.

What to do this week (30-minute checklist)

1) Gather your documents:

- Forms W-2 and 1099 (wages and self-employment).

- 1098 (mortgage interest), bank and investment statements.

- Deductible expenses: education, health, donations, child care, business mileage.

- Letters from the IRS or the state, and your ITIN letter if applicable.

2) Confirm your personal information:

- Change of address, marital status, bank account for direct deposit

3) Do a quick review of credits and deductions:

- EITC, Child Credit, American Opportunity (studies), standard vs. detailed deduction.

4) If you must, plan the payment:

- Even if you can't afford everything, file your tax return to reduce the fine. You can then request a payment plan.

5) Submit via e-file and use direct deposit:

- It's the fastest way and with the least errors.

What happens if I don't submit on time

- Penalty for not filing: it can be up to 25% of the unpaid tax. It's the highest fine; filing on time avoids it.

- Penalty for not paying: usually 0.5% per month on what you owe, plus interest. Filing reduces this penalty even if you pay later.

- If you expect a refund: There's no penalty for filing late, but you don't collect your money until you declare. And there is a time limit for claiming refunds (usually three years).

Who could have more time without a fine

- People in FEMA-declared disaster zones: The IRS usually gives new deadlines.

- Military personnel in a combat zone: special extensions apply.

If you think this applies to you, contact us to verify your case and the exact date.

How La Familia Multiservices helps you this week

- Same-day e-file submission and express credit review to maximize your reimbursement.

- Payment plans and request for penalty and interest relief when appropriate.

- ITIN renewal and processing.

- Advice in English and Spanish, with clear pricing before starting.

Book your appointment today

- Call us or schedule online at www.lafamiliamultiservices.com.

- We serve in person and virtually. If you're out of town, we can securely process everything online.

Sources and references

- IRS — Filing Season Statistics (refund and e-file statistics, 2024): https://www.irs.gov/newsroom/filing-season-statistics

- IRS Data Book (e-file rates, recent trends): https://www.irs.gov/statistics/soi-tax-stats-irs-data-book

- IRS — Earned Income Tax Credit (EITC): https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc

- IRS — Fines for not filing and not paying: https://www.irs.gov/payments/penalties

- IRS - Disaster Relief: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Note: The information is general and may change. It is not personalized legal or tax advice. Check your dates and options with a professional; we can review your situation in a 15-minute call.

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