The IRS deadline is approaching in the United States.

Attention all US taxpayers: The official deadline for filing your tax return with the IRS is today. Millions of taxpayers have already filed their tax returns, but many others are leaving it to the last minute or are simply not prepared. Which side are you on? Either way, heed the information below and avoid a difficult time.

The Internal Revenue Service (IRS) has received more than 101 million returns through early April, and an avalanche of forms is expected in these final hours. However, many Americans still don't have their documents ready, and others face questions or unforeseen issues. This is a common occurrence year after year.

Do you know how to request an extension to file your tax return?

Yes, you can do it; in fact, many people do. You should know that requesting an extension isn't that complicated. The IRS allows an automatic six-month extension to file your return, which extends the deadline to October 15. But the extension doesn't include payment. That means if you owe the IRS money, you have to pay it today or face interest and penalties. So, you better hurry, don't you think?

Regarding what we mentioned about the extension request, it can be submitted online using Form 4868, through tax software providers, or even with a simple electronic payment to the IRS indicating that it's an extension. The choice is yours. Just keep in mind that if you choose postal mail, they recommend sending the certified envelope postmarked by midnight tonight.

It's also true that some people already have an automatic extension without any additional paperwork. These include taxpayers residing in areas affected by federally recognized natural disasters, such as parts of Florida, Tennessee, North Carolina, and Georgia. Also included in this category are U.S. citizens living abroad and military personnel deployed in combat zones.

For example, after this year's severe storms, taxpayers in Alabama and Arkansas have until November 3 to file their tax forms.

And what documents do you need to have on hand?

For those who do file today, it's essential to have all your forms in order: the W-2 for employees, the 1099 for contractors or freelancers, and the 1099-K if you received payments through platforms like Venmo or CashApp.

You can still make tax-advantaged contributions to a traditional IRA and deduct them on your 2024 tax return if you file before 11:59 p.m. This type of deduction is valid even if you take the standard deduction and can mean immediate savings.

The IRS insists that the best way to file is electronically, either through its new free "Direct File" program, available in 25 states, or using tax preparation software that partners with the IRS. These options also make it easier to track the status of your refund.

What happens if you don't file or pay?

Failure to file or pay can be very costly. The penalty for failing to file on time can reach 5% per month of the total amount owed, up to a maximum of 25%. In addition, there is a penalty for failure to pay of 0.5% per month plus accrued interest.

The IRS recommends paying at least part of the amount, even if not the entire amount. While it may seem trivial, this can significantly reduce penalties.

What to do if you can't pay

To put it bluntly, we'll give you this advice: If you can't pay what you owe, pay what you can today and request a payment plan with the IRS. There are short- and long-term agreements, and even payment commitment options if your financial situation is dire. But the key is not to ignore the obligation. It's the safest and least expensive way for you to stay on track and sleep soundly.