Here's how to file your taxes at the last minute (2024)

Tax season is now in full swing and millions of Americans are scrambling to file their taxes before the Apr. 15 deadline (or April 17 if you live in Maine or Massachusetts). A 2022 NBC News analysis of IRS data showed that on average about 29% of individual tax returns were received in the three weeks prior to Tax Day.

There are some benefits to filing early. "If you're getting a refund, if you file early, you get your money early," says Mark Steber, Senior Vice President and Chief Tax Information Officer at Jackson Hewitt.

On top of alleviating stress, filing your taxes early can also help make your return more accurate. "What we typically see, especially in the self-prep market, is that people are running around just to get it done, and they leave off deductions, they leave off credits, but they got it done. But they shorted themselves on refunds."

The right tax preparation software can help you avoid inaccuracies and maximize your return, even when you're filing at the last minute. Some of CNBC Select's favorites include TurboTax and H&R Block.

It's no secret that completing your tax return is usually a lengthy process, but that process can help deliver you a solid refund this year. According to the IRS, the average return in 2024 so far is $3,207. So taking the time to carefully put together and submit your return can pay off.

But with about two weeks left until the due date, you need to start that process now. Here are the steps to begin your tax filing:

First, find all of your documents

Everyone's tax return will look different, but generally, most filers will need one or more of the following documents:

• W2 or 1099-MISC (income earned from work)
• 1098 (mortgage interest statement)
• 1098-E (student loan interest statement)
• 1098-T (paid tuition statement)
• 1099-DIV (dividends and distributions)
• 1099-INT (interest earned from bank accounts)
• 1099-G (government payments)

The deadline for sending these forms was January 31, 2023. If you haven't received those forms yet, reach out to get those forms before you start filing your tax return if they apply to your situation.

Use federally-sponsored tax software if you qualify

Many large tax software companies you see advertising during the tax season typically have an associated cost, although many of them have a free version for simple tax returns. But if your adjusted gross income (AGI) was less than $79,000 in 2023, you qualify to file your taxes for free.

To get started, visit the IRS website to find tax software that fits your needs.

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Use a free or low-cost tax software

There are several options for online tax software to use to begin processing your tax return. However, before you select one that fits your needs, be sure to follow these tips:

• It may be easier to file on a computer rather than a smartphone.
• When you file, be sure you're using a network that is trusted and secured. A public Wi-Fi network like the ones at a library or coffee shop could leave your information vulnerable to theft.
• Evaluate what your tax return looks like for the year. If your tax return is simple with one or two W2 forms and a few deductions, one of the simple tax return software solutions will work just fine. If you're a real estate investor or own a business, you may need something more comprehensive.

You may be able to use the free version to process your return with ease, but others may need to spend a bit more to maximize their refund. If you decide to pay for a service, take a look at the credit cards in your wallet. American Express and Capital One both have some offers to earn points or cash back on your purchase of tax prep software.

Cash App Taxes is a good option for those looking to save on tax software as it lets you file both federal and state taxes for no cost.

If you're scrambling and need more time, file an extension

If you need more time, that's okay. But to get it, you'll need to file an extension.

To get an extension, you need to file Form 4868. Once you file this, you will have until Oct. 15, 2024, to complete your 2023 taxes.

However, if you believe you owe taxes, this extension doesn't buy you more time to avoid your tax bill. "It's an extension of time to send in your documents. It is not, by contrast, an extension of time to pay your money," Steber says. Your tax bill is still due Apr. 15.

There are three ways to file for an extension:

• Pay all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System, or using a credit card or debit card
• File Form 4868 electronically by accessing IRS e-file using tax software or by using a tax professional who uses e-file
• File a paper Form 4868 and enclose payment of your estimated taxes that are due.

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every tax guide is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of tax software products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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