Tax 2026 deadline | Getting a refund or owe taxes? Expert reveals some things to know and do before you file

The deadline to file federal tax returns is approaching, and for last-minute filers, tax professionals say there are several key steps to keep in mind to avoid added stress and potential penalties.

The cutoff to file and pay a balance owed on federal taxes is 11:59 pm on Wednesday.

At this stage in the tax-filing season, Wednesday also marks the deadline to file for an extension. While an extension can provide more time to submit paperwork, it does not extend the deadline to pay any taxes owed.

“We have to do your return to do the extension, because we have to know and you have to know if you owe money,” said James Cox, owner of Cox Accounting & Financial Services. “Because if you owe money, you have to pay it on the 15th or you incur penalties and interest. And an extension is just an extension of time to file the paperwork. That’s what most people don’t understand, they think that gives them more time to pay the money. Well, you don’t without incurring penalties and interest on it.”

Tax professionals also emphasize the importance of completing a return to determine any balance due before the deadline in order to avoid penalties.

Additionally, filers should be aware of potential processing times when submitting returns electronically and avoid waiting until the last minute. Payments for any balance due can also be made online.

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Experts recommend planning ahead and understanding the requirements can help taxpayers avoid unnecessary fees and complications. And while they’re not a catch all, extensions can be a useful tool.

“A lot of people stress about it that this can cause you to get audited. The extensions are just a normal process of tax season, it’s nothing to be worried about,” Cox said.