Last minute tax tips for today's deadline

There are usually two types of people who wait until the bitter end before the April 15 tax deadline to file their returns: Those who owe money to the government and the folks who are flatout procrastinators.

Whichever camp you fall into, let's go! The quickest and most efficient way to file is to use IRS e-file, which is available to all taxpayers.

Electronic filing is the safest and quickest way to submit individual tax returns. Taxpayers with adjusted gross income of $79,000 or less can use IRS Free File, a service that lets you file your federal taxes at no extra cost either through electronic fillable forms or through IRS partnerships with private tax preparation services.

If you can't get your act together today, you can request an extension to file with Form 4868.

An extension gives you until Oct. 15 to file your tax return, but importantly, an extension to file is not an extension to pay. That means you need to estimate and pay any owed taxes today to avoid any potential penalties and interest.

The IRS notes that “making a payment, even a partial payment, will help limit penalty and interest charges.” One big caveat: Even if you file for an extension, the deadline to make IRA and Roth IRA contributions for 2023 is still today.

If you owe money to Uncle Sam, there are plenty of payment options to consider.

The fastest, easiest way to make a one-time payment is through IRS Direct Pay, a free and secure service that allows taxpayers to securely pay their taxes directly from their checking or savings account without any fees or registration. After submitting a payment through Direct Pay, you will receive immediate confirmation via email.

Although the IRS allows you to charge your outstanding tax liability on your credit card, plastic is usually the most expensive way to pay taxes due to the fees associated with the card usage.

There is also the risk that if you use a credit card, you may not be able to pay off the balance quickly, which would then subject you to high interest rates in the future.

If you need more time to pay your tax bill or just can't pay the full amount today, the IRS says that most individual taxpayers can qualify for a payment plan, including:

SHORT-TERM PAYMENT PLAN >>

For no fees, the IRS may grant up to 180 days more to pay the bill for those who owe less than $100,000 in combined tax, penalties and interest. You can request this plan through the Online Payment Agreement application.

LONG-TERM PAYMENT PLAN (INSTALLMENT AGREEMENT) >>

If you owe $50,000 or less in combined tax, penalties and interest, you can pay in monthly payments for up to 72 months.

Payments may be set up using direct debit, a requirement for balances between $25,000 and $50,000. There is a $31 fee to set up a longterm plan, which may be waived if you are considered “low income.” If you choose not to use Direct Debit, the