Final Hours for Americans to File Taxes, Avoid 25% Penalties

As the April 15 tax deadline approaches, the IRS warns that late filings could incur a 25% penalty, with fines potentially reaching $5,000 for fraudulent returns. Scammers are misleading taxpayers to overstate their income and withholdings, which the IRS is actively addressing, as such actions could lead to criminal charges. Additionally, experts remind taxpayers to consider time zone differences, as the deadline is based on Eastern Standard Time, affecting those in other time zones. Many Americans are also urged to claim unclaimed tax refunds, with more than $1 billion remaining from the 2021 tax year, as the IRS will keep the funds if returns are not filed within three years. Furthermore, eligible low to moderate-income workers should consider the Earned Income Tax Credit (EITC), which can significantly increase refunds. Taxpayers are encouraged to file as soon as possible to avoid penalties and secure any potential refunds they might be owed.