"Tax Extension Tips and Deadlines for 2023"

The deadline to file taxes is April 18, and filers can still request an extension until October 16. Those who made less than $73,000 last year can file for free at IRS.gov. Failure to pay taxes results in a monthly penalty rate of 0.5% on the unpaid amount, increasing to 1% after 10 days of receiving an IRS notice. Low-income individuals should still file as they may be entitled to a refund. The average federal tax refund amount for the week ending April 7 was $2,878, down from last year due to pandemic-era federal payment programs and credits that have ended. Many Americans plan to use their refund to pay down debt, which has increased due to inflation.