The tax deadline is days away — and the IRS is urging taxpayers to file returns on time and “pay as much as they can.”

However, if you can’t cover your total tax balance, there are options for the remaining taxes owed, according to the agency.

For most tax filers, April 15 is the due date for federal returns and taxes. But your federal deadline could be later if your state or county was impacted by a natural disaster.

If you are in the military stationed abroad or are in a combat zone during the tax filing season, you may qualify for certain automatic extensions related to the filing and paying of your federal income taxes.

Additionally, those living and working abroad also have extra time to file. 

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If you’re missing tax forms or need more time, You can file a tax extension by April 15, which pushes the federal filing deadline to Oct. 15.  

But “it’s an extension to file, not an extension to pay,” said Jo Anna Fellon, managing director at financial services firm CBIZ.

The failure-to-file penalty is 5% of unpaid taxes per month or partial month, capped at 25%.

By comparison, the failure-to-pay penalty is 0.5% of taxes owed per month, limited to 25%. Both penalties incur interest, which is currently 7% for individuals.

“File on time and pay what you can,” said Misty Erickson, tax content manager at the National Association of Tax Professionals. “You’re going to reduce penalties and interest.” 

Don’t panic if you can’t cover the full balance by April 15 because you may have payment options, she said.

“The IRS wants to work with you,” Erickson added.

“Most individual taxpayers can qualify for a payment plan,” the IRS said in a recent news release.

The “quickest and easiest way” to sign up is by using the online payment agreement, which may include a setup fee, according to the agency.

These payment options include:

• Short-term payment plan: This may be available if you owe less than $100,000 including tax, penalties and interest. You have up to 180 days to pay in full.

• Long-term payment plan: You’ll have this option if your balance is less than $50,000 including tax, penalties and interest. The monthly payment timeline is up to the IRS “collection statute,” which is typically 10 years.  

The agency has recently revamped payment plans, to make the program “easier and more accessible.”    

Misinformation and lack of trust in traditional institutions runs rampant in our society.

The regulated financial sector is no different, particularly among young people. Roughly 38% of Gen Zers get financial information from YouTube, and 33% from TikTok, according to a recent Schwab survey.

As a former regulator and author of kids’ books about money, I am truly horrified by the toxic advice they are getting from these unqualified “finfluencers” — advice which, if followed, could cause lasting damage to their financial futures.

Most troubling are finfluencers who encourage young people to borrow. A central theme is that “chumps” earn money by working hard and that rich people make money with debt. They supposedly get rich by borrowing large sums and investing the cash in assets they expect to increase in value or produce income which can cover their loans and also net a tidy profit.

Of course, the finfluencers can be a little vague about how the average person can find these wondrous investments that will pay off their debt for them. Volatile, risky investments — tech stocks, crypto, precious metals, commercial real estate — are commonly mentioned.

You can find finfluencers advising against diversified, low fee stock funds in favor of active trading (without disclosing research consistently showing active trading’s inferior returns). Or ones that discourage individual retirement accounts and 401(k) plans as savings vehicles in favor of real estate or business startups (without mentioning lost tax benefits as well as the heavy costs and expertise needed to manage real estate or high failure rates among young companies).

Some encourage making minimum payments on credit cards to free up money for speculative investments (without mentioning the hefty interest costs of carrying credit card balances which compound daily).

Why are so many young people turning to these unqualified social media personalities for help in managing their money instead of regulated and trained finance professionals?

One reason: the finfluencers make their advice entertaining. It may be wrong, but it’s short and punchy. Materials provided by regulated financial service providers can sometimes be dry and technical.

In addition, regulators themselves offer educational resources directly to the public. For young adults, one of the most widely used is Money Smart, offered by the Federal Deposit Insurance Corporation — an agency I once proudly chaired.

There are also many excellent regulated and certified financial planners. However, most young people will not have the budget to pay for financial advice. 

They don’t have to if they just keep it simple: set a budget, stick to it, save regularly, and start investing for retirement early in a low-fee, well-diversified stock index fund. They should minimize their use of financial products and services. The more accounts and credit cards they use, the harder it will be to keep track of their money.

Above all, they should ignore unqualified “finfluencers.” 

Check their credentials. Question their motives. Most are probably trying to build ad revenue or sell financial products. In the case of celebrities, find out who’s paying them (because most likely, someone is).

Regulated finance needs to reclaim its status as a more trustworthy source for advice. The best way to do that is, well, provide good advice. Every time a young adult is burnt by surprise bank fees, seduced into over borrowing by a misleading credit card offer, or told to put their retirement savings into a high fee, underperforming fund, they lose trust.

I know regulation and oversight are out of favor these days. But we need a way to keep out the bad actors, and practices to protect young people new to the financial world. It’s important to their financial futures and the future of the industry as well.

Sheila Bair is former Chair of the FDIC, author of the Money Tales book series, and the upcoming “How Not to Lose $1 Million” for teens. She is a member of CNBC’s Global Financial Wellness Advisory Board.

Gold is often considered a safe-haven investment because it typically acts as a hedge in times of political and financial uncertainty. Prices are currently soaring amid fears of a global trade war and its potential to push the U.S. economy into recession.

However, some analysts think gold prices may have peaked.

“We’re probably close to maximum optimism on gold at this point,” said Sameer Samana, head of global equities and real assets at the Wells Fargo Investment Institute. Investors who chase returns may find themselves regretting it later.

“It’s so overbought,” Samana said. “Buying gold right now, you’re coming a little late to the party. It doesn’t mean it’s over, but you’re not early.”

So far this year, gold prices have notched more than a dozen record highs and are currently trading above $3,000.

Gold futures prices were up about 21% year-to-date as of noon ET on Friday and 30% higher compared to the price a year ago. Prices have popped about 7% this week alone, on pace for the best week since March 2020.

By comparison, the S&P 500 is down about 11% in 2025 and up about 1% in the past year.

President Donald Trump imposed steep country-specific tariffs on Wednesday, but ultimately delayed them for 90 days. However, a trade war between the U.S. and China — our third-largest trade partner — escalated as each nation engaged in a tit-for-tat tariff increase.

As of Friday morning, the U.S. had put a 145% tariff on imports from China, which hit back with a 125% levy on U.S. goods.

While some analysts think gold prices are close to topping out, others think there’s room to run.

“Even though gold prices are at an all-time high, the reality is that in the next couple of years it could accelerate,” said Jordan Roy-Byrne, founder of The Daily Gold, an online resource for gold, silver and mining stocks.

Experts often recommend getting investment exposure to gold through an exchange-traded fund that tracks the price of physical gold, as part of a well-diversified portfolio, rather than buying actual gold coins or bars.

“For most [investors], I would say a gold bullion-backed ETF makes the most sense,” Samana said. SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are the two largest gold ETFs, according to ETF.com.

Financial advisors generally recommend limiting gold exposure to the low-single-digit percentage, perhaps up to 3% or so, of one’s overall portfolio.

Gold tends to perform “okay” when investors are worried about inflation or stagflation, Samana said — fears sparked by the Trump administration’s recent tariff policies. However, it “rarely does well” during recessions, which is when bonds “really show their value,” he said.

Consumers, especially, seem to like that idea. When Costco started selling 1-ounce bars last year, revenue soared, with Wells Fargo analysts estimating that the wholesaler generated up to $200 million a month from gold sales alone.

“Amidst the recent stock market turbulence, we’re seeing renewed interest in tangible, physical assets that exist outside traditional financial structures,” according to Tim Schmidt, the founder of Gold IRA Custodians, an online resource for buying gold.

But buying physical gold during uncertain times may not make much sense for investors unless they are extremely anxious the financial system might implode — at which point physical gold can theoretically help people barter for goods and services, Samana said.

“We have clients who currently hold positions in gold. These are typically individuals with substantial assets across various industries and sectors, using gold as a means of portfolio diversification and balance,” said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California.

Even in the face of heightened uncertainty largely due to tariff-induced market swings, “we are not proactively recommending that clients add to their gold positions at this time,” said Sun, a member of CNBC’s Financial Advisor Council. “Instead, we suggest maintaining higher cash reserves, fully funding emergency savings, and reallocating as needed based on evolving financial goals.”

Lee Baker, a CFP based in Atlanta, says more clients are worried that tariffs will hinder economic growth and have recently been asking about alternative investments in gold. “Often during times of chaos there is a ‘flight to safety,’ so in a time like this we are seeing some movement to gold as a part of the fear trade.”

According to Baker, who is the founder, owner and president of Apex Financial Services and a member of CNBC’s FA Council, “incorporating gold, and other commodities, is a good idea in general.”

He recommends adding gold ETFs to client portfolios, although “there have been occasions where we have utilized gold stocks in the form of investing in mining companies or gold-related company mutual funds.”

As for physical gold, “if it makes you feel good to go grab an ounce at Costco or wherever, do it,” he said. But with that comes the additional responsibility and costs of storing, insuring and safekeeping those holdings, he added.

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