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With time running out, here are some tax tips for last-minute filers

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1 year ago

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USA Tax day Reminder

Prapass Pulsub | Moment | Getty Images

Still haven’t filed your taxes?

With less than 24 hours until the April 15 tax deadline, time is running out to file your 2024 federal tax return or request an extension. It also may be your last chance to claim a refund on a prior year’s return. 

Nearly one-third of Americans admit they procrastinate when it comes to filing their taxes, according to a survey of more than 1,000 U.S. tax filers from IPX1031, an investment property exchange service. The survey also found that about 25% do not feel prepared to file their taxes.  

“Procrastination is a natural response when something feels overwhelming,” said certified financial therapist Erika Wasserman, CEO of Your Financial Therapist. “But delaying important tasks like filing taxes only compounds stress.”

Meanwhile, some people may also assume that given staffing cuts at the Internal Revenue Service, taxpayers should wait to file and pay or not pay at all. Think twice before heeding that advice, experts warn. 

More from Your Money:

Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.

“Beyond the fact that filing and paying is the law, a lot of the agency’s compliance activities are actually pretty routine, such as matching W-2s and 1099s against what’s reported on tax returns, generating tax assessments, and assessing various late-filing, late-payment, and estimated tax penalties,” explained IRS spokesman Eric Smith in an email to CNBC.

Most taxpayers, however, have already filed their federal tax returns.

As of April 4, the IRS received roughly 101 million individual returns of the 160 million expected this filing season, the agency’s latest report shows. Nearly 68 million refunds have been issued, with the average refund amount of $3,116, about 3.5% more than a year ago.

Filing for an extension 

For most taxpayers, the federal tax deadline is April 15. 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.  However, you still must pay your taxes by the original due date to avoid racking up penalties and interest.

Choosing “extension” when making a payment electronically on the IRS website for 2024 will automatically submit Form 4868, the document needed to request an extension.

“With all the check theft and check-washing schemes going on right now, e-pay is a great option, plus you get the peace of mind of knowing, right away, that the IRS got your payment,” Smith said.

(Check washing is a form of check fraud where thieves steal checks, erase the original payee and amount, and then rewrite the check for their own benefit.)

Payment options, including IRS Direct Pay, are available at IRS.gov/payments. 

You can also mail the extension Form 4868 by April 15 and include a check for what you owe, but processing times may be longer.

If you cannot pay your tax balance by April 15, you still need to file your return to avoid a higher IRS penalty, experts say.  

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

Disaster relief for tax filers

Many disaster-area taxpayers will automatically have more time to file and pay, and they don’t even need to ask for the extra time. 

Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Alaska, New Mexico, Tennessee and Virginia have until May 1 to file and pay. Due to the wildfires, Los Angeles County has until Oct. 15 to file and pay. Kentucky and parts of West Virginia have until Nov. 3 to file and pay. 

Taxpayers can find details at IRS.gov/disasterrelief. 

File for unclaimed refunds

If you have an unclaimed refund for tax year 2021, the IRS says you must file for it now before the three-year time window runs out on April 15. 

“For many, it’s more important than ever to do this because, in part due to the pandemic, a number of tax benefits were expanded for tax year 2021, including the stimulus-related Recovery Rebate Credit, the Child Tax Credit, the Credit for Child and Dependent Care Expenses and the Earned Income Tax Credit,” Smith said.

Tax Tip: Earned Income Credit

“Most of the expanded benefits were refundable, making them especially lucrative for low-and moderate-income individuals and families.”

If you’re unsure if you received the money, there’s a simple way to check via your IRS account online, tax experts say.

The 2021 stimulus payments were worth up to $1,400 per individual, or $2,800 per married couple. A family of four could receive up to $5,600 with two eligible dependents.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

Published

2 weeks ago

on

August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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