Running Up Against the Tax-Filing Deadline? Here's What This Tax Expert Says to Do

It's advice worth following if you haven't filed your taxes yet.

Taxes are usually due on April 15, but this year, filers get a few extra days, since the deadline to submit 2022 returns is April 18. But even so, you may end up in a situation where you're nowhere close to having finished your tax return and the deadline is right around the corner.

In that scenario, Mark Steber, Chief Tax Information Officer at Jackson Hewitt, says not to panic. But also, he says, you don't want to rush the process of filing a tax return. Doing so could mean making a huge mistake and missing out on a world of tax savings.

It's important to give yourself the time you need

Even when you're running into the tax-filing deadline, it may not be too late to hire someone to help with your taxes, says Steber. And a professional may be able to turn your return around faster than you can.

That said, if you don't think you'll be able to finish your taxes by April 18, you may want to think about requesting an extension. The IRS will give you one automatically if you file for an extension by April 18, and that will give you six extra months to get your taxes done.

However, getting a tax extension may not be ideal because, as Steber cautions, "It's not an extension of time to pay, it's only an extension to send in your paperwork." And if you don't complete your taxes on time, you may not know what you owe the IRS. But even so, rushing through your taxes could be disastrous -- namely because you might make a mistake that gets your return audited, or that results in a smaller tax refund or higher tax bill.

As Steber explains, the U.S. tax code is loaded with benefits. But if you rush the process of doing your taxes, you might overlook some that you're eligible for.

Imagine that you're in a hurry to do your taxes and forget to claim a mortgage loan interest deduction. That could mean denying yourself a lot of savings. And if you think the IRS will attempt to reconcile that missing deduction for you if you've claimed it in previous years, think again.

"The IRS is not in the business of making sure that you got all of your benefits," says Steber. Rather, that's on you. Furthermore, Steber says, "You can leave off a lot of things that are not in and of themselves enormous, but they can add up." The result? A higher tax bill or lower refund.

Don't speed your way through your taxes

You might have experience cramming for exams or throwing together a last-minute gathering to celebrate an important milestone. But rushing through the process of filing a tax return can be a very different experience, and it's one Steber strongly cautions against. So if you need to file an extension to buy yourself a little extra time, that may be a better idea than filing a tax return that's loaded with mistakes and missing credits or deductions.