What Should I Do if I'm Not Prepared to File My Taxes on April 15?

Tax Day is April 15, 2025. While some people get their taxes done early, nearly a third of all U.S. taxpayers wait until the last minute, and a significant percentage of U.S. taxpayers are not ready to file when Tax Day arrives. If you fall into this latter category, what do you need to know? Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains:

Common Reasons for Needing to Wait to File a Federal Tax Return

There are several reasons why someone might need to wait to file their federal tax return. While some of these reasons are self-inflicted, in many cases, taxpayers are not ready to file on Tax Day due to circumstances beyond their control. For example, some common reasons for needing to wait to file a federal tax return include:

• You haven’t received your W-2 from your employer
• You haven’t received a Form 1099 for independent contracting, gig work or investment income
• You haven’t calculated your gain or loss from cryptocurrency or stock trading
• You haven’t calculated your gain or loss from gambling or gaming
• You are a small business owner, and you haven’t had time to deal with your taxes
• You are waiting on advice or a completed return from your tax professional
• You are waiting on a response or information from the IRS

Regardless of why you are not ready to file your federal returns on Tax Day, this is not an issue that you can simply ignore. Failing to timely submit an accurate return triggers immediate penalties, and it significantly increases your risk of facing an IRS audit.

What to Do if You Aren’t Ready to File on April 15, 2025

With this in mind, what should you do if you aren’t ready to file on April 15, 2025?

First, you should make sure that you are truly unprepared to file your federal return on Tax Day. Not only does failing to timely file a return trigger penalties, but it also triggers interest. As a result, if there is any way that you can file on time, this will save you from additional liability to the IRS.

If there is simply no way that you can file an accurate return on Tax Day, you will most likely want to request an extension. Requesting an extension can help you avoid penalties (though interest will generally still accrue). Requesting an extension can also help you avoid IRS scrutiny, as failure to file is among the most common triggers for audits targeting both businesses and individuals.

Request a Confidential Consultation with Virginia Tax Attorney Kevin E. Thorn

Do you need to know more about what you can do to avoid triggering an IRS audit in 2025? If so, we encourage you to get in touch. To request a confidential consultation with Virginia tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, please call 703-752-3752 or send us a message online today.