Every year, hundreds of millions of Americans file their federal and state income tax returns leading up to April 15. While Tax Day is the last chance to pay taxes owed for the previous calendar year, you could be granted a filing extension. Don’t let that deadline scare you into rushing through any important paperwork you leave in the hands of the IRS and state government. Keep these factors in mind when submitting taxes each spring:

Request Filing Deadline Extension

Taxpayers can submit Form 4868 to request a six-month extension of their filing deadline, pushing it out to October 15. Whether it’s missing documents, incomplete information or unexpected life events keeping you from submitting paperwork, an extension can feel like a lifeline for some. You are, however, still required to pay your estimated tax liability based on income and deductions by April 15 to avoid penalties and interest.

Designate Investment Contributions

Tax Day is also the deadline to submit or adjust IRA and HSA contributions for the previous tax year. These last-minute tweaks allow taxpayers flexibility to maximize their tax-deferred growth and the opportunity to potentially reduce their taxable income. Even if you’re counting on that six-month filing extension, you still must designate any retirement investment or health savings contributions for the previous year by April 15.

Monitor Tax Refund Status

If you overpay and anticipate a tax refund, use the IRS tool “Where’s My Refund?” to track its status. Most refunds for taxes filed digitally with direct deposit are visible within 24-48 hours and issued in 21 days, but refunds for paper-filed returns can require up to six or eight weeks to process. Remember: this is not a reward. Consider using your refund to establish an emergency fund, pay off any lingering debt or simply put into savings.

Your taxes are just part of your overall financial picture. For assistance in putting all the pieces together, get in touch with a Cinfed Financial Coach at your nearest branch location.