\n
<\/p>\n
Tax day is right around the corner, but for some, the true deadline to complete returns is nearly a week earlier. That\u2019s because if you\u2019re planning to mail your tax returns to the Internal Revenue Service (IRS) instead of filing them electronically, they\u2019ll need to be postmarked \u2014 not mailed \u2014 by April 15.<\/p>\n<\/div>\n
Due to recent changes at The United States Postal Service (USPS) that impact transportation operations, mail may not arrive at originating processing facilities on the day it is mailed, the organization said in a January announcement.<\/a> \u201cThis means that the date on the postmarks applied at our processing facilities will not necessarily match the date on which the customer\u2019s mailpiece was collected by a letter carrier or dropped off at a retail location.\u201d.<\/p>\n The agency says physically bringing your mail to a Postal Service retail location and asking for a manual postmark at the counter, rather than simply placing it in the mail, can ensure the mail is postmarked on the same day. Therefore, taxpayers who plan to put their returns in the mail should do so at least three to five days before the April 15 deadline.<\/p>\n Those who are anticipating not having their returns filed by the deadline can file for an extension. According to the IRS, there are three ways<\/a> to file for an extension, which include paying online and checking the box to file for an extension, using IRS Free File, or requesting an extension by mail. While filing for an extension can give you until Oct. 15 to file your returns, it doesn\u2019t allow you to pay any taxes you owe later than April 15.\u00a0<\/p>\n<\/div>\n Slowed down transportation operations at USPS are far from the only issues impacting the agency. Earlier this month, Postmaster General David Steiner told Congress that USPS is facing a \u201ccritical juncture\u201d due to a \u201cdrastic reduction in the use of mail,\u201d as well as overregulation. Steiner said that, as a result, the price of a first\u2011class stamp could rise to 90 to 95 cents, up from 78 cents, which he explained \u201cwould largely solve\u201d the agency\u2019s \u201ccontrollable loss.\u201d\u00a0<\/p>\n While the price of stamps isn\u2019t going up for now, USPS did recently announce that, as of Sunday, April 26, the U.S. post office will implement an 8% transportation surcharge<\/a> on packages. The change will be in effect until Jan. 17, 2027.\u00a0 \u201cThis temporary price adjustment will provide needed flexibility for the Postal Service by helping to ensure that the actual costs of doing business are covered, as required by Congress,\u201d USPS said at the time of the announcement.<\/p>\n Last year, about\u00a0 6% (or 11 million) taxpayers filed their returns on paper instead of electronically, according to the IRS.\u00a0<\/p>\n<\/div>\n Filing returns past April 15 may trigger interest and penalties on what you owe. \u201cThe failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid,\u201d the IRS explains<\/a>. \u201cThe penalty won\u2019t exceed 25% of your unpaid taxes.\u201d However, since penalties are based on a percentage of unpaid tax, those who don\u2019t owe taxes or are set to receive a tax refund won\u2019t face financial penalties for late returns.<\/p>\n<\/div>\nThe bigger picture at USPS<\/h2>\n