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Preparation time depends on the complexity of the return. For example, the return of someone who has multiple self-employment ventures and diverse investment income sources typically requires more preparation time than one for a person with a single job and limited investments. Regardless, you can keep preparation time to a minimum by providing all relevant records at the outset.

Yes, as long as you are careful about how you do it. Reputable electronic filing platforms, including the ones used by trusted tax professionals, encrypt tax returns so that only the IRS may access the information on them.

First, stay calm, but second, do not ignore the problem. Start by paying as much as you can, as soon as you can. Then determine how much you can afford to pay per month going forward. Bring this information to a trusted tax professional, who can help you submit an installment plan proposal to the IRS to pay off your tax balance.

For most returns filed electronically, the IRS issues a refund within 21 days after accepting the return for processing. However, for returns filed on paper forms, the issuance of a refund often takes six weeks or more.

Not necessarily. Finding out that you are owed a sizable tax refund can certainly be quite a thrill, but that outcome actually means you significantly overpaid in tax throughout the previous year.

It's possible. Even seemingly simple IRS rules have dozens of exceptions and technical nuances. Due to the resulting confusion, many people miss out on deductions and credits that they qualify to claim, and overpay in tax as a result.

Yes, and in fact this scenario is quite common. For example, most married couples may choose to either file a joint return (MFJ status) or separate returns (MFS status).

No. The automatic extension only gives you extra time to file your return. In most cases, you must still pay any tax you owe by the standard filing deadline.