The Fine Print Australia · PUBLISHED 25 JUN 2026 · VERIFIED 25 JUN 2026 · AU EDITION

myTax 2026 Tax Return: The First 5 Things to Do When You Lodge

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The IRS says refunds are generally available about 24 hours after e-filing, but around 4 weeks after a paper return, so choosing the wrong filing method can delay your money by almost a month.

The number that matters

The central number is April 15, 2026, the due date for most 2025 individual federal tax returns in the US filing season that opened on January 26, 2026.

How it quietly costs you

The first quiet cost is not claiming your refund fast enough, because paper filing is processed much more slowly than e-filing: the IRS says refund status is generally available about 24 hours after e-filing but 4 weeks after filing a paper return.

For a taxpayer expecting a $2,500 refund, that delay is a short-term cash-flow loss rather than a direct IRS fee, and it is entirely avoidable by filing electronically and using direct deposit, which the IRS strongly encourages as it phases out paper refund checks.

Old vs better: paper return = ~4 weeks to refund status versus e-file = ~24 hours.

The second, compounding trap

The second layer is missing the filing deadline or failing to request an extension, which can trigger penalties and interest; the IRS says the normal deadline for 2025 individual returns is April 15, 2026, and an extension moves the filing deadline to October 15, 2026 but does not extend the time to pay tax owed.

That means if a taxpayer owes money and waits, the cost compounds from the original due date forward; the long-run impact is most severe for self-employed or otherwise under-withheld taxpayers who must also manage estimated payments during the year.

What this looks like in practice

Megan, 34, office manager, earning $82,000, with a $3,100 expected refund, using a standard individual return, 21 years from retirement.

• She discovers that filing electronically could make her refund status appear in about 24 hours instead of roughly 4 weeks, a major difference versus paper filing.
• She discovers that if she needs more time, she can extend to October 15, 2026, but still must pay any tax due by April 15, 2026, so an extension is not a payment holiday.
• She discovers the IRS Free File program begins accepting qualified returns on January 9 and Free File Fillable Forms open on January 26, meaning she can start earlier than many people assume.

The full cost of doing nothing

For Megan, the combined cost of Problems 1 and 2 is best thought of as weeks of delayed access to cash plus any avoidable penalty/interest exposure if she owes tax and misses the deadline.

A simple modelling basis is: a $3,100 refund delayed by about 3 additional weeks if she files on paper instead of e-filing, and if she owes tax, any unpaid balance begins accruing consequences after April 15, 2026 unless she pays on time.

What to do about it

• File electronically and choose direct deposit. Use the IRS Where’s My Refund? tool on IRS.gov after e-filing to track status. Steps:

1. Complete your return in your tax software.
2. Select e-file and enter bank details for direct deposit.
3. Check refund status in Where’s My Refund? about 24 hours after filing. Good looks like: refund processing that is far faster than the 4-week paper-return path.

• Verify your income forms before you lodge. Use your IRS online account and the forms you received, especially W-2s and any 1099 forms, then compare them with your draft return. Steps:

1. Collect all year-end income statements.
2. Match each form to your draft return line by line.
3. Fix mismatches before submitting. Good looks like: no missing wages, withholding, or reported payments, reducing processing delays and errors.

• Check whether you should lodge now or extend. Use the IRS guidance on extensions and, if needed, file Form 4868 before the deadline. Steps:

1. Estimate whether you owe tax.
2. If you need more time, submit the extension request.
3. Pay any amount owed by April 15, 2026 even if you extend. Good looks like: no late-filing exposure and no unpaid balance after the deadline.

A myth worth clearing up

Myth: Filing an extension gives you more time to pay your tax bill. Fact: The IRS says the extension deadline is for filing, not paying; any tax owed is still due by April 15, 2026.

Sources

• https://www.irs.gov/newsroom/irs-announces-first-day-of-2026-filing-season-online-tools-and-resources-help-with-tax-filing
• https://taxes.ca.gov/income-tax/important-dates/

Researched 2026-06-25.

Corrections & disclosure: an AI-assisted, human-reviewed guide. Every figure is dated and sourced above. Spot something out of date or wrong? Tell us and we’ll correct it — corrections are noted here and in the video description.