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What You Need To Know About The October Tax Filing Deadline
What You Need To Know About The October Tax Filing Deadline
Are you feeling the pressure of impending tax deadlines for the 2023 tax season? Wondering when to file your taxes in 2024 and if there's a way to gain some extra time? You're in the right place!
In this guide, we'll explore the ins and outs of filing a tax extension with the IRS for the 2023 tax season. From understanding the IRS extension form (Form 4868), the last day to file taxes for 2024, the deadline for filing income tax returns that have received extensions, to how to get a free IRS tax extension for 2023, we've got you covered.
Table of contents
What is the last day to file taxes in 2024?...Read more
How to get a tax extension...Read more
Do I need to file a state tax extension separately?...Read more
Form 4868...Read more
Can I get an automatic tax filing extension to the October tax deadline?...Read more
What happens if I don't file a tax extension?...Read more
What is the deadline for filing income tax returns that have received extensions?...Read more
What is the last day to file taxes in 2024?
If you’re wondering what the last day to file taxes for 2023 is, it’s April 15, 2024. Individual taxpayers must also file their income tax returns by this date. However, any taxpayer who files an extension for the 2023 tax year has until the October tax deadline to file their returns.
Remember that requesting an extension only postpones the deadline for submitting your paperwork; it doesn't give you additional time to pay what you owe. If you anticipate owing taxes this year, you have to estimate the amount owed after requesting a federal tax extension and pay it by the April filing deadline.
If you’re self-employed, you also have to calculate and pay estimated taxes using Form 1040-ES. You’ll need to total your income and SE tax liability and make quarterly tax payments throughout the year if it crosses $1,000.
If the IRS finds your estimated tax amount to be off-base, they could reject your federal tax extension request and hit you with a late filing penalty. Underestimating your tax liability could also lead to interest charges and potential underpayment penalties on the unpaid balance by the initial filing deadline. Failing to pay at least 90% of your tax bill could lead to a penalty of 0.5% of the underpayment each month until the remaining balance is settled.
Self-employed individuals don’t have to file any paperwork when applying for the tax extension deadline 2024. They just indicate that the estimated tax payments are for an extension when paying online. If the IRS accepts the extension request, they’ll send you a confirmation email.
How to get a tax extension
So now you know when the tax return deadline for the 2023 tax year is, let’s talk about how to file an extension for your taxes. There are two ways you can do this:
E-file an extension
File an extension by mail
Do I need to file a state tax extension separately?
If you need more time to file your state tax return, you typically need to file a state tax extension separately from your federal extension. Each state has its own rules and laws for requesting an extension, so it's important to check with your state's tax authority or visit their website for detailed instructions. Filing a state tax extension ensures that you avoid potential penalties for late filing but you still have to pay your owed taxes by the original April deadline.
Form 4868
IRS Form 4868 is the main form for those who need more time to tackle their federal tax returns. This form, also known as the "Application for Automatic Extension of Time to File," gives you a bit of breathing room.
If you manage to file this form successfully, it pushes back the last day to file taxes in 2024 from April to October. If you miss the April 15 deadline, your chance for an extension is out the window. And if you send in your returns after the deadline without Form 4868, they'll be considered late.
Filing Form 4868 could be a smart move for a few reasons. Maybe you just need more time to gather all your paperwork or you’re swamped with work and can't finish your return by the deadline. Life can throw unexpected events your way, making it tough to file on time.
Plus, waiting on important tax documents like a 1099 form can delay things. Avoiding a penalty for filing late is another good reason. And if you're self-employed, getting an extension could give you extra time to set up retirement plans.
Can I get an automatic tax filing extension to the October tax deadline?
Certain eligible taxpayers are given additional time to file their tax returns without needing to request extensions. U.S. citizens and resident aliens living and working outside of the United States and Puerto Rico automatically receive a two-month extension, with the tax extension due date extended until June 15.
However, it's essential to remember that tax payments are still due by April to avoid heavy
interest charges. Military members stationed outside of the United States and Puerto Rico also benefit from an automatic two-month extension. Those serving in combat zones have an extended period of up to 180 days after leaving the combat zone to file their returns and settle any taxes owed.
Additionally, in the event of a disaster area declaration by the U.S. president, the IRS has the authority to postpone certain taxpayer deadlines for residents and businesses within the affected area. Taxpayers situated in these designated disaster areas don’t have to submit extension requests electronically or on paper.
What happens if I don't file a tax extension?
Skipping applying for the tax extension deadline in 2024 can have serious consequences with the IRS. If you miss the tax filing deadline without getting an extension, you're automatically considered to be a late filer.
This could lead to a failure-to-file penalty, which is usually a percentage of the taxes you owe and can grow over time. In addition to penalties, you'll also incur interest charges on any unpaid taxes from the day they were due until you settle them.
Even if you don't owe taxes, failing to file a return means missing out on potential refunds. It's important not to leave money on the table by neglecting to file.
However, there's some relief available. The IRS offers payment plans and penalty relief programs to help taxpayers struggling to file or pay on time. If you find yourself in a difficult situation, it's worth exploring these options.
While filing a tax extension may seem like an inconvenience, it's a better alternative than facing the consequences of not filing at all. Taking a few minutes to request an extension can keep you from potential penalties and headaches in the long run.
What is the deadline for filing income tax returns that have received extensions?
If you’ve requested an extension for filing your income tax return, you should know when the last day to file taxes in 2024 was. The IRS gives taxpayers who filed for an extension until the tax deadline in October to submit their returns. This means the tax extension deadline for 2024 is October 15.
Even though the deadline gives you a bit more time, it’s important to remember that an extension only applies to the filing of your tax return—not the payment of any taxes owed. If you owe taxes, they were still due by the original filing date in April. Any unpaid taxes can accrue interest and penalties from that date.
Many people file for an extension if they’re waiting on additional forms or if they need more time to find some paperwork. Just make sure you’re prepared ahead of the tax deadline in October so you’re not rushing at the last minute. Missing the last day to file taxes in 2024 could result in penalties or additional fees.
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