When Are Taxes Due This Year? Important Dates to Remember
Federal Tax Filing Deadlines
The federal tax filing deadline for the year 2023 is April 17, 2023. This date is slightly different from the usual April 15 deadline due to the observance of Emancipation Day in Washington D.C., which falls on April 15, 2023.
However, taxpayers who need more time to file their federal tax returns can request an extension until October 16, 2023. It is important to note that an extension of time to file is not an extension of time to pay any taxes owed. Taxpayers who owe taxes should estimate the amount due and pay it by the original deadline (April 17, 2023) to avoid penalties and interest.
It’s also worth noting that the deadline for filing federal income tax returns may be different for those living outside the United States, as well as for certain groups such as military personnel serving in combat zones. Taxpayers should consult the IRS website or a tax professional for more information.
State Tax Filing Deadlines
State tax filing deadlines vary by state, and some states have different deadlines for different types of taxes (e.g. income tax, sales tax, property tax). In general, most states have a tax filing deadline that aligns with the federal deadline of April 17, 2023. However, it’s important to check with your state’s tax agency to confirm the exact deadline for your state.
Some states may also offer extensions for filing state tax returns, but the rules and deadlines for extensions can vary by state. Taxpayers should check with their state’s tax agency to see if an extension is available and what the requirements are for requesting an extension.
In addition, some states have different filing deadlines for certain groups of taxpayers, such as military personnel or those living outside of the state. Again, taxpayers should consult their state’s tax agency or a tax professional for guidance on state tax filing deadlines.
Extension Requests and their Deadlines
Taxpayers who need more time to file their federal or state tax returns can request an extension. However, it’s important to note that an extension of time to file is not an extension of time to pay any taxes owed. Taxpayers who owe taxes should estimate the amount due and pay it by the original deadline to avoid penalties and interest.
To request an extension for federal taxes, taxpayers must file Form 4868 by the original deadline of April 17, 2023. This will give them an additional six months to file their federal tax return, with a new deadline of October 16, 2023.
For state taxes, the rules and deadlines for extensions can vary by state. Taxpayers should check with their state’s tax agency to see if an extension is available and what the requirements are for requesting an extension.
It’s important to keep in mind that even with an extension, taxpayers should try to file their tax returns as soon as possible to avoid any potential penalties and to get any refunds owed to them.
Penalties and Consequences for Late Filing
Failing to file your taxes on time can result in penalties and interest charges. The penalties for late filing can be steep, and they can increase over time if you don’t take action.
For federal taxes, the penalty for late filing is typically 5% of the unpaid tax per month, up to a maximum of 25% of the unpaid tax. This penalty is in addition to any interest charges on the unpaid tax.
State penalties for late filing can vary by state and by the amount of tax owed. In some cases, the penalty may be a percentage of the unpaid tax, while in others it may be a flat fee.
In addition to penalties and interest charges, failing to file your taxes on time can also result in other consequences. For example, you may not be eligible for certain tax credits or deductions if you file late. In some cases, the IRS or state tax agency may also take legal action to collect the unpaid taxes.
To avoid penalties and other consequences, it’s important to file your taxes on time, or request an extension if you need more time to file. If you can’t pay your taxes in full by the deadline, you should still file your tax return and pay as much as you can to minimize the penalties and interest charges.
Tips for Filing Taxes on Time and Efficiently
Filing your taxes can be a daunting task, but there are steps you can take to make the process easier and ensure that you file on time:
Gather all your tax documents: Before you start preparing your tax return, make sure you have all the necessary documents, such as W-2s, 1099s, and receipts for deductions.
Use tax preparation software: Tax preparation software can help simplify the process of preparing your tax return and can help ensure that you don’t miss any deductions or credits.
Consider hiring a tax professional: If you have a complicated tax situation, such as owning a business or multiple rental properties, you may want to consider hiring a tax professional to prepare your return.
File electronically: Filing your tax return electronically is faster and more secure than mailing a paper return. It also allows you to receive your refund more quickly.
Pay attention to deadlines: Be sure to pay attention to the federal and state tax filing deadlines and request an extension if necessary.
By following these tips, you can help ensure that you file your taxes on time and efficiently, and avoid potential penalties and consequences for late filing.
