As we approach the final stretch of 2024, taxpayers are reminded that the IRS deadline for filing extended returns for the 2023 tax year is rapidly approaching. With less than a month left, the deadline falls on October 15, 2024.
This article provides a detailed guide on what you need to know, including essential steps, penalties for missing deadlines, and ways to avoid last-minute issues.
IRS Deadlines Overview
The 2024 tax season started with the usual April deadline for federal returns. However, taxpayers who requested an extension have until October 15, 2024, to file their 2023 returns.
This deadline applies to individuals who filed Form 4868, which grants an automatic six-month extension. Despite the extension for filing, taxes owed were still due by the original April 15, 2024 deadline, to avoid penalties.
| Deadline | Details |
|---|---|
| April 15, 2024 | Regular tax return filing deadline. |
| June 17, 2024 | Deadline for second quarterly estimated tax payment. |
| September 16, 2024 | Third quarterly estimated tax payment due. |
| October 15, 2024 | Extended deadline to file 2023 tax return. |
Why is October 15, 2024, Important?
The October 15 deadline is crucial for those who filed an extension. If you miss this final deadline, you may be subject to penalties for late filing, even if no taxes are owed.
Filing by this deadline also ensures that any refund owed is processed promptly, as the IRS typically issues refunds within 21 days after receiving your return.
Failure to file by the extended deadline can lead to severe financial penalties, including:
- A late filing penalty of 5% of the unpaid taxes for each month the return is late.
- Interest on unpaid taxes, which accrues from the original April 15 deadline.
Filing Options
Taxpayers have several filing options to consider as the deadline approaches:
- E-File: The fastest and most convenient way to file. The IRS provides Free File for taxpayers with an income of $73,000 or less.
- Mailing Returns: Paper filers must ensure their return is postmarked by October 15. It’s essential to use sufficient postage and ensure the IRS receives the return before the deadline.
- IRS Payment Plans: If you’re unable to pay the full amount owed, consider requesting a payment plan to avoid penalties.
Key Things to Check Before Filing
- Accuracy of Information: Double-check all personal and financial information to avoid errors.
- Tax Deductions and Credits: Make sure to claim any deductions or credits you qualify for, such as the Earned Income Tax Credit or Clean Energy Credits.
- Tax Payments: Ensure any tax payments you owe are submitted by the deadline to avoid additional penalties or interest.
Penalties for Missing the Deadline
If you miss the October 15 deadline, the penalties can quickly add up. For instance, the failure-to-file penalty is typically 5% of the unpaid taxes for each month the return is late, up to a maximum of 25%. Additionally, if you owe taxes and don’t file, you’ll also accrue interest on the unpaid amount.
If you’re due a refund, the good news is that there’s generally no penalty for filing late. However, it’s advisable to file as soon as possible to get your refund and avoid complications.
Conclusion
With less than a month remaining until the IRS extended tax filing deadline on October 15, 2024, it’s essential to act now to avoid penalties and ensure compliance.
Review your tax information carefully, utilize online filing options, and consider payment plans if needed. Proactively managing your tax obligations will help you avoid unnecessary stress and ensure your financial health remains intact.
FAQs
1. What happens if I miss the October 15 deadline?
If you miss the deadline and owe taxes, the IRS may charge a late filing penalty, interest, and additional fees. However, if you’re owed a refund, you won’t face penalties, but you should file as soon as possible.
2. Can I request another extension after October 15?
No, the October 15 deadline is final. However, if you’re experiencing hardship, you may qualify for special considerations, such as those granted to victims of natural disasters or military personnel serving abroad.
3. How do I avoid penalties for late payment?
To avoid late payment penalties, ensure any taxes owed are paid by April 15, 2024, regardless of whether you requested an extension for filing. If you can’t pay the full amount, consider setting up a payment plan with the IRS.
4. Can I still contribute to an IRA for 2023?
No, the deadline for contributing to an IRA for the 2023 tax year was April 15, 2024. Contributions made after this date will count toward the 2024 tax year.
5. What happens if I can’t afford to pay my taxes?
If you can’t afford to pay your taxes in full, you can request a payment plan through the IRS. There are both short-term and long-term payment options available, depending on how much you owe.
References
- NerdWallet – Tax Day 2024 Deadlines
- TurboTax Tax Tips & Videos – When Are Taxes Due?
- AARP – 2024 IRS Tax Deadlines
- IRS – Filing Your Tax Return
