The national tax deadline or Tax Day will take place on April 18, 2023, for most Americans. If you can’t pay your taxes by April 18 due to some reasons, you may have to file for an extension that will take place on October 16, 2023.
Tax Day: Here’s What to Do If You Can’t Pay Your Taxes by April 18 (Photo: Shift4Shop Blog)
April 18 is the National Tax Deadline
There are only 44% of Americans can correctly identify the exact date of this year’s tax payment even though there is only one week before Tax Day.
The National Tax Day will be on April 18, 2023, for Americans, unless you are affected by some circumstances like a severe storm that happened in the three states of the U.S. like California, Georgia, and Alabama, then you are expected to file for an extension that will take place on October 16, 2023.
April 18 is also the deadline to file for an extension or to make contributions to a traditional Individual Remittance Account (IRA), Roth IRA, Simplified Employee Pension IRA, Health Savings Account (HSA), or Solo 401(k) for the 2022 tax year.
Skipping the filing deadline is the “biggest mistake you can make” according to Lawrence Pon. Failure to file is a 5% penalty of your unpaid balance per month, capped at 25%, plus interest.
READ ALSO: Tax Day 2023: IRS Releases Options For Taxpayers Unable To Pay Their Tax Bill
October 16 is the National Tax Extension
Extensions give you six additional months to file your tax return but that doesn’t exempt you from paying your tax liabilities by April 18, 2023, if there are any.
Here are the ways to file for an extension:
- File an extension through your tax-filing software or visit the IRS website and file an extension online through a software provider that partners with IRS.
- You can also make payments on your tax software if supported. You can also pay on the IRS website if there is Direct Pay, Electronic Federal Tax Payment System, or by debit or credit card.
- You can fill out Form 4868, Application for Automatic Extension of Time to File U.S. individual income tax return. Print and fill out the form the email it in with a check or money order for any tax balance that is due.
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