Taxes 2023 – Americans must submit their 2022 tax returns to the IRS by April 18th. However, if you’re not prepared, there is a pressure valve that can offer some relief: requesting an extension for filing. The last day to file a 2022 federal income tax return is April 18, 2023, for most people. But don’t worry if you can’t file your tax return before the deadline. It’s easy to get a tax filing extension that pushes your filing deadline back six months.
Penalties will apply if you failed to file an extension by the deadline or, for any reason, decided not to file one but still failed to file your return. (Image from incsight.net)
You don’t even need to have a good reason or explain why you need more time. All you have to do is follow the steps below. An extension for filing your tax return does not extend the deadline for making any required tax payments. The IRS must receive your estimated tax payment by the usual tax return filing deadline.
You can submit them at any time if the IRS has granted you an extension. There is no justification for the IRS to keep your money for longer than required if you are entitled to a tax refund. (Image through www.sftaxcounsel.com)
If not, the IRS will assess interest on the unpaid sum (even if you had a valid excuse for delaying payment) and impose further fines for filing and paying late.
Taxes 2023: File Form 4868 or make an electronic tax payment
Taxes 2023 – You can ask for an automatic six-month extension by submitting Form 4868 or by making an electronic tax payment. In either case, you must take action by the deadline for filing your taxes. The most popular method for requesting an extension is to submit Form 4868. The form can be electronically or by mail submitted to the IRS. If you mail a paper copy of the form, it needs to have a postmark from the day your return would normally be due.
If you’re including a payment, use the U.S. Postal Service to mail the form because it needs to be delivered to a P.O. box (an IRS P.O. box cannot be served by private delivery providers). Consider using the IRS Free File or Free File Fillable Forms to prepare and e-file your tax return for free if you are filing the form yourself. Making an electronic tax payment by the deadline for your federal tax return is the alternative method of obtaining a tax filing extension.
You only need to pay your estimated income tax bill in full or in part using the IRS Direct Pay service (direct bank account payment), the Electronic Federal Tax Payment System, a credit card or debit card (processing fees may apply), or a digital wallet like PayPal or Click to Pay.
Read Also: IRS Updates Electric Car Tax Credit List, Benefits Shift To US-Made Electric Cars
What occurs if your taxes 2023 aren’t filed on time?
Taxpayers who miss the filing deadline will be subject to severe penalties. The “Failure to File” penalty, according to the IRS, is 5% of unpaid taxes for each month you don’t pay, although it can’t go over 25%. Additionally, additional state penalties are not included in that.
The penalty for not paying taxes on time is 0.05% of the unpaid taxes for each month you don’t pay, up to a maximum penalty of 25%.
