The 18th of April is Tax Day. But, the deadline for filing taxes has been extended for some individuals, and they have additional time to do so. Are you curious about whether or if you are one of those people?
Let’s get into it!
The day when most persons are required to submit their tax returns to the federal government for the fiscal year 2022 is April 18, 2023. This is Tax Day. Nonetheless, certain taxpayers whose returns were affected by storms and other natural disasters have been given more time to submit them.
For Americans who are currently serving (or have previously served) in a conflict zone or contingency operation are subject to an additional set of unique tax extension regulations. As a direct consequence of this, they may be eligible for an extension of the April 18 deadline for filing their federal income tax return and making any tax payments that they are anticipated to owe. And it's possible that they'll get an extension beyond October 16 as well. In any event, the following is a rundown of the dates on which tax payments are due for the current year.
Tax Day, the due date for filing taxes, is typically April 15. However, Tax Day is postponed to the following working day if a tax deadline falls on a Saturday, Sunday, or holiday. In the days leading up to Tax Day, the District of Columbia also celebrates Emancipation Day. (The occasion celebrates the abolition of slavery in Washington, D.C. The deadline for most people to file their federal income taxes this year is April 18, which is the following working day.
In the event that a natural disaster results in a disaster region being declared by the Federal Emergency Management Agency (FEMA), the IRS often provides tax relief for the disaster victims in the form of tax filing and payment extensions. The April 18 tax filing and payment deadline is extended for people and enterprises residing in or operating in designated disaster zones in the event of certain recent natural disasters.
If for some reason you are unable to submit your federal tax return by the due date, you may complete Form 4868 or make an electronic tax payment to obtain an automatic six-month tax extension until October 16, 2023. You must take action by the initial due date for your return, whether that is April 18 or another additional deadline date, in order to obtain an extension.
But, keep in mind that a filing extension does not extend the deadline for filing your taxes. If you don't pay the required amount of tax by the deadline, you'll be responsible for the unpaid interest as well as potential late filing and payment fines.
Note: Failure-to-file penalty is charged on returns filed after the due date or extended due date, absent a reasonable cause for filing late. The failure-to-file penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
You most likely need to file a state tax return as well, unless you reside in a jurisdiction without an income tax. The majority of states align their income tax filing deadline with the federal filing deadline. To be certain, though, double verify your state's deadline. State regulations governing tax filing extensions may also vary from federal regulations.
Within three weeks of processing tax returns, the IRS aims to distribute the bulk of refunds to taxpayers. But, if there are problems or the IRS system identifies your return as fraudulent, the process might take much longer.Generally speaking, selecting direct deposit over a paper check and filing electronically will hasten your return. You can check the status of your refund on the IRS website after filing. You'll need to provide your Social Security number, individual taxpayer identification number, filing status, and the exact refund amount, to the dollar, that is shown on your tax return. You won't get an email, phone call, or text message from the IRS regarding your return or refund; instead, you will receive a written notice in the mail.
Please note: During tax season, scams are commonplace, so be on the lookout and alert the IRS to any questionable behavior.
Being audited is comparable to being struck by lightning. You don't want to practice pole vaulting in a thunderstorm just because it's unlikely. Making sure your books are accurate and your taxes are filed on time is one of the best ways to keep your head down during tax season. Check out Vincere's take on tax season.
Speak with an advisor at Vincere Tax to get this sorted out today!
As Managing Partner of Vincere Wealth, Josh assists clients in navigating financial challenges and making sound financial decisions. Having someone guide you in making sensible financial decisions today can have a substantial impact on your future financial wellbeing. Josh takes great pride in guiding customers through the complexities of taxes, real estate, businesses, employer stock and international financial planning.