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How to File a 2024 Tax Extension and What are Extended Tax Deadlines

Posted by admin on February 1, 2024
Last modified: February 12, 2024

In 2024, individuals seeking to file a 2024 tax extension and have more time to complete their tax obligations will find this guide invaluable. Discover the process of obtaining an extension and the revised tax filing deadline, which is October 15. that applies to you.

The deadline for paying taxes and filing tax returns for the year 2023 falls on April 15. However, if you require additional time for tax flining, you can request an extension until October 15, 2024, to complete your filing.

It is not uncommon for individuals to require additional time beyond the April deadline. In fact, according to IRS data, approximately 10% to 15% of Americans opt to file a tax extension form each year. By submitting this form to the IRS on tax day, filers are granted an extension of approximately six months to complete their tax filings.

Navigating the intricacies of tax deadlines can be quite perplexing. It’s important to note that while there may be an extension for filing your taxes, the same cannot be said for making your payment. In the case of tax year 2023, with the filing deadline falling in 2024, it was crucial to submit your request for a tax extension by the customary April 15. Failure to do so would have resulted in incurring a penalty.

Here’s what you need to know about federal tax extensions and their deadlines.

2024 tax extension

For 2024, What is as 2024 Tax Extension?

When individuals require additional time to submit their federal personal income tax return, they can request a tax extension from the IRS. This can be done by completing the Tax Form 4868, the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

In contrast to its counterparts, the form for requesting a tax extension is notably concise, requiring only a brief time investment. However, before proceeding, you must furnish key personal details and make an informed projection of your annual tax obligations.

What Does a 2024 Tax Extension Actually Extend?

Are you inquiring about the purpose of a tax extension? Allow me to shed some light. A tax extension grants an extension to the deadline for submitting your fully filled-out 1040 personal tax return while your payment time remains unchanged.

When it comes to filing for an extension with the IRS, it’s important to note that this only pertains to your federal income taxes. However, if you are also liable for state income tax, a separate extension must be filed in that regard. In cases where you don’t have all the necessary information to calculate your owed taxes accurately, it is common practice to make an estimated payment.

This is a method you can utilize to obtain this estimate. Discover the convenience of PriorTax, an online tax filing service like the PriorTax E-File that connects you to a dedicated tax professional free to assisting you. Enter your financial details effortlessly and watch as the intelligent PriorTax E-File estimates your tax obligations effortlessly. With PriorTax, a free dedicated tax professional will assist you in analyzing the figures and generating a realistic estimate.

What Happens If you Don’t File Taxes in 2024?

The dire consequences of not tax filing in time can be significant. To prevent facing a penalty for late filing, it is advisable to request a tax extension. However, it is important to note that you may still incur a failure-to-file penalty if you do not submit your completed return by the extended October deadline.

Before you consider filing for an extension without making a payment, take a moment to reconsider. In the event that you fail to settle at least 90% of your tax obligations by the designated deadline, the IRS has the authority to impose a failure-to-pay penalty, potentially reaching 25% of the total amount owed.

Do I Need to File 2024 Tax Extension?

Is it necessary for me to file a tax extension? The majority of individuals in the United States who require extra time to file their taxes will likely opt for filing an extension.

In the event that you have been directly affected by a natural catastrophe, such as a devastating hurricane or wildfire, you may be eligible for an extension on your tax filing.

In the case where an individual has been living or working abroad during the tax filing deadline, they may be eligible for an automatic extension. This provision applies to several groups, such as military personnel and their families, and can grant a filing extension of two to six months.

In case you fall under certain criteria, such as being a qualifying member of the military, there is a possibility for you to qualify for an extension automatically. In addition to extensions provided for individuals living overseas, those in combat zones or hospitalized due to injury may also be eligible for automatic extensions.

When individuals anticipate receiving a refund, they often find that the IRS extends more leniency towards them if they do not request an extension. By failing to meet the April deadline, they can avoid penalties associated with the failure to file a return. Nonetheless, taxpayers need to be aware that their entire refund can be forfeited if they fail to submit a completed tax return within three years of the initial due date.

What is Tax Extension Filing Deadline and What happens in October?

Posted by admin on October 5, 2023
Last modified: October 6, 2023

For those involved with businesses across the U.S. and Canada, it is important to stay abreast of crucial income tax extension deadline in October 16. Whether you possess U.S. citizenship, are a Green Card Holder living in Canada, or own a business with U.S. interests, staying aware of key dates can greatly benefit your tax compliance efforts.

Time is quickly running out for those who requested an extension on their taxes. Failure to meet this deadline can have significant repercussions, and it’s important to note that this year’s tax day fell on April 18 rather than its typical date of April 15 due to a Saturday being a non-business day.

With the 18th tax extension deadline for Federal Income Tax filing quickly approaching, many taxpayers have looked to get an extension. Online research has revealed that more and more people are interested in getting an extension to complete their 2022 taxes. But it’s important to note that you will have limited time to finish your tax return accurately once this extension is granted. It is also essential to be aware of the possible penalties you may incur should you miss this filing date.

With October 15 falling on a Sunday, taxpayers seeking an extension of their taxes will need to remember that they now have until Monday, October 16. Failure to meet this new deadline comes with two possible penalties, depending on your circumstances.

tax extension deadline

For those who have failed to file their return on time, two penalties come into play: the failure to file a penalty and the failure to pay a penalty. However, those who have properly applied for an extension can handle the former. It is important that taxes be completed and filed as soon as possible after October 16 in order to avoid incurring any further interest or penalties due to a missed April deadline.

Although you applied for an extension back in April, October 16 is the final date you can pay your taxes. This is the cutoff point for those who requested an extension. Of course, there are still alternatives available to taxpayers from the Internal Revenue Service (IRS) should they still need to meet their tax bill.

The Internal Revenue Service offers a payment plan that enables individuals to pay taxes in manageable pieces. You can set up an installment agreement on its website to explore this option further. Furthermore, PriorTax dedicated tax professionals are available to assist you for free when filing your tax return.

For U.S. expats living abroad, determining U.S. tax filing deadlines can be a complex task; that is why PriorTax provides a free Dedicated Tax Professional to help. For instance, U.S. citizens or residents who live in Canada normally have an April 15 (or April 18 in 2023) deadline for tax filing an income tax return with the IRS. However, those whose tax home and abode are outside the United States and Puerto Rico are automatically given an extension until June 15.

In order to extend the filing deadline past the original date of April 15, individuals must take affirmative action by submitting Form 4868 for an automatic extension until October 15 (October 16, 2023). Alternatively, a carefully prepared letter can be sent to the IRS providing a valid explanation and potentially garnering another two months of leeway until December 15 with IRS approval. Yet another form, Form 2350, is available for U.S. expats who require extra time to meet certain Foreign Earned Income Exclusion requirements; this extends their filing deadline appropriately.

For U.S. Resident Individuals Tax Forms for Filing by Tax Extension Filing Deadline

Depending on what documents are to be presented, affirmative action may have needed to be taken in order for the original date to be pushed back.

  • Tax Form 1040 – U.S. Individual Income Tax Return
  • Tax Form 2555 – Foreign Earned Income
  • Tax Form 3520 – Annual Tax Return To Report Documented Transactions With Foreign Trusts and Receipts of Foreign Gifts
  • Tax Form 5471 – Information Return of U.S. Persons With Respect To Certain Foreign Corporations
  • Tax Form 8621 – Information Return by a Shareholder of a Foreign Passive Investment Company or Qualified Electing Fund
  • Tax Form 8938 – Statement of Foreign Financial Assets
  • Tax Form 709 – United States Gift (and Generation-Skipping Transfer) Tax Return
  • FinCEN Tax Form 114 – Report of Foreign Bank and Financial Accounts (FBAR)

U.S. Nonresident Alien Individuals Tax Forms for Filing by Tax Extension Filing Deadline

  • Tax Form 1040-NR – U.S. Nonresident Alien Income Tax Return
  • Tax Form 8833 – Treaty-Based Return Position Disclosure
  • Tax Form 8840 – Closer Connection Exception Statement for Aliens

For U.S. Entity Businesses Tax Forms for Tax Extension Filing Deadline

The following are tax forms you may consider when preparing for filing tax extension by October 16, 2023,

  • Tax Form 1120 – U.S. Corporation Income Tax Return
  • Tax Form 5472 – Information Tax Return of a 25% Foreign-Owned Foreign Corporation or a U.S. Corporation Conducted in a U.S. Trade or Business
  • Tax Form 1041 – U.S. Income Tax Return for Estates and Trusts

Contact PriorTax to find your free dedicated tax professional today to help you from start to finish to file your complex 2022 tax by October 16 to avoid any penalties. 

Disaster Area Tax Extension Deadline on October 16

Posted by admin on September 28, 2023
Last modified: September 28, 2023

October 16 2023 tax extension deadline has moved from May 15 2023 for disaster area taxpayers in California, Georgia and Alabama.

The IRS has recently announced an tax extension deadline for disaster-area taxpayers in certain parts of California, Georgia and Alabama. Taxpayers from those areas have until October 16, 2023, to make tax returns and payments. This deadline was previously set for the 15th of the month of April.

Millions of taxpayers take advantage of the opportunity to request an extension from the IRS every April. By submitting Form 4868, these individuals have bought themselves six additional months to complete their 2022 tax returns before the due date.

When it comes to the tax extension deadline, you should be aware of a few things. While filing a tax extension may grant you more time to submit your return, it does not give you an additional window to pay your taxes – they were still due in April. Consequently, make sure you file by October 16 at the latest or else you could face additional charges and fees.

tax extension deadline

Automatic Tax Extension Deadline to October 16 for disaster areas

Earlier this year, IRS has declared an extension to the tax filing deadline for individuals and businesses in damaged areas of California, Georgia and Alabama. This change allows citizens in these regions until October 16 of, 2023 to take care of their federal taxes, which was previously set for May 15.

For areas hit by disasters, relief is being provided to those designated by FEMA in three states. Depending on each disaster, there are four distinct declarations with their respective start dates and other details listed on IRS’s Tax Relief in Disaster Situations page. This document contains a comprehensive list of localities eligible for this assistance as well as pertinent information specific to these situations. (https://www.irs.gov/newsroom/tax-relief-in-disaster-situations)

Recent relief has delayed certain tax filing and payment deadlines until October 16 for most calendar-year 2022 individual and business returns, including those for individual income tax, various business returns, and returns of tax-exempt organizations. By postponing these respective due dates from their original dates of April 18, March 15, and May 15, respectively, taxpayers have been given more time to submit relevant documentation.

The October 16 deadline has been extended for taxpayers wishing to make 2022 contributions to their IRAs and health savings accounts.

As a bonus, those employed as farmers who usually submit their tax returns on March 1 will now have an extended period of time to complete this task.

Those who owe estimated taxes for 2022’s fourth quarter are in luck, as they now have until October 16 to make this payment, originally due on January 17, 2023. This means that individuals can avoid making this full payment earlier and instead include it when filing their return before October 16.

By October 16, 2023, estimated tax payments due on April 18, June 15 and September 15 must be paid. Quarterly payroll and excise tax returns that would usually be due on January 31, April 30, and July 31 are also required to meet this deadline.

When you contact your free dedicated tax professional, taxpayers in areas affected by natural disasters can find information regarding various returns, payments, and tax-related actions that are eligible for additional time. Extension paperwork is not required to be filed, nor do they need to call IRS to receive an extended period of time.

Individuals with an address of record in an affected disaster area will get filing and penalty relief from the IRS automatically. They don’t need to call for this assistance. That being said, any person who gets a late tax filing or payment penalty notice from the IRS with due dates inside the postponement period should contact them using details on the notice to request abatement of the penalty.

The IRS is taking extra measures to help those affected by the disaster who may not necessarily live within the affected area. However, they still need access to their necessary records during the postponement period. Those taxpayers can contact PriorTax’s free dedicated tax professionals for support and assistance. This includes individuals or organizations that are affiliated with a government or philanthropic organization and helping with disaster relief activities.

Victims of a federally declared disaster area who sustained uninsured or unsalvaged losses can select to declare such damages on either the present year’s return or the preceding year’s return. Find your dedicated tax professional for more information and to walk you through the process from start to finish.

Penalty, Consequences and Important Next Steps from Missing the Tax Extension Deadline

Posted by admin on September 21, 2023
Last modified: September 22, 2023

Do you need to catch up on the annual tax filing deadline? What are the penalty from missing the tax extension deadline, repercussions, and what should be done next? Tax Day is an expected event that occurs every year, generally on April 15. But even when you know it’s coming, making sure your income tax return is ready in time can be difficult.

Do you need more time to organize all of your income tax documents? Extensions can be the perfect tool to give you some extra days. In this article, we’ll explain the fundamentals so you can get everything sorted out for your return.

Penalty for Missing the Tax Deadline?

Failing to submit a tax return or extension by the specified deadline can result in the IRS imposing a failure-to-file penalty. This penalty is 5% of your total amount of unpaid taxes for every month (or partial month) that goes by without you filing. In extreme cases, this fee can reach as high as 25% of your total taxes owed.

Suppose you have an amount of $10,000 in taxes to pay. The IRS may impose a penalty of $500 per month should you fail to file your taxes on time.

Filing a late tax return without expecting to owe penalties may not incur a penalty from the IRS, but should you think that you might have to pay, consulting a tax professional is wise. In this situation, you will likely face interest and penalties as consequences of delayed filing.

tax extension deadline

Tax Extension Deadline for Filing 2022 Taxes

There are two key dates to consider when considering the tax extension deadline. April 18, 2023, is a date that all taxpayers should mark on their calendars – it’s both the original filing deadline as well as the deadline for submitting an extension request. By filing for an extension, you will have more time to complete your taxes, but any taxes owed still need to be paid by April 18.

The October 16, 2023, tax extension deadline is quickly approaching. But what would you do if you missed the April or October deadline? Can I get more time? To help make sure you’re well informed, contact your dedicated tax professional from PriorTax for free.

What will Happen Missing the Tax Extension Deadline?

Regarding punishment for not making the April tax filing and payment deadline, you may be subject to two different fees: the failure to file a penalty and the failure to pay the fee (in cases where money is owed). Fortunately, those who submitted an extension and followed through with their taxes by their extended deadline are exempt from the failure to file a penalty.

For those of you who let the October deadline come and go without filing, it will result in failure to file penalties that have taken effect as of the original filing date (generally October 15). This could also mean potential failure to pay penalties stretching back to April 15, typically the payment due date.

To help avoid accumulating additional fees or interest, filing a tax return as soon as the October 16, 2023 deadline passes is highly recommended. The sooner you submit it, the better to minimize any extra costs.

Getting Even More Time after the October Tax Extention Deadline?

The October 16, 2023, tax filing extension deadline is firm – no exceptions. So, for anyone who needs to file their taxes for the 2022 tax year, this is the final opportunity to do so without incurring failure to file interest and penalties Charges.

Do you need assistance paying your tax bill? The IRS offers a payment plan option, which allows you to break up the cost into smaller payments. Find your dedicted tax professional for free to learn more about on boarding on an installment agreement with the IRS and get the information you need to stay on top of your taxes.

Tax Installment Agreement

In the event that you are unable to pay your taxes all at once, there is a way to spread it out over time. An installment agreement with the IRS allows individuals to make payments on their tax debt in manageable increments. This type of plan also reduces the failure-to-pay penalty by half, though the IRS does require an administrative fee for establishing such an arrangement.

A successful installment agreement may be easily achieved through the IRS Online Payment Agreement tool, though some instances can require added proof of income and assets. When this is the case, the Internal Revenue Service will limit expenses to a level that is considered reasonable when determining how much can be afforded every month.

Request Your Prior Year Tax Refunds Today Before You Lose Them

Don’t let your tax refund slip away. Even though getting a refund after the due date is still possible, you want to make sure you get all the money.

You have a limited amount of time to request a refund from your tax return, as mandated by IRS regulations. Generally, it is three years from when your taxes are due; for instance, say you still need to file your 2022 return by April 18, 2023, then in 2026, you would no longer be eligible for any tax refunds. After this deadline has passed, it is considered that you have given up on claiming back what belongs to you, and instead, it goes to belonging to U.S. Treasury.

Even though you may not have a tax debt, the IRS still requires you to file a return. Missing documents from prior years can be obtained from your employer, bank, or other third-party sources such as an educational institution or loan provider. Get in touch with a dedicated tax professional from PriorTax for free to walk you through this process from start to finish.