Tag: tax extension filing

Posts Tagged ‘tax extension filing’

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.