Happy tax season! If you haven’t already filed your 2023 tax return, you better get moving soon: Most people only have until the federal tax deadline of April 15 to file their paperwork with the IRS.
This should not be surprising. The tax deadline is more or less the same day each year, except when April 15 falls on a weekend or holiday, in which case the deadline is the next business day. (The last few years have had slightly different tax deadlines due to the pandemic, but we hope not to repeat that.)
This year, the IRS began accepting and processing tax returns on January 29. These are the returns that taxpayers file for the income they had last calendar year.
When is Tax Day 2024?
The April 15 filing deadline is known as Tax Day. For the vast majority of taxpayers, it is the last day to file both federal and state income tax returns.
Most US adults must file a Form 1040, or a variation thereof, before this deadline. This form, known as an individual tax return, is used to declare income and request deductions. When you file, you’ll also need to pay any income taxes you owe. (Alternatively, you may receive a refund.)
Whose taxes are not due on April 15th
This year, residents of two states, Massachusetts and Maine, have a little more time to file their federal income tax returns. These states celebrate Patriot’s Day on April 15, and the District of Columbia commemorates April 16 as Emancipation Day. Therefore, in Massachusetts and Maine, the 2024 federal tax deadline has been moved to April 17.
People living in federally declared disaster areas may also have more time to file tax returns. You can see a list of these extensions on the IRS website; this year, residents of San Diego, California; Spokane, Washington; and Providence, Rhode Island, are among the people to whom the IRS has given tax relief.
Additionally, special rules apply to members of the military and people living abroad.
While most states have an April 15 tax filing deadline, nine states do not collect income taxes and some states have later deadlines. For example, Virginia residents have the standard April 15 deadline for their federal taxes, but the state income tax deadline is May 1.
What to do if you need more time to file your taxes
If you need more time to file your taxes, you can pay your bill in part or in full by telling the IRS that this is an extension. This will give you until October 15th to complete your return.
Another option is to file a Form 4868 to get the same six-month extension. (You can do this for free, regardless of your income level, by using the IRS Free File program.)
Basically, an extension gives you more time to get your documents together, but it’s not an extension you have to pay for. To avoid a late payment penalty, you should pay all taxes due by April 15th. This will involve estimating the amount you owe, which you can do with the IRS 2024 Form 1040-ES worksheet.
It’s not entirely necessary to file a Form 4868 if you’re expecting a refund because you won’t face a penalty for filing late, but experts still recommend doing so in case your calculations are incorrect. If you fail to send your payment or complete this form and it is discovered that you owe taxes, you could be hit with a failure to file penalty.
What is the last day to file taxes?
April 15 is the last day for most taxpayers to file their taxes on time in 2024. If you are filing your tax return electronically, be sure to do so by midnight local time. For those who file their return by post, the tax forms will need to be postmarked no later than the due date.
For taxpayers who get the extension, the deadline is October 15.
The IRS will continue to accept electronically filed returns through November, but be careful to avoid penalties if you submit them any time after April 15.
What happens if the tax deadline is missed?
Failure to meet the tax deadline may result in late payment penalties and failure to file penalties.
The late payment penalty is 0.5% of the unpaid amount for each month you fail to pay, up to a maximum of 25%. The penalty for no-show is much more severe and amounts to 5% of the unpaid amount per month, up to the same maximum. There is also interest expense on unpaid taxes.
There are exceptions: If you can show “reasonable cause,” you may be able to avoid IRS penalties.
For taxpayers who are entitled to a refund, there are no penalties for missing the deadline, at least for federal taxes. You should still file your tax return as soon as possible to get your refund and avoid possible complications such as a tax audit.
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