6 KEYS OF TAX DEADLINES & EXTENSIONS
Filing your taxes can feel like a daunting task, but understanding when they are due and how to get an extension can make the process much more manageable. In this guide, we’ll break down the essential tax filing deadlines, show you how to request extensions, and provide valuable tips to ensure you stay compliant and penalty-free.
#1 – The Main Tax Deadline
The most critical tax deadline for most individuals in the United States is April 15. This is the due date for filing your federal income tax return. If April 15 falls on a weekend or a holiday, the deadline typically shifts to the next business day. Keep in mind that some states may have different due dates for state income tax returns, so be sure to check with your state’s tax agency.
#2 – Extensions for Federal Taxes
If you find that you need more time to file your federal tax return, you can request an extension. The automatic extension is typically six months, moving your deadline to October 15. To obtain this extension, you’ll need to submit IRS Form 4868 by the original due date of your return. It’s essential to understand that an extension gives you more time to file but not more time to pay. If you owe taxes, you should estimate and pay what you owe to minimize interest and penalties.
#3 – State Extensions
States may have different rules and procedures for requesting extensions, so it’s important to consult your state’s tax agency’s website or contact them directly for guidance.
#4 – Special Deadlines
Some taxpayers may have unique filing deadlines, like those who are self-employed or have businesses structured as partnerships or S corporations. In these cases, the deadlines can vary, so consult the IRS website or a tax professional to determine the appropriate due date.
#5 – Late Filing Penalties
Filing your taxes after the due date can lead to penalties, so it’s essential to stay on top of your obligations. Late filing penalties typically consist of a percentage of the taxes you owe. The longer you delay, the higher the penalties may become.
#6 – What If You Can’t Pay on Time?
If you can’t pay your tax bill in full by the deadline, it’s still crucial to file your return or an extension on time. The IRS offers installment plans and other options to help you manage your tax debt, so don’t let fear of penalties prevent you from filing.
Navigating Corporate Tax Deadlines
Corporate tax deadlines in the U.S. typically fall on the 15th day of the fourth month after their fiscal year-end, meaning April 15 for those on a calendar year. Some corporations may have different filing obligations based on their structure and fiscal year. Just like individuals, corporations can request a six-month extension. Due to the specific nuances and varying structures in corporate taxes, it’s often recommended for businesses to seek guidance from tax professionals for accurate and on-time submissions.
COMMON QUESTIONS
Can I extend my state tax return if I’ve extended my federal return?Yes, many states will automatically extend the state return deadline if you’ve requested an extension for your federal return. However, some states require a separate extension request, so check with your state’s tax agency.
What if I can’t pay my tax bill by the extension deadline?If you can’t pay your taxes in full by the extension deadline, it’s still better to file for an extension. The IRS will work with you to set up a payment plan or explore other options to help you meet your tax obligations.
What if I miss both the original and extended tax deadlines?If you’ve missed both deadlines, it’s crucial to file your return as soon as possible. The IRS may assess penalties and interest, but addressing your tax situation promptly will minimize further financial consequences.
Can I file my taxes after the extended deadline?You can file your taxes after the extended deadline, but you may incur penalties and interest. The sooner you file, the less you’ll owe in extra charges.
Are there any situations in which taxpayers are exempt from filing extensions or penalties?Some special situations, such as members of the military serving in combat zones, grant automatic extensions or penalties relief. It’s always best to consult the IRS or a tax professional to clarify your specific circumstances.
