Review Of Tax Due Date Extended 2023
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Tax Due Date Extension: What You Need to Know
It's official: the IRS has extended the tax due date for federal tax returns and payments to May 17, 2023. This extension applies to individual taxpayers, including those who pay self-employment tax. Some states have also extended their tax deadlines to May 17, 2023, while others have set different dates.
The tax due date extension is good news for taxpayers who need more time to file their tax returns and pay their taxes. It also provides relief for those who have been affected by the COVID-19 pandemic and recent natural disasters. However, it's important to note that the extension only applies to federal income tax returns and payments.
If you're planning to take advantage of the tax due date extension, here are some things you need to know:
1. You don't need to file an extension
Normally, if you need more time to file your tax return, you have to file an extension by the original due date of April 15. However, with the tax due date extension, you don't need to file an extension to get the extra time.
2. Interest and penalties will start accruing after May 17
If you don't file your tax return and pay your taxes by May 17, you may be subject to interest and penalties. The interest rate is currently 3% per year, compounded daily, and the penalty for failing to file is 5% of the tax owed per month, up to a maximum of 25%.
3. You can still file for a refund
If you're due a refund, you can still file your tax return and claim your refund at any time. However, it's a good idea to file your tax return as soon as possible to avoid any potential delays.
4. Estimated tax payments are still due on April 15
If you're required to make estimated tax payments, the tax due date extension doesn't apply to you. Your first estimated tax payment for 2023 is still due on April 15, 2023.
5. Consider filing electronically
If you're filing your tax return close to the deadline, consider filing electronically to avoid the risk of delays or errors. Electronic filing is faster, more accurate, and more secure than paper filing.
Conclusion
The tax due date extension provides much-needed relief for taxpayers who need more time to file their tax returns and pay their taxes. However, it's important to note that the extension only applies to federal income tax returns and payments. If you're planning to take advantage of the extension, make sure you're aware of the rules and deadlines. Filing electronically is also a good idea to avoid any potential delays or errors.
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