Famous Tax Deadlines For Extensions 2023

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Tax Deadlines for Extensions in 2023

Introduction

As the year 2023 continues, many individuals and businesses alike are gearing up for tax season. While the traditional tax deadline is April 15th, some taxpayers may need more time to file their returns. In this article, we will be discussing tax deadlines for extensions in 2023.

What is a Tax Extension?

A tax extension is a request for more time to file your tax return. Typically, taxpayers must file their returns by April 15th each year. However, if you need more time, you can request an extension. In 2023, the deadline for requesting an extension is April 15th.

How to Request an Extension

To request an extension, taxpayers must file Form 4868. This form can be filed electronically or by mail. If you file electronically, you will receive a confirmation that your extension has been granted. If you file by mail, you should send your form to the address listed on the form.

When is the Deadline for Filing an Extended Return?

If you are granted an extension, you will have until October 15th to file your return. It's important to note that an extension only gives you more time to file your return, not to pay any taxes owed. You must still estimate your tax liability and pay any taxes owed by April 15th.

Penalties for Late Filing

If you fail to file your tax return by the April 15th deadline or the extended deadline of October 15th, you may face penalties. The penalty for late filing is usually 5% of the unpaid taxes for each month or part of a month that your return is late. The maximum penalty for late filing is 25% of your unpaid taxes.

Penalties for Late Payment

If you fail to pay your taxes by the April 15th deadline, you may face penalties. The penalty for late payment is usually 0.5% of the unpaid taxes for each month or part of a month that your taxes are late. The maximum penalty for late payment is 25% of your unpaid taxes.

How to Avoid Penalties

To avoid penalties, it's important to file your tax return on time and pay any taxes owed by the April 15th deadline. If you can't pay your taxes in full, you should still file your return and pay as much as you can to reduce any penalties and interest.

What Happens if I Can't Pay My Taxes?

If you can't pay your taxes in full, you should still file your tax return and pay as much as you can to reduce any penalties and interest. You may also be able to set up a payment plan with the IRS to pay your taxes over time.

Conclusion

In conclusion, tax season can be a stressful time for many individuals and businesses. If you need more time to file your tax return, you can request an extension. However, it's important to remember that an extension only gives you more time to file your return, not to pay any taxes owed. To avoid penalties, it's important to file your return on time and pay any taxes owed by the April 15th deadline.

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