Are you someone who tends to wait until the last minute, even when it comes to filing your taxes? If so, it’s important that you’re aware of key deadlines so that you can avoid any penalties or unnecessary stress. In this article, we’ll discuss some essential information about tax deadlines and what they mean for procrastinators.
The Deadline for Federal Income Tax Returns
The deadline for filing federal income tax returns is usually April 15th. However, if the 15th falls on a weekend or a holiday, the deadline may be extended. For example, if April 15th falls on a Saturday, then the following Monday will be considered as the observed due date.
It’s important to keep in mind that if you owe taxes, your payment must also be postmarked by April 15th (or any extension date) in order to avoid interest and penalties.
Late Filing and Late Payment Penalties
If you miss the federal tax return deadline without requesting an extension or failing to file altogether , late-filing penalty equals five percent of unpaid taxes per month up to a maximum of 25%,plus Interest is calculated based on your unpaid balance at an annual rate of currently .5% per month.(6% annually).
In addition,you will face additional charges from state taxing authorities where applicable.
Requesting an Extension
If you still need more time after considering these dates and penalties，you can request which needs only three easy steps- Submitting Form 4868 online via IRS,e-signing,and finally submit.The deadline will shift from Aprlil18th.To October14h（the non-weekend day）of same year.No late fee applies but interests are calculated based upon your overdue amount.Therefore,filing at least part payment before original due date might save from paying excessive interests.
State Tax Deadlines
State deadlines vary from state to state. Some states have the same deadline as federal income tax returns, which is April 15th .Others may extend deadlines by a few days or weeks. Check your state’s tax department website for all details regarding when to file and pay.
Final Thoughts
The bottom line is that if you’re planning on filing your taxes on the last day, it’s important to be aware of these key deadlines so that you can avoid any penalties or additional charges along the way. Keep in mind that even if you do miss a deadline, there are options available such as applying for an extension or working out a payment plan with the IRS. Don’t let procrastination lead to extra fees and stress – stay informed and plan ahead!
FAQs
Can you file your taxes on the last day?
Yes, you can file your federal income tax return on the last day that it is due without penalty as long as it is postmarked by the deadline or filed electronically before midnight.
What happens if I miss the tax deadline?
If you don’t file and pay your taxes by the deadline, you may face penalties and interest charges for late payment and/or late filing. The longer you wait to fully resolve your unpaid tax debt, the more potential financial consequences you could face down the line.
Is there a deadline extension for taxpayers affected by natural disasters or other emergencies?
Yes, in certain situations such as natural disasters or other emergencies, taxpayers may be granted a deadline extension to file their federal income tax returns without incurring penalties. You can check with IRS.gov for information about filing extensions based on special circumstances outside of your control.
