As a responsible citizen, one of the most crucial financial obligations is to file our taxes on time. Knowing when taxes are due can help you avoid costly penalties and ensure that your tax return is processed quickly. In this article, we’ll discuss key dates and deadlines related to filing your tax return.
The General Deadline: April 15th
For most taxpayers, the deadline for filing federal income tax returns is April 15th every year. If you miss this deadline, you may be subject to late filing penalties or interest on any unpaid amount owed to the IRS.
However, if you live in Maine or Massachusetts, you get an extra couple of days as these states have their state holiday called Patriots day celebrated every third Monday of April which eventually pushes their due date two days further i.e., April 17th.
Extension Request Deadline: October 15th
If you need more time to prepare your tax return after the general deadline has passed, You can request a six-month extension from the IRS using Form 4868 – Application for Automatic Extension Of Time To File U.S. Individual Income Tax Return by submitting it before or by July 15.
This extended due date falls on October 15 each year.However getting an extension only extends teh duration available to submit form but doesn’t extends the deadline for Payment.Taxpayers still have to make payments toward what they owe by July/April in order to avoid late payment penalty fees of up-to .5% every month charged upto maximum limit specified by federally decided standards
Other Important Deadlines:
- Estimated tax payments must be made throughout the year ( quarter-wise)
- Partnership returns (Form1065): March 15
- Employer W2/1099 forms(Employer Returns): February
- Trusts & Estates Federal Returns(Form1041): April 15
Conclusion:
Filing taxes on time is crucial to avoid penalties and ensure a timely tax refund. By keeping track of important deadlines, taxpayers can be sure they are meeting their obligations and minimizing their financial risks. Remember that missing deadlines can result in costly fines, so mark these dates on your calendar to stay on top of your tax preparation game!
FAQs
Q: When is the deadline to file federal income taxes?
A: The deadline to file federal income taxes typically falls on April 15th each year. However, due to certain circumstances like holidays or weekends falling on this date, the IRS may choose to push back the deadline by a few days.
Q: What happens if I miss the tax filing deadline?
A: If you fail to file your tax return or pay your taxes by the deadline, you could be subject to penalties and interest charges on any unpaid taxes owed. Additionally, if you are entitled to a refund but do not file your return within three years of its due date (including extensions), you may forfeit that refund altogether.
Q: Can I request an extension on my tax filing deadline?
A: Yes, taxpayers can apply for an automatic six-month extension from their original tax filing due date by filling out Form 4868 with the IRS. It’s important to note that while this gives you more time to submit your paperwork, it does not extend the amount of time you have in order to pay any outstanding balances due without penalty.
