As of Tax Day, which fell on April 15, 2024, individuals were expected to file their federal income tax returns. However, there are exceptions to this deadline. If an extension was requested by April 15, the new deadline for tax filing is October 15, 2024. Most taxpayers were required to file their 2023 federal income tax returns by the original Tax Day. While the mid-April deadline applies in most cases, there are exceptions to be aware of. Additionally, it is important to familiarize yourself with other significant tax deadlines and the timeline for receiving any refunds owed to you. Find your free dedicated tax professional from Rapid Tax who will walk you through from start to finish for tax filing in October.
Can I E-file Taxes Electronically Even After April 15?
Filing tax returns electronically is allowed until November each year, with the specific deadline usually confirmed in October. An extension can be requested through Form 4868, granting a filing deadline of October 15. In cases where this date falls on a weekend or holiday, the filing deadline extends to midnight of the following business day.
Can I File My Tax in October?
If you missed the 2024 tax deadline or could not complete your tax return on time, opting for a six-month extension using Form 4868 shifted your filing deadline to October. It is crucial to note that tax extensions extend the filing deadline but not the payment deadline.
What If I Haven’t Filed for a Tax Extension Already?
Should you be entitled to a refund, you won’t face any penalties from the IRS for submitting your return after the deadline. Nevertheless, it is advisable to file promptly to expedite the refund process. It’s essential to be aware that while there may not be repercussions for filing late, it is probable that you are still required to submit a return. The IRS establishes clear criteria for individuals obligated to file a tax return, including annual income thresholds and other considerations.
In the event that you find yourself in debt to the IRS without having requested an extension and are now approaching your tax obligations belatedly, it is important to be aware that penalties and interest will start accumulating. The IRS advises promptly making an initial payment toward your owed amount to minimize the impact of penalties and interest. Should you be unable to settle your tax liability in its entirety, the IRS suggests making a partial payment and arranging for an installment agreement.
Can I File My Tax in October?
Upon obtaining an extension on Tax Day, the revised deadline for tax filing your taxes is now set for Tuesday, October 15, 2024. Extending the deadline allows additional time to complete the filing process but does not extend the time frame for tax payment. It is important to note that any outstanding tax obligations or a reasonable estimation of the owed amount were originally due by April 15.
What Are The Other 2024 Tax Deadlines Remaining To Know?
Tax Deadline by October 15:
Deadline extension for taxes. By submitting a request for an extension before the initial April 15 deadline, you gain an extra six months until October 15 to complete and submit your tax returns. Failure to meet this extended deadline will result in the IRS viewing your return as tardy, subsequently triggering penalty accrual.
The deadline for making contributions to SEP and Simple IRA, Solo 401(k) retirement plans is approaching. Individuals who have set up any of these self-employment retirement plans and requested a filing extension in April can take advantage of the extended deadline until October 15 to make their last contributions for the 2023 tax year.
Tax Deadline by December 31:
As the year draws to a close, it’s important to note the upcoming deadline for 401(k) contributions. When you invest in a company-backed retirement scheme such as a traditional or Roth 401(k), December 31 marks the usual cutoff date for making a valid contribution. In the fiscal year 2024, the maximum allowable contribution stands at $23,000.
RMD deadline Charitable donations deadline: in order to meet the deadline for Required Minimum Distributions (RMDs), it is essential to complete the process by December 31. For individuals who choose to itemize deductions and aim to make charitable contributions to lower their taxable income, December 31 marks the final opportunity for the 2024 tax year to do so.
