Upon submission of a tax extension, it is crucial to remember that the final return must still be filed by the October 15, 2024 deadline. Failure to meet this tax extension deadline in October may result in penalties being imposed. Extensions are a valuable resource for individuals requiring additional time to complete their tax returns. For the year 2024, obtaining an extension will push the filing deadline to October 15.
What Is A Tax Extension Due in October?
Discover the concept of a tax extension. A tax extension involves asking for an extra half-year to submit a tax return to the IRS. Essentially, extensions often shift the filing cutoff date from April to October.
How Does Tax Extension Work
Understanding tax extensions can sometimes be confusing. One common misunderstanding about tax extensions is that they provide extra time to settle your tax debt. However, the truth is that a tax extension simply shifts your filing deadline, not your payment deadline.
Should you have requested an extension, tax payments were still required by April 15. In case you need additional time to manage your tax debt, the IRS provides installment options to assist you in gradually settling your outstanding amount.
How Tax Extensions Work When I Owe Taxes
Should you find yourself unable to file your tax return by the deadline, the IRS recommends estimating your tax amount and making a payment promptly to avoid interest and late-payment penalties. Act swiftly in such situations is important to prevent additional charges from accumulating on your outstanding balance.
If you find yourself in a situation where you need to reduce penalties, consider making a payment of at least 90% of your taxes before the deadline and cover the remainder when you submit your tax return.
File Your Tax return By October, Even If You Need More Time
In the event that you are unable to cover your full tax liability, it is still crucial to submit your tax return. To mitigate any associated charges, consider remitting whatever amount you are able to manage, as advised by the IRS.
Upon completion of the filing process, individuals have access to a range of online tax payment methods. For those with impending tax obligations for the year 2023, the ultimate deadline for the tax extension falls on October 15, 2024. It is crucial to complete and file your tax return by this date to avoid any penalties or repercussions.
In the event that the October extension filing deadline is overlooked, penalties for failure to file may be imposed, dating back to the initial filing date of October 15.
In cases where a taxpayer is owed a refund, the IRS waives the failure-to-file penalty for late-filed tax returns. Despite this exception, opting for a tax extension can still prove to be a wise decision. By obtaining a tax extension, individuals can avoid incurring penalties for late filing in situations where unexpected tax liabilities arise due to miscalculations.
