The tax filing deadline is one of the most important dates on the calendar for Americans. The tax filing deadline typically falls on April 15th, but the date can vary depending on the circumstances.
In 2023, the deadline is Tuesday, April 18th. That’s because this year April 15th is on a Saturday and the next weekday, April 17th, is recognized as Emancipation Day in Washington, DC.
If you’re like most people, you probably feel a sense of dread as the deadline approaches. However, by understanding the basics of the tax filing process and preparing in advance, you can make sure that you file your taxes on time and avoid the late tax filing penalty.
When is the Tax Filing Deadline 2023?
The tax filing deadline typically falls on April 15th, but this year, the deadline is Tuesday, April 18, 2023. It’s important to remember, though, that not everyone is eligible for an extension. If you’re unable to file your taxes by the deadline, you’ll need to request an extension from the IRS.
Tax Filing Deadline Extension
If you need more time to file your taxes, you can request a tax filing deadline extension. To do so, you’ll need to fill out Form 4868 and submit it to the IRS by the original deadline. This will give you an additional six months to file your taxes without facing the late tax filing penalty.
Late Tax Filing Penalty
If you miss the tax filing deadline, you’ll face a late tax filing penalty. The penalty for filing late is typically 5% of the unpaid tax amount per month, up to a maximum of 25% of the total tax amount owed. Additionally, if you owe taxes and don’t pay them by the deadline, you’ll face an additional penalty of 0.5% of the unpaid tax amount per month, up to a maximum of 25%.
Tax Preparation Software and Tax Professionals
One way to avoid the late tax filing penalty is to prepare your taxes early. Gather all the necessary tax documents, such as W-2 forms and receipts for charitable donations, and use tax preparation software like TurboTax, H&R Block, or TaxAct to help guide you through the process. Alternatively, you can hire a tax professional to assist you with your taxes.
Tax Deductions and Tax Credits
When preparing your taxes, don’t forget to take advantage of any tax deductions or tax credits that you’re eligible for. Tax deductions reduce your taxable income, while tax credits directly reduce the amount of taxes you owe. Some common tax deductions and tax credits include those for charitable donations, education expenses, and retirement contributions.
IRS Penalty and IRS Extension Form
If you’re unable to file your taxes by the tax filing deadline, remember to request an extension by filling out Form 4868. However, keep in mind that an extension to file doesn’t mean an extension to pay. If you owe taxes, you should still make a payment by the original deadline to avoid penalties and interest charges.
The tax filing deadline is a crucial date to keep in mind. By understanding the deadline and taking steps to prepare your taxes early, you can avoid the late tax filing penalty and save yourself stress and anxiety. Whether you use tax preparation software or hire a tax professional, be sure to take advantage of any tax deductions and credits that you’re eligible for. And if you can’t meet the tax filing deadline, don’t forget to request an extension using Form 4868 to avoid IRS penalty.