Thursday, 29 February 2024
If you cannot meet April 18 tax deadline, then file an extension now

If you cannot meet April 18 tax deadline, then file an extension now

If you cannot meet April 18 tax deadline, then file an extension now

If you cannot meet April 18 tax deadline, then file an extension now. There is only one day left before the April 18 tax deadline, and if you haven’t submitted your tax returns yet, then you need to file an extension in filing ta returns to avoid penalties and interest.

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Stats about tax return filing

Up to the 24 March 2023, following figures were noted about number of tax returns filed up to that date:

  1. about 80.7 million returns had been received
  2. it is less 0.8% from the same time last year
  3. 168 million individual returns the IRS forecast for this year

From the above facts it is clear that there are lot of taxpayers who will need to file extension for filing tax returns this year to avail extension till October 16.

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If you need to file an extension in filing tax return this year, then you need to know the below mentioned concepts.

What is tax extension in filing tax return?

It means that taxpayer avails further 6 months’ period for submitting tax returns by filing tax extension. But it must be kept in your mind that it is not extension in payment of due tax with return.

For this purpose, you have to calculate tax on estimation and pay it. Estimated tax should be paid under your regular deadline to avoid penalties.

What’s the new tax deadline after filing extension?

Filing of a tax return extension request must be submitted under normal April 18 tax deadline. After you file it, your new tax return deadline will be October 16 (six months’ extension).

However, if you have to pay taxes but don’t file for an extension, the IRS will charge you a penalty for failing to file tax return.

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