Are taxes due at midnight on the 18th April 2023

Are taxes due at midnight on the 18th April 2023. Today is the last day for filing annual income tax returns. April 18 is the tax deadline, and if you have not submitted your income tax returns yet, then you need to file an extension in filing tax returns to avoid penalties and interest.

U.S. annual Income tax return must be submitted online or postmarked by midnight on Tuesday, April 18, 2023.

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

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.