Get all the information you need to know about when taxes are due, including deadlines, extension options, and tips to avoid penalties.
Tax season can be a stressful time for many people, especially if they’re not sure when their taxes are due. The due date for filing taxes varies depending on several factors, such as the type of tax return you’re filing, your location, and whether or not you’ve requested an extension. In this guide, we’ll go over everything you need to know about when taxes are due and how to ensure you meet the deadline.
When are Federal Taxes Due?
Federal taxes are due on April 15th of each year. This is the standard due date for most taxpayers, including those who are self-employed or have multiple sources of income. If you’re unable to file your taxes by the deadline, you can request a tax extension, which gives you an additional six months to file your return.
When is the Deadline for Requesting a Tax Extension?
The deadline for requesting a tax extension is April 15th. To request an extension, you’ll need to fill out Form 4868 and submit it to the IRS by the due date. Keep in mind that a tax extension only gives you additional time to file your return, it does not extend the deadline to pay your taxes.
What Happens if You Miss the Deadline for Federal Taxes?
If you miss the deadline for filing your federal taxes, you may be subject to penalties and interest charges. The penalty for not filing your taxes on time is 5% of the amount owed for each month that your return is late, up to a maximum of 25%. Additionally, you’ll be charged interest on the amount owed at a rate of 3% per year.
Tips to Avoid Missing the Deadline for Federal Taxes
To avoid missing the deadline for federal taxes, it’s important to start preparing your tax return well in advance. Here are a few tips to help you stay on track:
– Gather all of your tax documents, such as W-2s, 1099s, and receipts, as soon as they become available.
– Choose a tax preparation method that works best for you, such as using tax software or hiring a professional tax preparer.
– Double-check your return for errors and make sure all of the information is accurate before submitting it.
– Consider requesting a tax extension if you’re not sure you’ll be able to file your return by the deadline.
Q: Can I file my taxes early?
A: Yes, you can file your taxes as soon as you have all of the necessary information and documents. In fact, many taxpayers choose to file their taxes early to get their refund faster or to avoid the rush of last-minute filers.
Q: Do I need to pay my taxes even if I can’t file my return by the due date?
A: Yes, you are still required to pay your taxes by the due date, even if you can’t file your return on time. You can request a tax extension to give yourself more time to file your return, but the deadline to pay your taxes remains unchanged.
Q: Is it possible to receive an extension for both federal and state taxes?
A: Yes, you can request a tax extension for both federal and state taxes. However, the process for requesting a state tax extension may vary, so it’s important to check with your state’s department of revenue for specific information.
Q: Will I be charged interest and penalties if I request a tax extension?
A: If you request a tax extension and pay at least 90% of your total tax liability by the original due date, you may avoid interest and penalties. However, if you owe taxes and do not pay them by the original due date, you may still be subject to interest and penalties.
Knowing when taxes are due is crucial for avoiding penalties and interest charges. By starting to prepare your tax return well in advance and using the tips provided in this guide, you can ensure that you file your taxes on time and stay in compliance with tax laws. Remember, if you’re unsure about the due date for your taxes or have any other questions, it’s always best to check with the IRS or your state’s department of revenue for the most accurate information.