As the tax filing deadline for individual taxpayers and corporations approaches, many may be feeling the pressure to file their taxes. However, the Internal Revenue Service (IRS) does allow for a six-month extension of the deadline to file taxes at no detriment to the taxpayer.
Filing for an extension can be a useful option for taxpayers who need more time to gather their tax documents or who face unexpected circumstances that make it difficult to file by the original deadline. It is important to note that filing for an extension is a common and legitimate practice that is allowed by the IRS. In fact, nearly 15 million taxpayers file for an extension each year. However, it is important to keep in mind that an extension to file does not extend the deadline for paying taxes owed. Taxpayers who owe taxes must still pay by the original deadline to avoid penalties and interest.
The IRS typically requires taxpayers to file their tax returns by April 15th each year. This year (2023), the deadline is April 18, 2023. Taxpayers who need additional time beyond April 18th to file their tax returns can request an extension by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form must be filed by the April 18th deadline, and it grants taxpayers an additional six months to file their tax returns. This means that the new deadline for filing tax returns with an extension is October 16, 2023.
This extension applies only to the filing of tax returns; it does not apply to the payment of taxes owed. Taxpayers who owe taxes for the 2022 tax year must still make their payments by the April 18th deadline.
In addition to the federal tax deadline extension, some states have also extended their tax filing deadlines due to disasters in the area. Taxpayers should check with their state tax agencies to determine if their state has extended its tax filing deadline.
At Gratus, we can help requesting an extension on your behalf and help you file your taxes when you are ready. Contact us at (954) 998-1190 or info@gratuscpa.com for more information.
