Tax Filing Extension: Know the Deadline and Payment Obligations
Extension Deadline Approaching
The Internal Revenue Service (IRS) reminds taxpayers that the extended deadline for filing tax returns is October 16, 2023. An extension grants you additional time to file your tax return, but it does not extend the time to pay your taxes.
Estimate and Pay Owed Taxes
If you anticipate owing taxes, it is crucial to estimate and pay them by the original deadline of April 18, 2023. Failing to do so may result in penalties and interest.
Requesting an Extension
To request an extension, you can file Form 4868 electronically through IRS Free File or mail it to the IRS. The extension will allow you to file your return until October 16, 2023.
Consequences of Missing the Extension Deadline
If you fail to file your return or pay your taxes by the extended deadline, you will incur penalties and interest. The IRS may also pursue legal action to collect unpaid taxes.
Avoid Penalties and Interest
To avoid penalties and interest, taxpayers are advised to:
- Estimate and pay owed taxes by the original deadline.
- Request an extension on or before the original deadline.
- File their return and pay any outstanding taxes by the extended deadline.
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