Is There a Tax Filing Extension Deadline?
Tax season is upon us, and if you’re a business owner who requested an extension to file your 2022 tax return, it’s time to mark your calendar. The Internal Revenue Service (IRS) has issued a reminder about the upcoming tax filing extension deadline. To avoid potential late filing penalties, make sure to file your Form 1040 on or before Monday, October 16, 2023.
But wait, there are exceptions! Disaster-area taxpayers in certain regions have extended deadlines. In most of California and parts of Alabama and Georgia, you also have until October 16, 2023, to file various federal individual and business tax returns and make tax payments.
Additional extensions apply to specific situations:
- Flooding in Illinois and Alaska: If you were affected by flooding in these states, you have until October 31, 2023, to file your returns.
- Flooding in Vermont: Vermont residents impacted by flooding have until November 15, 2023, to file.
- Recent Natural Disasters: Taxpayers affected by natural disasters, such as the Maui fires and hurricane Idalia in parts of Florida, South Carolina, and Georgia, may have until February 24, 2024, to file various individual and business tax returns. The list of affected areas is continually updated, so stay informed by visiting the disaster relief page on IRS.gov.
- Combat Zone and Military Personnel: Members of the military and individuals serving in a combat zone typically have 180 days after leaving the combat zone to file returns and pay any taxes due.
Online Resources for Easier Filing
Filing your taxes doesn’t have to be a daunting task, and the IRS offers various online resources to simplify the process:
1. IRS Free File: Available through October 16, 2023, IRS Free File allows qualified taxpayers with an adjusted gross income (AGI) of $73,000 or less in 2022 to prepare and file federal income tax returns online using guided tax preparation software. You can also claim important credits like the Child Tax Credit and the Earned Income Tax Credit. For those with AGIs greater than $73,000, there’s IRS Free File Fillable Forms for those comfortable preparing their own returns.
2. Interactive Tax Assistant Tool: Get answers to your tax law questions using the IRS’s Interactive Tax Assistant tool.
3. Multilingual Support: If English is not your primary language, the IRS offers tax information in several languages on their website.
4. IRS Online Account: This feature provides information to help you file an accurate return, including AGI amounts from last year’s return, estimated tax payment amounts, and refunds applied as a credit.
Electronic Filing and Payment Options
To streamline the tax filing and payment process, consider going electronic. Here are some key points to keep in mind:
- Convenience: Electronic payment options are easy and flexible. You can pay when you file electronically using online tax software, or if you use a tax preparer, ask them to make the tax payment through an electronic funds withdrawal from your bank account.
- IRS Direct Pay: This feature allows you to pay online directly from your checking or savings account for free and schedule payments up to 365 days in advance. You’ll need an IRS Online Account to use IRS Direct Pay.
- Pay by Card: If you prefer, payments can be made with a credit card, debit card, or a digital wallet option through a payment processor (note that the processor charges a fee for this service).
- IRS2Go App: The IRS2Go mobile app provides access to mobile-friendly payment options, including Direct Pay and debit or credit card payments.
- Electronic Federal Tax Payment System (EFTPS): EFTPS is a convenient, safe, and easy way to make payments online or by phone using the EFTPS Voice Response System. Just remember to schedule your EFTPS payments by 8 p.m. ET at least one calendar day before the tax due date.
As a business owner, staying on top of your tax obligations is essential. With these important deadlines and online resources, you can navigate the tax season smoothly and ensure compliance with IRS requirements. Don’t wait until the last minute – file your taxes and make payments on time to avoid penalties and keep your business running smoothly.
If you’d like to discuss a strategy for your small business and help you with your taxes, Book your consultation with us today!
