While the specific date may vary slightly from year to year, the consequences of missing the Tax Day cutoff are well-established and potentially severe. Whether you’re anticipating a refund or not, understanding the implications of filing after the Tax Day deadline is crucial. In this guide, we’ll explore everything you need to know about Tax Day and the steps you can take to stay compliant.
Too Long; Didn’t Read
- Tax Day for the 2023 tax year is April 15th, 2024, except in Maine and Massachusetts, where residents have until April 17th, 2024 to file.
- Filing early can help you reduce the risk of missing the deadline and paying late fees. It also allows you to get your refund sooner.
- If you find yourself unable to meet the Tax Day deadline, you can request a tax extension.
- While an extension provides more time to file your return, it does not extend the deadline for paying any taxes owed.
- If you’re expecting a refund, the April 15th deadline does not apply to you. While it’s still advisable to file as soon as possible, the IRS typically grants a three-year filing window.
Why is Tax Day April 15?
The tradition of setting Tax Day on April 15th dates back to the early 20th century. In 1913, the 16th Amendment to the U.S. Constitution was ratified, establishing the federal income tax system. March 1st was initially designated as the deadline for filing returns, but this proved too soon after the end of the previous tax year.
In 1918, the filing deadline was extended to March 15th, but found that taxpayers needed even more time to properly file, so it was pushed again to April 15th in 1955, where it has remained ever since. The April 15th date allows individuals and tax professionals ample time to gather the necessary documentation and prepare their returns after the calendar year ends.
When is the Last Day You Can Send in Federal Income Tax Forms?
The last day you can send in federal income tax forms is Tax Day.
Tax Day for the 2023 tax year is April 15, 2024. This date applies to individual taxpayers residing in the United States. However, if you live in Maine or Massachusetts, you have until April 17th due to the observance of state holidays on the 15th and 16th.
Why is it Important to File Your Income Taxes Before Tax Day?
Filing early can help you reduce the risk of missing the Tax Day deadline and paying late fees. Additionally, filing early allows you to get your refund sooner.
Avoid Penalties
Missing the Tax Day deadline can result in substantial penalties from the Internal Revenue Service (IRS). If you owe taxes and fail to file your return on time, you’ll be subject to a failure-to-file penalty, which can add up quickly. The last thing you want is to wait to file and then an emergency comes up on the due date!
Claim Your Refund Promptly
If you’re expecting a tax refund, filing early ensures you receive your money as soon as possible. The IRS typically issues refunds within 21 days of accepting your return. If you have already filed but haven’t seen your refund, check ‘where’s my refund’ on the IRS site.
How to File a Tax Extension
If you find yourself unable to meet the Tax Day deadline, you can request a tax extension. This grants you up to six additional months to file your return without incurring the failure-to-file penalty.
To file for an extension, you can:
File Form 4868
Complete and submit Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, either electronically or by mail.
Speak With Your Accountant
Your accountant will look at your situation and determine if it’s possible to meet the Tax Day deadline. If the deadline cannot be met, they can help you file for an extension. Book an appointment today and we’ll work with you to get your taxes filed as quickly as possible!
It’s important to note that while an extension provides more time to file your return, it does not extend the deadline for paying any taxes owed. If you fail to pay your estimated tax liability by the original due date, you’ll still be subject to interest and potential late payment penalties.
Consequences of Missing the Tax Day Deadline
If you miss the Tax Day deadline without filing an extension, the consequences can be severe:
Failure-to-File Penalty
The IRS imposes a penalty of 5% of your unpaid tax balance for every month (or partial month) that your return is late, up to a maximum of 25%.
Interest Charges
In addition to penalties, you’ll owe interest on any unpaid tax balance from the original due date until the date you pay in full.
Potential Criminal Charges
In extreme cases of extended non-compliance, the IRS may pursue criminal charges for willful failure to file tax returns.
However, if you’re expecting a refund, the April 15th deadline does not apply to you. While it’s still advisable to file as soon as possible, the IRS typically grants a three-year window to claim a refund before the statute of limitations expires.
The Bottom Line
Tax Day is a firm deadline that should be taken seriously. If you owe taxes, it’s crucial to file your return and pay any outstanding balance by Tax Day to avoid costly penalties and interest charges. While filing for an extension can provide some relief, it does not extend the payment deadline.
On the other hand, if you’re expecting a refund, the urgency is less pressing, as you technically have up to three years to file and claim your refund. However, it’s still recommended to file as soon as possible to receive your money promptly and maintain good standing with the IRS.
By understanding the importance of Tax Day and the consequences of missing the deadline, you can make informed decisions and stay compliant with your tax obligations.
