Attention taxpayers! The deadline to file your 2023 tax return (and pay any taxes owed) is fast approaching. While the standard due date is typically April 15th, residents of Maine and Massachusetts have an extra two days this year, with their deadline falling on April 17th, 2024.
This article highlights key tax deadlines you need to be aware of to avoid penalties and ensure a smooth filing process.
Filing an Extension for 2023 Taxes
If you haven’t finished your 2023 tax return by the deadline, don’t panic! You can file an extension using IRS Form 4868. However, there are important details to consider:
- Estimated Tax Payment Required: While the extension grants you more time to file, it doesn’t delay your tax obligation. You’ll still need to estimate your tax liability for 2023 and include a payment with your extension request. Entering zero as an estimate is a common mistake that can invalidate your extension.
Our firm can help you:
- Calculate your estimated tax liability for 2023.
- Prepare and file a valid extension request electronically to ensure timely processing.
- Electronically deduct any amount owed from your bank account for a secure and convenient payment option.
Important Note: We strongly advise against mailing your extension request. However, if you choose to mail it, ensure the envelope is postmarked on or before the deadline. To avoid potential delays and late filing penalties, consider using certified or registered mail.
Additional Deadlines to Remember
April 15th, 2024, is also the due date for:
- Balance Due Payments for 2023: Remember, Form 4868 is an extension to file, not to pay. The IRS will assess late-payment penalties with interest on any outstanding balance, even if you have an extension. We recommend:
- Estimating your balance due and including a payment with your extension request.
- Making an electronic payment through our firm or the IRS website.
- IRA Contributions for 2023: This is the last day to contribute to a Roth or Traditional IRA for the 2023 tax year. Note: Filing an extension for your tax return doesn’t extend the deadline for IRA contributions.
- First Quarter Estimated Tax Payments for 2024: The first installment of estimated taxes for 2024 is due on April 15th. Late payments may incur penalties, so file this as soon as possible if you haven’t already.
- 2020 Tax Return Refund Claims: The three-year statute of limitations for claiming a refund on your 2020 tax return expires on April 15th, 2024. This means any original or amended 2020 returns filed after this date won’t be eligible for refunds, including the Earned Income Tax Credit, American Opportunity Tax Credit, and child tax credit. Be aware: The statute of limitations doesn’t apply to any taxes owed on unfiled 2020 returns.
Special Rule for 2020 Returns Filed Between April 15th & May 17th, 2021:
Due to the COVID-19 pandemic, the IRS extended the deadline for filing 2020 individual tax returns to May 17th, 2021. If you filed your 2020 return during this period, the three-year window to claim a refund starts from your filing date.
Missing Information for Your 2023 Return?
If your 2023 tax return is incomplete due to missing information, getting it to us as soon as possible is crucial. The closer we get to the deadline, the busier tax season becomes, potentially delaying your return processing.
In such cases:
- Forward the missing information to our office promptly.
- If you anticipate further delays in obtaining the information, let us know beforehand so we can prepare an extension request.
Don’t Wait Until the Last Minute!
Get in touch with our office today to schedule an appointment or discuss filing an extension for your 2023 tax return. We’re here to help you navigate the complexities of tax filing and ensure a smooth and efficient process.
