IRS Tax Season Deadline 2024- What are Tax Extension Deadline & Penalties if you ask for Extension this year?

As I navigate the tax season for 2024, taxpayers find themselves in between the IRS Tax Season Deadline 2024 and extensions. Familiarizing yourself with crucial timelines for tax filing, especially when considering extensions, becomes essential for both individuals and businesses. Even if the initial April 15th deadline has elapsed without filing the tax returns, there remains hope.

By seeking an extension, you can secure additional time to compile necessary documents and finalize your return. This article provides comprehensive information on obtaining a tax extension for 2024, including details about the tax extension deadline and the process for requesting one.

IRS Tax Season Deadline 2024

In the United States, a tax extension provides individuals and businesses with additional time beyond the initial deadline to submit their tax returns. Typically, federal income tax returns are due by April 15th each year (or the next business day if April 15th falls on a weekend or holiday). However, taxpayers have the option to request an extension, which grants them extra six months of tax extension deadline to file and complete the tax return.

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Tax extension deadlines can be beneficial for individuals and businesses dealing with complex tax situations, as they provide additional time to collect necessary documentation, review financial records, and accurately prepare tax returns. However, taxpayers should carefully assess their circumstances to ensure compliance with IRS requirements and avoid unnecessary penalties. Seeking guidance from a tax professional or financial advisor can help navigate tax extensions effectively.

Although you can file for tax extension deadline online or offline, it’s important to note that while of tax extension deadline allows more time for filing tax returns, it does not extend the deadline for paying any taxes owed. Even if an extension to file has been granted, failure to pay taxes by the deadline can result in penalties and extra interest.

IRS Tax Extension Deadline 2024 Highlights 

Name Tax Extension Deadline 2024
Country of Origin USA
Applicable State All states of USA
Regulating Body IRS
Year 2024
Category Financial Aid
Objective Provide extra time to file tax returns.
Applicable persons All tax-paying individuals.
Age Limit 19+ years
Tax File Deadline 15 April 2024
Tax Extension Deadline 15 October 2024
Website https://www.irs.gov/

 Tax Season Deadline 2024 - What are Tax Extension Deadline & Penalties if you ask for Extension this year?

Eligibility for Getting Automatic IRS Tax Extension

There are several instances which can automatically make you eligible to file for tax extension deadline in 2024. Those are:

  1. Natural Calamity Impact: If you reside in an area affected by a natural disaster that hinders your ability to file taxes, you may qualify for an automatic tax extension. The IRS maintains records of such states or provinces.
  2. Military Personnel and Combat Zones: Military personnel serving in combat zones or those who have suffered injuries can also benefit from tax extension deadline 2024.
  3. International Residents: If you are a resident of the USA but currently outside the country, you are eligible for an additional two to six months to file your 2023 tax returns. This provision primarily applies to those military personnel and US residents who are living abroad or in Puerto Rico.

What are the penalties for not paying taxes after tax extension deadline 2024?

  • Non-Payment Penalty: The IRS imposes a monthly penalty of 0.5% on the outstanding tax amount. This penalty grows for each month (or part of a month) in which your tax bill remains unpaid.
  • Late Filing Penalty (if applicable): If you fail to file your tax return by tax extension deadline April 15th, an additional penalty applies. This penalty is steeper, at 5% per month, with a maximum cap of 25% of the tax owed.
  • Interest: Beyond the penalties, interest accumulates on any unpaid taxes from their original due date until full payment is made.

Remember that even if you requested a filing extension, failing to pay your taxes by the initial tax deadline (April 15th for Tax Season 2024) and tax extension deadline (15 October 2024) would still result in a penalty.

Options to Lessen penalties after Tax Season Deadline 2024?

  1. File taxes regardless: Even if you’re only able to pay a portion of the owed amount, it’s crucial to file your taxes. Doing so helps prevent the late-filing penalty.
  2. Explore Payment Plans: The IRS provides payment plans that can effectively lower your late-payment penalties after tax extension deadline.
  3. Opt for Electronic Payments: Consider using secure electronic payment methods such as Direct Pay or the IRS Online Account. These options allow you to pay your taxes without incurring additional fees.

What is the Tax Extension Deadline for Filing?

The tax extension deadline for filing your 2023 federal tax return in the USA for Tax Season 2024 is Tuesday, October 15th, 2024. However, the deadline to request the tax extension deadline itself was the original tax deadline of April 15th, 2024.If October 15 falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.

How to Apply for the IRS Tax Extension Deadline 2024?

  • The last date to apply for tax extension deadline for the 2024 tax season (to file the last year i.e., 2023 taxes) has already passed on 15th April 2024. However, in future that you can apply for the tax extension deadline through IRS Free File after checking the eligibility criteria or you can mail Form 4868 (https://www.irs.gov/forms-pubs/about-form-4868) to IRS.
  • The extension only gives you more time to file, not to pay. You’re still responsible for estimating your tax liability and making a payment by the original deadline to avoid penalties and interest.
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