The Clock is Ticking: What You Need to Know About the 2023 Tax Extension Deadline
Though Tax Day traditionally falls on April 15th, this year it was on April 18, 2023, thanks to the 15th landing on a weekend. If you were among those who couldn’t file by then, you probably opted for the six-month extension. Now, with the extension deadline looming, online searches for tax extension information are surging, indicating that many are in the same boat. Understanding the implications of missing this extended deadline is crucial because, let’s face it, nobody likes surprises when it comes to taxes.
Usually, the tax extension deadline would be on October 15th, but in 2023, that falls on a Sunday. That pushes the deadline to the following business day—October 16, a Monday. Miss that, and you’re looking at two distinct penalties: a failure-to-file penalty and a failure-to-pay penalty. Those who filed their extensions and met the October deadline can breathe a sigh of relief, avoiding the dreaded failure-to-file penalty. However, if you missed the April 18th initial deadline, prepare for some financial consequences. The longer you delay beyond October 16, the more those interest charges and penalties will pile up.
If you’re thinking of requesting another extension after October 16, think again. There are no more extensions beyond this date. This is your final opportunity to settle your tax affairs for the year.
Even if you’re strapped for cash, the IRS does offer some relief. They provide various payment plans that let you pay your tax debt in installments. You can get more details and initiate the process by setting up an installment agreement on the Internal Revenue Service’s official website. Additional assistance is also available directly from IRS representatives to help you navigate the maze of tax return filing.
In summary, missing the October 16, 2023, tax extension deadline isn’t the end of the world, but it’s close. It can result in accumulating penalties and stress that no one needs. So, mark your calendars, set your reminders, and get those taxes filed!
