The tax filing season for 2023 officially started on January 23, 2023, and the IRS expects most taxpayers to file their returns by the regular due date of April 18, 2023. However, taxpayers can request an IRS deadline extension, and get an additional 6 months to file their tax returns. In this article, we will explain some of the reasons and ways to get an extension for 2023, and how to avoid interest and penalties if you owe taxes.
Reasons and Ways to Get an Extension
There are several situations that may allow you to get an extension of time to file your tax return, such as:
- Storms and Disasters: The IRS has granted relief to taxpayers affected by severe storms and disasters in certain areas of California, Alabama, and Georgia. These taxpayers have until October 16, 2023, to file their 2022 tax returns and pay any taxes due. The IRS may also provide relief to other taxpayers in disaster areas throughout the year, so check the IRS website for the latest updates.
- Overseas and Military: Taxpayers who live and work outside the United States and Puerto Rico have until June 15, 2023, to file their 2022 tax returns. This also applies to members of the military on duty outside the U.S. and Puerto Rico. However, interest and penalties on any unpaid taxes will start to accrue from April 18, 2023.
- Form 4868: Taxpayers who need more time to prepare their tax returns can request an automatic six-month extension by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by April 18, 2023. You can do this over the phone, via mail, or online. Filing Form 4868 will give taxpayers until October 16, 2023, to file their tax returns, but it does not extend the time to pay any taxes due.
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What to Do If You Owe Taxes
It is crucial to understand that a filing extension does not equate to a payment extension. Taxpayers who owe taxes should pay as much as they can by April 18, 2023, to avoid interest and penalties. The IRS provides a number of payment alternatives, including:
- Direct Pay: Taxpayers can pay directly from their bank accounts for free on the IRS website.
- Credit or Debit Card: Taxpayers can pay with a credit or debit card online or by phone through an IRS-approved payment processor. However, there may be fees involved.
- Installment Agreement: Taxpayers who cannot pay their full tax bill at once can apply for an installment agreement with the IRS to pay in monthly installments. There may be a setup fee and interest charges for this option.
- Offer in Compromise: Taxpayers who are unable to pay their tax debt in full or in installments may qualify for an offer in compromise, which is an agreement with the IRS to settle the tax bill for a lesser sum than what is entirely due.
This option requires a $205 non-refundable application fee and a detailed financial analysis.
Conclusion
The IRS deadline extension for 2023 may provide some relief to taxpayers who need more time to file their tax returns, but it does not relieve them from paying their taxes on time. Taxpayers should file their returns as soon as possible and pay as much as they can by April 18, 2023, to avoid interest and penalties. If you want to file for an extension quickly and easily, use IRSExtension.Online, the trusted e-file service that will make your tax extension process a breeze. Click here to get started today.