(TheConservativeTimes.org) – Mark your calendars for all the important tax-related events, including due dates, potential extensions, and other considerations for individuals and corporations.
According to tax advisors, as a general rule, the deadline for submitting your individual federal income tax return is the fifteenth of April each year. If you file for the calendar year, your tax year finishes on December 31st.
The due date for submitting your individual federal tax return is usually April 15 each year. The due date is changed to the next work day if it happens on a weekend or government holiday.
People have until April 15, 2024, unless it’s a state holiday, to file their taxes for the year 2023 if they don’t get an extension. You can file Form 4868 to ask for more time to file later in the year.
Since most businesses use a fiscal year, your tax return needs to be turned in by or before the 15th of either the third or fourth month, based on the type of business, after the fiscal year ends. Should this due date happen on a weekend or federal holiday, it will be changed to the next work day.
According to the IRS, you may still file your taxes even if you were late by one of these important dates. If a deadline has been missed and you are entitled to a refund or owe money, those alternatives will differ.
If you cannot pay the whole amount on the due date, you should not delay submitting your tax return. The IRS will begin collecting interest and penalties on the due date. You may reduce the likelihood of incurring penalties for failing to file by submitting your return promptly, paying the most you can at the time of filing, and arranging for a payment plan to cover the remaining amount.
Tax advisors note that if you ask the Internal Revenue Service (IRS), they may give you six more months to file your taxes. Electronic requests for extensions may be made using Form 4868.
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