In the world of taxes, the deadline for filing income taxes is typically April 15th. However, exceptions apply for those impacted by natural disasters or living in Massachusetts or Maine, who get two extra days to file. For those who can’t meet the deadline, there is an option to file a free tax extension which gives an additional six months to complete and submit the federal tax return. Filing for an extension can be done using tax software or by submitting IRS Form 4868 by mail, ensuring it is postmarked by the tax deadline. It is essential to estimate and pay at least 90% of the tax liability by the deadline to avoid late fees and potential penalties.
To file a tax extension in 2024, taxpayers need to submit Form 4868 to the IRS either by paper or electronically before the April 15 deadline. Military personnel in combat zones, individuals in disaster areas, and US citizens living outside the country have extended deadlines for filing. It’s crucial to pay estimated taxes if owed, using options like Direct Pay or the Electronic Federal Tax Payment System to avoid interest and penalties. Extending the filing deadline does not delay when taxes must be paid, and late fees and penalties can accumulate if not paid on time.
Changes in personal circumstances in 2023, such as a new baby or a change in income, can impact tax returns. Filing taxes by the deadline is essential to maximize potential refunds, like the child tax credit or child care expenses reimbursement. Child care expenses are eligible for refunds, with amounts varying based on the number of children and expenses incurred. Extending the tax deadline can delay the tax refund process, as more complicated returns may take longer to be processed. Taxpayers are encouraged to file electronically and opt for direct deposit to receive refunds faster.
Taxpayers can file their tax returns and schedule payments through various online, phone, and mobile app platforms approved by the IRS. Free filing services are available for those earning $79,000 or less, while the Free File Fillable Form can be used by those earning more. Making tax payments electronically is preferred by the IRS, with options like IRS Direct Pay and the Electronic Federal Tax Payment System available. Accessing online IRS accounts can help review tax-related details, including address, payment plan, adjusted gross income, stimulus payment, child tax credit amounts, and tax transcripts for record-keeping and problem-solving purposes.
Overall, understanding the process of filing for a tax extension, estimating and paying taxes owed, maximizing potential refunds, filing electronically, and accessing online IRS accounts are key steps in managing taxes effectively. By following these guidelines and staying informed about tax updates and deadlines, taxpayers can navigate the tax system with greater ease and efficiency.
