There are repercussions for those who applied for a delay on the income tax return if they don’t make it in time. Even though the deadline typically falls on the 15th, tax day in 2023 happened on April 18. This year, that day happened on a Saturday, which is a non-working day. Taxpayers who were unable to submit their returns by the April 18 deadline have the option of asking for a six-month reporting extension.
Request For Tax Extension
According to online research, as the deadline draws nearer, interest in requesting a tax extension has been rising. You will only have a limited amount of time to appropriately file your 2022 income taxes and finish the return if you seek an extension. If you skip this extension, there will undoubtedly be repercussions, including penalties. The tax extension due would be on the fifteenth of the month, however, October 15th falls on a Sunday. This indicates that the Monday, October 16, tax extension deadline will be observed.
Consequences For Failing Deadline
There are two consequences if you also fail this deadline, depending on your circumstances. Both the inability to file a penalty as well as the inability to pay a fine have extensions. There is no need to be concerned about an inability to file a penalty if you requested an extension and submitted your return on time. You’ll incur fines if you don’t submit your taxes by the April deadline, so it’s better to do so as quickly as you’re able to after October 16. If you don’t do this, additional interest and penalties will apply.
There is only one more extension after October 16 because you asked for one in April. Taxpayers who requested an extension have one more chance to pay their taxes; this is it. If you are unable to make payments for your tax due, the IRS will facilitate a few options for you. People can pay their taxes in installments thanks to their payment plans. By establishing an installment arrangement on the IRS website, you can learn more.