IRS Tax Filing Deadline 2023: Here's How To Ask for an Extension
Around 168 million federal returns are expected to be filed this year based on the Internal Revenue Service's projections.
CNBC reported that certain taxpayers can use the IRS Free File program, which offers guided tax preparation online. It is executed through a public-private partnership, which is available to taxpayers with an annual adjusted gross income of $73,000 or less.
Free File is available to 70% of taxpayers, but few use it.
Some people may also be eligible for free tax help at a local Volunteer Income Tax Assistance Center.
People who earn $60,000 or less, people with disabilities, or those with limited English can avail of the free service.
Meanwhile, those 60 years and older can get help through Tax Counseling for the Elderly.
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IRS Tax Filing Deadline 2023
The IRS tax filing season in the United States usually falls on January 1 until April 15. Despite the early start of January 1, IRS started accepting returns for the 2022 tax year on January 23.
Investopedia noted that the IRS tax filing deadline 2023 will be April 18. The usual IRS tax filing deadline is April 15, but this year, the date falls on a Saturday, with the following business day being Emancipation Day, which is April 17.
Tax returns submitted late after the said date will be subjected to penalty fees.
Taxpayers should receive their tax refund in 2023 within 21 calendar days of filing.
Filing taxes early can give taxpayers enough time they need to collect the evidence needed to claim all of their deductions.
IRS noted that a taxpayer with a gross income of more than $12,950 will have to pay federal tax for the tax year 2022.
Meanwhile, independent contractors must file a return and pay self-employment taxes on any net earnings from self-employment of $400 or more.
IRS Filing Tax Extension
The 2020 federal tax year imposed a filing tax extension in 2020, with the agency extending the filing date for individuals until May 17, 2021, due to the COVID-19 pandemic.
In February 2021, a further extension was given to those in the states of Texas, Oklahoma, and Louisiana due to the winter storms.
For the tax filing deadline 2023, it has already been extended for those in California, Alabama, and Georgia due to them being affected by disaster situations.
The original extension for those states was May 15, 2023, but it has been extended further to October 16, 2023.
If you are not a resident of these states, you can request a six-month filing extension to October 16 and prevent late filing penalties.
Those eyeing to file an extension can use IRS Free File or Form 4868, Application for Automatic Extension of Time to File US. Individual Income Tax Return by April 18, according to Alabama Media Group.
An extension can also be estimated by paying partly or wholly the estimated income tax due while also noting that the payment is for an extension.
Taxpayers can use DirectPay, Electronic Federal Tax Payment System, or a debit or credit card to pay their estimated income tax due.
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This article is owned by Latin Post.
Written by: Mary Webber
WATCH: Tax filing deadline extended - from FOX 11 Los Angeles