2023 Tax Return Dates: What You Need to Know
Tax season can be a stressful time, but being informed about key dates and deadlines can make the process smoother and less daunting. In this blog...
Ensure you stay on top of important tax deadlines, dates, extensions, and other factors for individuals and businesses this year by keeping your calendar up-to-date.
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For individuals who need to file their taxes, this includes employees, retirees, self-employed individuals, independent contractors, and gig workers.
If you missed one of these tax deadlines, you have options. Those options depend on the deadline you missed and whether you owe money or should receive a refund. However, your CPA should be aware of these calendar dates to avoid problems due to non-compliance.
If you happen to miss a tax filing deadline and owe money to the IRS, it is crucial to file your tax return promptly. The IRS typically imposes interest charges, as well as penalties for failure to file and failure to pay, for each day your tax return remains delinquent. These penalties will continue to accrue until you file your return and settle the outstanding balance.
Don't delay filing your tax return simply because you may not have the funds to pay the full amount due. The IRS begins charging penalties and interest on the day the return is due, regardless of when you file. To minimize failure-to-file penalties, it is best to file as soon as possible, pay as much as you can when you file, and consider setting up an installment plan for any remaining balance.
The most efficient and accurate method to submit your tax return is by electronically filing it.
By e-filing your tax return with the IRS, you can ensure enhanced security compared to paper filing. Since the tax return is transmitted electronically to the IRS, there is no need to worry about it getting misplaced in the mail or arriving late. Additionally, you will receive immediate confirmation that the IRS has received your return and has commenced processing it.
The deadline for filing individual federal income tax returns is typically April 15, unless it falls on a Saturday, Sunday, or official holiday. Certain state-level holidays may extend the tax deadline by one day. If needed, you can request a six-month extension by submitting Form 4868. This extension would make your last day to file individual income taxes October 15, or the next business day if it falls on a weekend or holiday.
For those who also file taxes for their small business as a partnership or S corporation, the deadline to file taxes is March 15 or April 15 for C-corporations, unless those days fall on a weekend or official holiday. If your business operates on a non-calendar tax year, your federal tax return is generally due by the 15th day of the third month following the end of your company's fiscal year.
At H&CO, our experienced team of tax professionals understands the complexities of income tax preparation and is dedicated to guiding you through the process. With offices in Miami, Coral Gables, Aventura, Tampa, and Fort Lauderdale, our CPAs are readily available to assist you with all your income tax planning and tax preparation needs.
To learn more about our accounting firm services take a look at our individual tax services, business tax services, international tax services, expatriate tax services, SAP Business One, entity management, human capital, and audit and assurance services.
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