There are many reasons someone may have missed the mid-April tax deadline. No matter the reason for the delay, IRS Form 4868 should have been submitted to request an extension by the due date.
What is the penalty for not filing by October 15th?
The penalty is based on your unpaid taxes, and the IRS charges 5% of your taxes due for every month or partial month your tax return is not filed. However, the maximum amount the IRS can charge you is capped at 25% of any taxes owed.
The official deadline schedule for the remainder of the year is as follows:
October 16: Since October 15 falls on a weekend or legal holiday, you have until midnight the next business day following October 15 to timely file your tax return. If you timely filed Form 4868, you have until Monday, October 16th to timely file your return. Filing for an extension by April 18 allows until October 16th to finalize your returns. If you miss this deadline your return is considered late by IRS and the penalties will begin to pile on.*
If you requested an extension on your Personal tax return or other returns which would have been due in April, your deadline is October 16, 2023. We ask that you submit all documents by September 21st to ensure your return is completed by 10/16/23 deadline.
401(k) contributions deadline
December 31: If you contribute to an employer-sponsored retirement plan like a traditional or Roth 401(k), December 31st is typically the last day to make a qualified contribution. For the 2023 tax year, the most you can contribute is $22,500 ($30,000 if you’re 50 or older).
If you think you’ll miss the extended tax deadline, you should pay as much as possible as soon as you can. Taking this step can reduce any interest or penalties on your tax account, including not only the failure-to-file penalty but also the IRS failure-to-pay penalty.
Contact RTW Xxact Enterprises to take the stress out of completing your tax extension. We can file your taxes from the comfort of your own home. Email us today at email@example.com.