The United States residents who need an additional time to file their tax return can request an extension by the 15 April tax filing due date. The IRS extension period provides individuals an extended period of six months until October 15 to file tax returns without penalties.
IRS Extension Deadline 2024
Tax extension is a very helpful tool for those who want more time to file their tax return. If an individual misses the actual deadline of filing a tax return because of not having complete details or required documents and wants to be safe from the late filing penalties then he can request for an extra six months to the IRS to file their tax return.
This extra period is often known as a tax return filing extension. The extension deadline is moved from April 15 to October 15. The last date to file income tax returns for 2023 was April 15, 2024 but for those who requested IRS for an extension on April 15, 2024 then he can get a new filing deadline that will be Oct. 15, 2024.
If an individual filed his tax return after April 15, without attaching valid extension documents then the IRS considers his return late. In this case individuals need to pay penalties and extra fees. The American citizen who is currently living abroad or in another country but wants to file their 2023 income tax return they automatically gets a period of two months (June 17, 2024) to file a tax return and to request for an October extension deadline.
Why is IRS extension 2024 available?
The IRS provides an extension period because of various reasons. If an individual does not have all the required documents and details to file their tax return by the actual tax return filing deadline of April 15, or If an individual has a complicated tax situation like if he has several income sources or investments then he needs additional time to prepare his tax return accurately, in such situations individuals can request for an extension.
IRS tax extension is also needed If an individual faces any type of life related serious issues like health issues, family emergencies, natural disasters and many others that make it difficult for individuals to file a tax return before the deadline. An extension period provides individuals more time to file tax returns with valid, accurate and correct details.
The main objective of file tax return with an extension is to avoid late-filing penalties. Keep in mind that an IRS extension to file a tax return is not an extension to pay any taxes owed. You need to pay any taxes before the original tax return filing deadline to be safe from interest and penalties.
Does the IRS provide an extension period every year?
Yes, eligible individuals can get an extension period from the IRS every year if they need additional time to file their tax return or if they miss the actual tax return filing date. The IRS also provides facility to all taxpayers to request for an automatic six-month extension by submitting Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return”.
Individuals must submit an extension form on or before the original tax filing deadline. Individuals cannot request for more than one IRS tax extension. Taxpayers can easily submit a tax extension application through the IRS Free File without paying any cost to the IRS till 15 April.
What will be the penalties if an individual misses the tax return deadline?
If an individual misses the tax return deadline, he needs to pay the different types of penalties like Late-Payment Penalty and filing penalty. Normally the late payment penalty is 0.5% of your unpaid taxes of every month or partial month, it will be capped at 25%. You will also need to pay interest on your unpaid taxes.
Whereas the Late-Filing Penalty is usually 5% of the unpaid taxes per month or portion of a month that your return is late, up to 25%. By taking a part in the IRS extension Individuals can get rid from such penalties. Taxpayers who are currently living in disaster areas can get both an automatic extension to file tax returns and additional time to pay taxes.