IRS Tax Day 2023 Last date to file Individual Tax Return @irs.gov

IRS Tax Day 2023 Last date to file Individual Tax Return @irs.gov.The taxation year marks the period during which individuals file their tax returns and disclose their investments for tax assessment based on the fiscal year.

IRS Tax Day 2023 Last date to file Individual Tax Return @irs.gov

If you haven’t completed your tax forms yet, visit the official IRS website at irs.gov.in to initiate the tax filing process. The current filing pertains to the tax year 2022–2023, encompassing the timeframe from 1 April 2022 to 31 March 2023. The ultimate deadline for tax filing, commonly referred to as Tax Day, falls on 18 April 2023.

IRS Tax Day 2023 A Closer Look

Tax Day signifies the final date for submitting tax returns. While historically, the deadline was on 15 April each year, recent changes have been observed due to exceptional circumstances. The IRS extended the due date to July 15 in 2020 as a response to the pandemic. Similarly, Tax Day in 2021 was postponed to May 17, acknowledging pandemic-related relief measures and adjustments in the tax code. In 2023, the tax year will conclude on 18 April, departing from the usual 15 April deadline.

Taxes generally fall due on 15 April annually, but the IRS extended this date to 18 April 2023 in January. Those who have already submitted their tax returns are fortunate, while those yet to do so should consider seeking an extension for additional time. To check the status of your federal refund, visit the IRS website at irs.gov.in, and for your Ohio return, utilize the state’s division of taxes website.

Consequences of Missing Tax Day 2023

Failing to file your income tax return by the due date necessitates action. You can request an extension by submitting Form 4868 either through mail or electronically to the IRS. Nonetheless, adhering to the designated tax filing timeline is crucial to avoid complications. While an extension grants additional time to file the return, it doesn’t extend the time for settling owed taxes. Individuals residing in FEMA-designated disaster regions may be automatically granted a delay without the need for application or IRS contact.

Ramifications of Not Filing Taxes

Neglecting to file your federal tax return by 18 April or obtain a six-month extension can lead to correspondence from the IRS. The course of action varies depending on the lateness of the filing and the owed tax amount. Penalties for failure to file may apply for the tax year 2023. The IRS might consider waiving or reducing the penalty if a valid reason for non-compliance is presented.

For salaried individuals, Form 16 serves as a submission requirement. ClearTax can facilitate a swift electronic filing process and generation of returns. Freelancers, small business owners, and home-based business vendors operating under Section 44AD or 44ADA can utilize ClearTax to e-file their ITR-4. Certified accountants (CAs) are available to prepare and e-file income tax returns.

Claiming Refunds Beyond the Deadline

Requesting a refund of income taxes necessitates filing an Income Tax Return (ITR). Rules and conditions apply, and eligibility hinges on your past records. If you missed the deadline, you have until December 31 of the assessment year to submit a late return. A penalty of Rs. 5,000 is imposed, unless your total income is below Rs. 5 lakh.

Filling out an extension request form extends the filing deadline to October 18. This option was utilized by a record number of taxpayers last year. However, remember that the extension doesn’t encompass tax payments. If you’re unable to fully settle your tax bill by April 18, you can establish a payment plan through the IRS website, accompanied by interest charges.

Amending Tax Returns Before the Deadline

Taxpayers can file an updated return under Section 139 to rectify an initial filing. The same filing process applies for the updated return. It’s important to complete every step of the e-verification process for the update to be processed. The federal tax filing deadline for individuals and small businesses is 18 April 2023, encompassing both return submission and payment of 2022 income-related obligations. State income tax deadlines vary.

The IRS usually starts accepting returns for the current tax year on January 23. In instances of federally declared disasters like hurricanes or wildfires occurring in the period leading up to Tax Day, the IRS may extend filing deadlines, similar to the recent extension provided in California.