What is an October 2023 Tax Extension?
Typically, in the United States, the tax filing deadline for individual income tax returns is April 15th. However, taxpayers have the option to request an extension if they are unable to file their tax returns by the original deadline. This extension grants them additional time to submit their tax forms without incurring any penalties. The tax extension request must be submitted by April 18, 2023.
The extension period is usually six months, which means if you request an extension, the new filing deadline in 2023 would be October 16th.
However, it’s important to note that an extension only provides additional time to file your tax return, not to pay any taxes owed. If you owe taxes, you are generally required to estimate and pay the amount owed by the original tax filing deadline (April 15th). Failure to pay the estimated amount by the deadline may result in penalties and interest.
Do you still owe taxes? Mraz Tax Solutions can help.
If you are unable to pay your tax bill in full by the original deadline, the IRS offers payment plans or installment agreements that allow you to pay off your balance over time in more manageable increments.
Mraz Tax Solutions can help with Negotiating payment plans and settlements. As well as filling your individual or business tax return.
You can also do it yourself: request a payment plan online using the IRS’s Online Payment Agreement tool or by completing Form 9465, “Installment Agreement Request”, and mailing it to the IRS.
To file your tax return before the extension deadline, you can follow these general steps:
Gather your tax documents: Collect all the necessary documents, such as W-2 forms from your employers, 1099 forms for income from other sources, receipts for deductible expenses, and any other relevant financial records.
Review the tax forms: Determine the appropriate tax forms to use based on your personal situation.
Fill out your tax return: Complete the required sections of the tax form, including personal information, income details, deductions, and credits. Make sure to double-check the accuracy of the information you provide.
Calculate your tax liability: Calculate the total amount of tax you owe or the refund you’re entitled to. This will depend on your income, deductions, and credits. Use the appropriate tax tables or tax software to determine your tax liability accurately.
Choose your filing method: You can file your tax return electronically or by mail. Electronic filing, often done through tax software or online services, is generally faster and more convenient. If you prefer to file by mail, ensure you have the correct mailing address for your tax return.
Include payment or refund information: If you owe taxes, include your payment with your tax return. If you’re expecting a refund, consider providing your bank account information for direct deposit.
Review and sign your tax return: Before submitting your tax return, carefully review all the information to ensure accuracy. Sign and date the return where required.
File your tax return: If filing electronically, follow the instructions provided by your tax software or online service to transmit your return to the appropriate tax agency. If filing by mail, send your tax return to the designated address, making sure to include any required attachments, such as W-2 forms or schedules.
Remember that tax laws and filing requirements can change, so it’s essential to consult the latest guidelines from the relevant tax agency or seek assistance from a qualified tax professional to ensure you meet all the necessary requirements and deadlines.
We can help with your taxes!
What is your filing status and taxable income for 2023? We can help you calculate your tax liability based on the current tax brackets.
Mraz Tax Solutions offers free initial consultations and complete tax services for individuals, self-employed, and small businesses.
Mraz Tax Solution offers:
- Tax Return Preparation Services
- Tax Return Reviews
- Past Due Taxes and IRS Notice Reviews
- Complete, personalized tax services for individuals, self-employed, and small businesses
- Affordable and transparent pricing
- Full access/year-round service plans