#Important Tax Information

Reminder - 2023 Tax Returns are due April, 15

The upcoming deadline for 2023 tax returns is April 15, 2024, though residents of some states could get extra time. You can also get an extension to file your tax return.

2024 Q1 Tax Payment Deadline

The Internal Revenue Service (IRS) has issued a reminder to taxpayers, including self-employed individuals, retirees, investors, and businesses, regarding the upcoming deadline for 2023 tax year. If you fall into any of these categories, mark your calendar for April 15, 2024.

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.

Consequences of Missing Tax Deadlines

When you miss a tax deadline, you may face two types of penalties:

  1. Failure-to-Pay Penalty:

    • The failure-to-pay penalty applies when you don’t pay your taxes on time.
    • The fee is 0.5% of the unpaid taxes for each month (or part of a month) the tax remains unpaid.
    • However, this penalty will not exceed 25% of the total unpaid taxes.
    • In other words, it gradually increases the longer the taxes remain unpaid.
  2. Failure-to-File Penalty:

    • The failure-to-file penalty occurs when you fail to submit your tax return by the deadline.
    • Typically, this penalty is 5% of the amount owed for the same time periods.
    • Like the failure-to-pay penalty, it also has a cap: 25% of the total amount owed.
    • This penalty encourages timely filing of tax returns.
  3. Interest Charges:

    • In addition to penalties, the IRS charges interest on both types of penalties.
    • The interest accrues until the outstanding tax amount is paid in full.
  4. State-Specific Penalties:

    • Keep in mind that penalties for missing state tax deadlines can vary.
    • Each state has its own rules and rates for late filings and payments.

Get an extension to file your tax return

If you need more time to file your taxes, you can request an extension through October 15. However, you must file your request by the April 15 deadline to get the extension. Make sure you pay any tax you owe by the April filing date. The extension is only for filing your return.

Again, 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.

Extended Deadlines in Disaster-Affected Areas

In the wake of recent disasters, taxpayers in specific states have been granted extended deadlines for their 2024 estimated tax payments:

  1. Tennessee, Connecticut, West Virginia, Michigan, California, and Washington: Deadline extended until June 17, 2024.
  2. Alaska, Maine, and Rhode Island: Deadline extended until July 15, 2024.
  3. Hawaii: Deadline extended until August 7, 2024.

Additionally, taxpayers living or conducting business in Israel, Gaza, or the West Bank, as well as those affected by terrorist attacks in the State of Israel, have until October 7, 2024, to make their estimated tax payments. For further details, visit the IRS’s page on Tax Relief in Disaster Situations.

We can help with your taxes!

What is your filing status and taxable income for 2024? 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:

  1. Tax Return Preparation Services
  2. Tax Return Reviews
  3. Past Due Taxes and IRS Notice Reviews
  4. Complete, personalized tax services for individuals, self-employed, and small businesses
  5. Affordable and transparent pricing
  6. Full access/year-round service plans

Mraz Tax Solutions

Our services for individuals, self-employed, and small businesses

Keep your mind at peace and get the best tax return possible by letting us prepare your taxes quickly and affordably.

Tax legislation changes every year and it can be difficult for ordinary people to keep up with all changes and to ensure that they maximize their tax refund by submitting all available deductions. Before opting for online tax preparation software, remember that a computer program cannot replace your real-life tax professional.
Here at Mraz Tax Solutions, you will always work with a friendly professional that is prepared to identify all available tax exemptions, incentives and deductions that exist to ensure that you pay the lowest amount of tax that is allowed under applicable law.

Tax Return Review
We review Federal and State returns self-prepared or by others. We'll advise you of missed deductions or audit risks, as well as prepare corrected or amended returns.
Past Due Taxes
Delinquent tax returns are a serious matter. We'll help you gather missing information, get IRS transcripts, prepare returns, and negotiate potential payment plans.
IRS Notice Review
Did you receive an IRS notice? Don't worry. We'll review your notice and help you respond. We can resolve the situation, as well as provide other support services.
Notarizations are provided in office or in the comfort of your home for a small travel fee. Each signature notarized is $15.00.
We offer a free consultation to determine your needs and how we can best serve you. Get in touch

Let us worry about your taxes, so you don't have to.

Keep your mind at peace and get the best tax return possible by letting us prepare your taxes quickly and affordably.