Hi, I’m Bette Hochberger, CPA, CGMA. Today, I will discuss everything you need to know about the 2023 income tax deadline. If you don’t already know, your 2022 income taxes are due on Tuesday, April 18th (that’s in two weeks)!

Filing your tax returns by the deadline is super important, and there are several reasons why. By filing before the deadline, you’ll avoid late filing penalties, receive a quicker refund, and avoid interest and penalties on unpaid taxes. On top of this, you’ll have peace of mind knowing you don’t need to worry, knowing you’re all done. And just so you know, filing your tax return by the deadline is a legal requirement. Failure to file your tax return can result in additional penalties and legal consequences, including wage garnishment, liens, and even criminal charges in extreme cases. 

So, you have two weeks to file your taxes. If you’re stressed out, here are some steps you can take. 

  1. Gather all necessary documents: Before you can file your tax return, you’ll need to gather all relevant documents, including your W-2, 1099 forms, and any other income and deduction documents.
  2. Review your tax return: Review your tax return to ensure all information is accurate and complete. Double-check all calculations and ensure you have claimed all deductions and credits you are eligible for.
  3. Consider e-filing: Consider filing your tax return electronically using tax preparation software or through a tax professional. E-filing can help ensure accuracy and speed up the processing of your return.
  4. Make a payment: If you owe taxes, make a payment by the deadline to avoid penalties and interest on the unpaid balance. You can make a payment electronically using IRS Direct Pay or other payment options.

Now, if you haven’t finished filing your taxes and need more time, this is where you may want to file an extension. You’ll have to submit Form 4868 to the IRS to do this. This form is an “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” When filing this form, you will have to provide an estimate of taxes owed and understand the new deadline, which will be October 15th, 2023. It’s important to note that while an extension will give you more time to file your tax return, it does not give you more time to pay any taxes owed. If you owe taxes, you should still make a payment by the original deadline to avoid penalties and interest on the unpaid balance.

Again, failing to file your tax return or pay any taxes owed by the deadline can result in penalties and interest on the unpaid balance. Therefore, filing your tax return on time or requesting an extension and paying any taxes owed by the deadline is crucial. It’s normal to feel stressed about this kind of stuff, so if you need help filing your taxes by the deadline or filing an extension, I’m here to help.

As always, stay safe, and I will see you next time!