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ARE YOU THINKING OF SUBMITTING AN EXTENSION? PLEASE NOTE THE DEADLINE AND PENALTY FOR LATE DECLARATIONS

The end of the tax season is approaching, the Internal Revenue Service (IRS) set a deadline of April 15, however you can request an extension of the tax return, which adds the taxpayer six months to submit, with a deadline extended to October 15, 2024.



Although an extension provides more time to file, it does not extend the obligation to pay taxes owed by April 15, 2024. To avoid penalties and late fees, taxpayers who owe should pay their tax bill in full or at least whatever they can pay before the April 15 deadline.


Make a payment, get an extension

The IRS will automatically grant an extension when a taxpayer makes an electronic payment and indicates it is for an extension. In that case, it is not necessary for that taxpayer to file Form 4868.


Extensions are automatic for some taxpayers

Some taxpayers will automatically get more time to file their tax return, even if they don't request an extension:

Military members serving outside the United States and Puerto Rico receive an automatic two-month extension to file. This year you have until June 17 to submit it. However, tax payments are still due on April 15 or interest will be charged.


Those serving in combat zones have up to 180 days after leaving the combat zone to file returns and pay any taxes owed.

U.S. citizens and resident aliens who live and work outside the United States and Puerto Rico get an automatic two-month extension to file their tax returns.

This year you have until June 17 to submit it. However, tax payments are still due on April 15 or interest will be charged.

When the U.S. President declares a disaster in an area, the IRS may postpone certain taxpayer deadlines for residents and businesses in the affected area.

Taxpayers in certain disaster areas are not required to file an extension electronically or on paper. Information about the latest disaster tax relief is available on the IRS website.


Keep in mind

Taxpayers should be aware that a late filing penalty is often charged if you file after the due date (including extensions). The penalty is usually 5% of the amount owed for each month or part of a month in which the return has not yet been filed. The maximum fine is 25%. If your return is more than 60 days late, the minimum penalty is $485 (adjusted for inflation) or the tax balance due on the return, whichever is less.

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