If you received a tax filing extension for 2023, your next key date with the IRS is coming soon: October 15, 2024. This is the final deadline for taxpayers who requested an extension to file their 2023 federal tax returns.
While it might seem like there’s plenty of time, it’s a good idea to file early and avoid last-minute stress.
Whether you requested the extension or were granted one automatically due to unforeseen circumstances, getting your taxes done sooner rather than later will help you avoid penalties and interest.
IRS Filing Extensions
Taxpayers in specific regions may have automatically received an extension due to natural disasters.
This extension can be crucial for individuals or businesses affected by severe weather events, such as hurricanes, wildfires, or floods.
If you live in an area impacted by such events, you can verify whether you qualify for an extension or other tax relief by visiting the official IRS disaster relief page here.
This tax relief allows more time to file your return and settle any outstanding taxes, offering some breathing room during challenging times.
However, any taxes owed were still due by April 15, 2024, and taxpayers should settle these balances as soon as possible to avoid further penalties or interest charges.
Upcoming Deadlines for Connecticut and New York
Taxpayers in certain parts of Connecticut and New York recently received another extension due to severe weather events that occurred earlier in 2024.
The IRS has postponed the filing and payment deadlines to February 3, 2025, for residents and businesses in the affected areas, including Suffolk County, New York, and Fairfield, Litchfield, and New Haven counties in Connecticut.
These extensions apply to both individual and business tax returns, as well as payments that were originally due during this period.
It’s important to stay updated with the IRS, as more areas may become eligible for relief. You can find more information and the latest updates here.
Filing Tips Before October 15
If you’ve been granted an extension, there’s no need to wait until the very last minute to file your return.
Filing early will help you avoid unnecessary pressure and give you time to resolve any issues that may arise during the process. Here are a few things to keep in mind as you prepare to file:
- Gather All Your Documents: Make sure you have all necessary forms and financial records ready, including W-2s, 1099s, and any deductions or credits you may qualify for.
- Pay Any Outstanding Taxes: If you haven’t already, be sure to settle any tax payments that were due by April 15, 2024. Even with the filing extension, unpaid taxes can still accrue interest and penalties.
- File Electronically: Filing online through the IRS e-file system is faster and reduces the likelihood of errors. Plus, you’ll receive confirmation that your return was successfully submitted.
- Consider a Tax Professional: If you’re unsure about your tax situation or have complex returns, consulting a tax professional can help ensure everything is in order before the deadline.
Consequences of Missing the October Deadline
If you miss the October 15 deadline without filing for an additional extension, you may face penalties and interest charges.
The IRS generally imposes a failure-to-file penalty of 5% of your unpaid taxes for each month your return is late, up to a maximum of 25%. If you owe taxes and haven’t made the necessary payments, you will also be charged interest, which can quickly add up.
For those in disaster-affected areas like Connecticut and New York, the postponed deadline to February 3, 2025, offers additional time, but this is a unique circumstance, and most taxpayers should aim to file by the October 15 deadline to avoid penalties.
Stay Updated on IRS Changes
The IRS continues to update deadlines and provide relief for taxpayers in areas impacted by natural disasters. To stay on top of these changes, regularly check the IRS website for the latest updates and guidance.
Keeping informed will help you take advantage of any extensions or relief available to you and avoid unnecessary stress.
Summary of Upcoming Deadlines
| State/Region | Final Filing Deadline |
|---|---|
| Most U.S. Taxpayers (w/ extension) | October 15, 2024 |
| Connecticut (affected areas) | February 3, 2025 |
| New York (affected areas) | February 3, 2025 |
Don’t let the October deadline sneak up on you. If you’ve been granted an extension, now’s the time to file your taxes and settle any outstanding payments to avoid penalties.
FAQs
Who must file by October 15, 2024?
Anyone who requested a 2023 tax filing extension.
Do I still owe taxes if I got an extension?
Yes, taxes were due by April 15, 2024, even if you received a filing extension.
Can I file early before the October 15 deadline?
Yes, you can file anytime before October 15 to avoid last-minute stress.
What happens if I miss the deadline?
You’ll face late-filing penalties and interest charges on unpaid taxes.
Does disaster relief extend the filing deadline?
Yes, some disaster-affected areas have a deadline extended to February 3, 2025.
