Deadline Looms: File Your Taxes Now or Face Hefty Penalties!

The deadline for Americans to file their tax returns without incurring any penalties is April 18, 2023. Since the deadline of April 15 fell on a weekend, taxpayers were given three extra days to submit their tax returns. However, taxpayers who owe taxes should act promptly to avoid penalties.

Taxpayers have until April 18, 2023 to file their tax returns without penalty, and those who owe taxes should take prompt action to avoid incurring penalties.

Avoid Penalties by Filing Taxes on Time

To avoid incurring penalties, individuals should file their tax returns on time. Failure to file a return on time can result in a “failure-to-file penalty” that can reach up to 25% of the unpaid taxes for each month that the return is delayed.

Individuals who file their returns more than 60 days after the due date will have to pay a minimum fine of $450 or 100% of the tax owed, whichever is less, as reported by The US Sun.

Those who owe taxes can use the IRS tax withholding calculator and information about deductions and income to determine their tax liability.

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Options for Filing Taxes After the Deadline

For those who need more time to file their tax returns, they can request an extension through the IRS’ Free File tool. This will give them until October 16 to submit their tax returns.

It is important to note that refunds are not subject to penalties. However, individuals are advised to file their returns promptly to avoid losing out on any money owed. Employers should have already provided their employees with their W-2 forms in January, which contain information about how much tax was paid and how much was earned.

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