While it’s technically true that you could delay paying your taxes until July 15, 2023 (this was an extension granted during the COVID-19 pandemic), the deadline for both filing and payment for the 2023 tax year has actually passed in most cases. The current deadline for filing and paying your 2023 taxes was October 17, 2023.
However, depending on your situation, there might still be options available:
Filing Extensions:
If you haven’t filed your taxes yet: You can still file an extension to give yourself more time to complete and submit your return. The penalty for filing late is 5% of your unpaid taxes for each month or partial month the return is late, up to a maximum of 25%.
If you filed an extension but haven’t paid: You can request an additional extension for payment through the IRS website or by filing Form 4868. With this extension, you won’t owe any penalties on the unpaid tax amount, but you will still accrue interest on any outstanding balance.
Penalties and Interest:
It’s important to remember that if you owe taxes and don’t file or pay on time, you will face penalties and interest. These can add up quickly, so it’s generally not in your best interest to delay any further.
Seeking Professional Help:
If you’re unsure about your filing or payment status, or if you need assistance navigating the extension process, consider consulting with a tax professional. They can help you understand your options and minimize any potential penalties.
Resources:
IRS website: https://www.irs.gov/
Free tax help from the IRS: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
Remember, it’s crucial to be proactive and address your tax situation promptly to avoid accumulating unnecessary penalties and interest. If you have any specific questions or concerns, I encourage you to consult with the IRS or a qualified tax professional.