It is Federal Tax Filing Deadline
The United States, the federal tax filing deadline falls on April 15th except if it is a weekend day or a holiday. In those cases the deadline will be moved to the following business day. It's important to note that the deadline is set for filing your tax return and paying any tax owed. If you make your tax return due, you will face penalties and penalties on any taxes owed.
Deadlines for filing State Taxes
Alongside the deadline for filing federal tax returns, each state has their specific tax deadline. Certain states have the same timeframe as that of the Federal government while others have earlier or later deadlines. It's essential to inquire with the tax office of your state to determine the exact deadline for your state.
Paying your taxes early
While the tax filing deadline is April 15th however, you are able to start filing your taxes by January 1st. Filing your taxes early has numerous advantages. First, you will receive your tax refund earlier if you are owed one. Second, you can plan better for taxes that are due when you file your tax return early. Thirdly, you will not have to deal with the stress of trying to file your tax return by the deadline.
Filing for a Tax Extension
If you require additional time to complete your tax return, then you are able to apply for an extension on your tax return. An extension of tax time gives you an additional period of time to file taxes. However, you must file for the extension by the tax filing deadline, which is April 15th. It's important to keep in mind that a tax extension only gives you more time to file your tax return, not more time to pay any taxes owed.
Consequences of Filing Late
If you submit your tax return after the deadline, you will face penalties and interest on taxes due. The interest and penalties will accumulate until you file the tax return and then pay any tax due. The penalty for late filing is typically 5% of the unpaid taxes per month, up to a maximum of 25%. It is therefore essential to file your tax returns promptly or to apply for an extension if you need additional time to complete your tax return.
Tax Forming for Self-Employed Individuals
Self-employed persons must meet additional tax filing requirements that include quarterly estimated tax payments. The estimated tax payment is due on the 15th of April and 15th of June, as well as September 15th, and January 15th of the next year. Self-employed people must also submit a Schedule C on their tax returns, which provides their income from their business and expenses.
In conclusion, understanding tax deadlines is vital to avoid interest and penalties on tax owed. It's also beneficial to file your tax return early so that you can receive your tax refund faster and have more time to prepare for any taxes due. If you require more time to complete the tax returns, file for a tax extension by the tax filing deadline. when can you file taxes? If you take the steps necessary to file your tax returns in time, you'll be able to ensure a stress-free tax season.
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