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There are now just two weeks left until the April 15 deadline to file your federal tax return.
While millions of Americans have already filed their return, you may be considering requesting an extension if you are unsure if you will be able to file your return on time.
At the last minute data From the Internal Revenue Service (IRS), the agency had received 80,470,000 returns as of March 22, with more than $169 billion issued in tax refunds.
Residents of some states have already been granted specific extensions due to natural disasters, while others have slightly later filing deadlines due to holidays.
For out-of-state residents, if you apply for and receive an extension, the application deadline will be delayed to October 15.
However, doing so does not mean you have an extension to pay your taxes, so you will still face a late penalty if you owe money. experts warn.
There are now just two weeks left until the April 15 deadline to file your federal tax return.
What states have later deadlines?
Due to Patriot Day and Emancipation Day, which fall on April 15 and 16, Maine and Massachusetts have an April 17 deadline to file a 2023 federal tax return.
The IRS also extended the filing deadline to June 17 for residents of several other states that have been impacted by natural disasters.
For example, Tennessee residents who were affected by severe storms and tornadoes that struck in December 2023, and Californians in San Diego County who were affected by flooding and storms in January, have until June 17 to submit the application.
Hawaii individuals and businesses affected by the devastating August 2023 wildfires have until August 7 to file.
Residents who live in these affected areas and have a delayed deadline can still apply for a tax extension.
This will extend the deadline to October 15, but taxes owed by residents will still need to be paid by the time of the original deadline.
People and businesses in Hawaii that were affected by the devastating August 2023 wildfires have until August 7 to file.
How do you request an extension?
The deadline to request an extension is April 15.
Americans can request an extension through the IRS, either on paper or electronically, and it is free.
Individual taxpayers, regardless of income, can use IRS Free File to request a tax return extension. You will need basic contact information and your Social Security number.
What if you think you owe taxes?
However, if you believe you owe taxes, it is essential that you pay the estimated income tax due.
An extension, if approved, may provide a grace period to file, but it does not provide an extension to pay, so you will face fees and interest if you owe taxes.
Larry Pon, a tax professor at the College of San Mateo, said USA Today: ‘Even if you can’t finish your tax return, make a payment. “That can help reduce penalties and interest.”
The late payment penalty is typically 0.5 percent per month of the outstanding tax not paid by the filing deadline, with a maximum of 25 percent.
Individual taxpayers, regardless of income, can use IRS Free File to request a tax return extension (Pictured: IRS Commissioner Danny Werfel)
The IRS may also impose a late filing penalty of 5 percent of the amount owed for each month or part of a month you are late on your tax return.
If the return is more than 60 days late, the minimum penalty for late filing is the lesser of $450 or 100 percent of the unpaid tax. CNET reported.
If you are having trouble paying your tax bill in full, the IRS offers online payment plans to pay the balance with penalties and interest, depending on your eligibility.
Will your tax refund be delayed if you file an extension?
If the IRS owes you money, it will take longer to receive it if you file later.
Even if you are granted an extension until October 15, that does not mean you have to wait until that date to file your return.
Some refunds, especially for more complicated returns or if there are errors that need corrections, take longer to arrive.
But the IRS says it issues more than 90 percent of refunds in less than 21 days.