IRS Tax Tip 2023-92, July 20, 2023

Many individuals requested an extension to file their tax return after the standard April deadline. These filers have till Oct. 16, 2023, to finish and file their tax return. The IRS means that those that have already got the types and knowledge they want file now – there isn’t any benefit to ready till the deadline and submitting now saves the fear that they might miss the deadline.

There are some things extension filers ought to know as they get able to file.

File by the deadline

Extension filers ought to file and pay any steadiness due by Monday, Oct.16, 2023.

Many taxpayers can use IRS Free File

Many taxpayers can e-file their tax return totally free via IRS Free File. This system is accessible on IRS.gov via October 16. E-filing is simple and secure, and it is essentially the most correct manner for individuals to file their taxes. Submitting electronically may also assist taxpayers decide their eligibility for a lot of beneficial tax credit.

Taxpayers get their refund quicker by selecting direct deposit

Anybody due a refund ought to request direct deposit to get their tax refund electronically deposited into their financial account.

IRS affords cost choices for taxpayers with a steadiness due

Those that owe taxes and may’t pay their steadiness in full ought to pay as a lot as they’ll to scale back curiosity and penalties for late cost. The IRS has choices for individuals who cannot pay their taxes, together with making use of for a cost plan on IRS.gov. Taxpayers can view cost choices or examine their account steadiness on-line.

Extension filers ought to request lacking or incorrect paperwork straight from employer or different payers

If a taxpayer is ready to file as a result of they’re lacking a kind like a W-2 or 1099, they need to contact their employer, payer or issuing company and request a replica of the lacking or corrected doc. In the event that they nonetheless cannot get the types, they might want to make use of Kind 4852 in its place.

Taxpayers who did not file in April and did not request an extension ought to nonetheless file as quickly as potential

Anybody who didn’t request an extension by this 12 months’s April 18 deadline ought to file and pay as quickly as potential. It will cease further curiosity and penalties from including up. There isn’t any penalty for submitting a late return for people who find themselves due a refund

Some members of the army have completely different deadlines

Particular deadline exceptions might apply for sure army service members and eligible help personnel in fight zones. The Division of Protection’s MilTax on-line tax software program is accessible to service members and their households, no matter revenue.

Taxpayers in catastrophe areas might have extra time to file

Taxpayers dwelling in an space impacted by a current pure catastrophe might have an computerized extension of time to make varied tax funds. Go to Tax Aid in Catastrophe Conditions on IRS.gov for extra data.