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October 2022

Drawing of calendar with the word "Tax" illustrates blog: "When Are Taxes Due in 2023?"

When Are Taxes Due in 2023?

With New Year’s fast approaching, this is an excellent time to start asking questions such as “When are taxes due in 2023?” Keep reading to discover the answer to this and other useful tax facts.

When Are Taxes Due in 2023?

Most years, the due date for filing your tax return is April 15. However, April 15 2023, falls on a Saturday, so Tax Day 2023 will be on April 18, 2023, unless extended due to local state holiday. 

Once the date is announced officially, we’ll write a post about it, so make sure to check our blog and social media regularly over the next few months.

Remember that failing to file your return by the due date results in penalties and interests. Failure-to-pay penalties are 5% of the unpaid taxes for each month or part of a month that your return is late, up to 25% of your tax bill. 

 Early planning is the best way to simplify the tax filing process and avoid headaches. If you are already planning, props to you: you are ahead of the curve and in line for a smooth filing season.

What To Do if I Can’t File My 2022 Taxes on Time?

Although it may be a little early to know whether you’ll need more time to file your taxes next year, knowing your options is always a good idea. 

People who can’t file their tax return by the due date can request an extension. For example, taxpayers who requested an extension in 2022, got six additional months to file their return (October 15 instead of April 15).

There are two things to keep in mind when applying for an extension:

  • You have to request the extension before the original filing deadline
  • An extension to file is NOT an extension to pay. In other words, even if you request an extension, you still have to estimate and and pay your taxes by the original tax due date

Have Tax Questions? At JT Tax Services, We’ve Got Answers

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.We are located in Oxnard, California.Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

Illustration of woman in front of calendar, clock, and tablet that reads "Tax."

Can Taxes Be Paid in Installments?

“Can taxes be paid in installments?” is a common question among people who face a particularly high tax bill. In today’s post, we answer this question and offer some tips for paying your taxes.

Can Taxes Be Paid in Installments?

Yes, if you can’t pay your taxes by the due date, you can set up a payment plan with the IRS to settle your tax bill in installments.

However, most people find it easier and less expensive to take advantage of other options, such as paying their taxes by credit card.

If you still want to pay your taxes in installments, the first thing to do is to contact the IRS to request a payment plan.

The good news is that, with some exceptions, the IRS is generally prohibited from levying and their time to collect is suspended while an installment agreement is pending.

You have different options to apply for a payment plan: you can do it online, by phone, or even by traditional mail. 

Once the IRS approves the installment agreement, you can choose to pay your monthly installments from your checking or savings account or by money order or debit/credit card (fees apply when paying by card).

What You Need To Keep in Mind

Keep in mind that there are application fees associated with setting up an installment agreement, although the fee may be reduced in some cases. 

Whether you decide to set up a payment plan or pay by other method such as credit card, remember that it’s better to pay as much as you can by the due date. This way you will limit any late payment fees and penalties. 

For answers to other common tax questions, check out our previous blogs, “Will the IRS Ever Go to Your House?,” and “Are Car Expenses Tax Deductible?

At JT Tax Services, We’ve Got Answers to Your Tax Questions

At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California.Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

We will be closed Saturday, Sunday and Monday (July 2nd - 4th)
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