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 (email@example.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.