WHAT TO KNOW
ABOUT APPLYING
FOR AN EXTENSION
ON YOUR TAX RETURN
The Internal Revenue Service reports that the
deadline to fi le a 2023 tax return is Monday,
April 15, 2024. The vast majority of taxpayers
will have no issue fi ling by the deadline,
but some may not be able to fi le on time. In such
instances, taxpayers can apply for an extension of
time to fi le.
An extension is not necessarily as straightforward
as the term suggests. In fact, the IRS urges
taxpayers to be aware that applying for an extension
does not grant taxpayers an extension of time to pay
their taxes. Failure to pay by the April 15 deadline
could incur penalties, even for people who have applied
for an extension. The IRS urges taxpayers to
estimate any owed taxes by the deadline and submit
payments for those estimates by April 15.
Extension requests must be submitted by the
regular return due date.
Some taxpayers may not have to submit an
extension return. The IRS notes that taxpayers in
certain disaster areas do not need to submit an extension
electronically or on paper. For example, the
IRS had already determined by February 2024 that
Maine taxpayers impacted by severe storms and
fl ooding qualifi ed for tax relief. Various deadlines,
including the April 15 fi ling deadline for individuals
and businesses, were extended to June 17, 2024.
Maine taxpayers are urged to contact a tax preparation
professional to determine if they are eligible
for the later deadline. A list of additional extensions
affecting the 2024 fi ling deadline can be found at
https://www.irs.gov/newsroom/tax-relief-in-disaster
situations.
Individual taxpayers, regardless of income, can
use the IRS Free File (https://www.irs.gov/fi ling/
free-fi le-do-your-federal-taxes-for-free) to request
an automatic tax-fi ling extension. Filing that form
gives taxpayers until October 15 to fi le a return. If
October 15 falls on a Saturday, Sunday or legal holiday,
the due date is extended until the next business
day. It's important that taxpayers fi ling for the October
15 extension deadline recognize that they must
still estimate their tax liability on the Free File form
and pay any estimated taxes owed.
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