Tax Deadline - April 15, 2024

By JP, EA

Have you filed your tax returns?

Your U.S Individual Income Tax Return and State Returns are due on April 15. Except for State of MA and ME they have until April 17. Don't forget to file your tax returns or your extensions for both Federal and State tax returns.

This year if you live in AZ, CA, FL, MA, NV, NH, NY, SD, TN, TX, WA, WY and you have simple return you can file your federal tax return directly with the IRS for free through the direct file pilot.

Here is the link: https://www.irs.gov/about-irs/strategic-plan/irs-direct-file-pilot

What does simple return mean? The direct file pilot program support returns with any of the following items: wages reported on W-2, social security income, unemployment compensation and if you have $1,500 or less in interest income to report.

If you have other items to report you may not be able to file through the free direct file pilot program.

If you don't have all the information or you don't have the time to complete your tax returns by the deadline, make sure you file extensions.

Important, extension is only to extend the time to file and to avoid the late filing penalty.

However, it is not to extend the time to pay. So any payments due need to be paid by the original deadline, April 15 for federal and state due date for the state tax return. If the payment is not made by the deadline, interest and penalties will be accrued until is paid.

Extension

Sometime states accept the federal extension and don't required a separate extension if you don't have a balance due. You may want to check that with your state tax department website.

New York is not one of them, so if you live in NY, you will need to file a federal extension and NY extension, even if you don't have a balance due.

Federal extension can be made online directly through IRS website when there is a payment due. https://directpay.irs.gov/directpay/payment?execution=e1s1

You may be able to e-file extensions through some tax softwares. If you cannot e-file you can paper file form 4868 : https://www.irs.gov/pub/irs-pdf/f4868.pdf

Remember that as long as it gets postmarked at the post office by April 15 is considered on time. You may want to use Certified mail when mailing your extensions or tax returns. This provide a tracking number, proof of mailing and proof of delivery 

For NY you can also mail the extension or you can request an extension online.

Here is the link, scroll down until you see "Request an extension"  https://www.tax.ny.gov/pit/file/ext.htm

Payments

If you need more time to make the payment you can apply for a payment plan with IRS

https://www.irs.gov/payments/online-payment-agreement-application

The payment plan will prevent the IRS from sending those scary notices/letters of balances due. However, the IRS will still assess interest and penalties for not paying the full amount by the original deadline. 

If you put your returns on extension you will extend your filing deadline to October 15,2024, but don't wait to October to start finalizing your return. :)  

Some tax returns that are due on April 15

• Corporation and S Corporation 

• Single and Multi-member LLCs

• Sole proprietor /Individual tax returns

The extension for business income tax, Information and Other returns. 
https://www.irs.gov/pub/irs-pdf/f7004.pdf

About Direct File Pilot : https://www.irs.gov/about-irs/strategic-plan/direct-file-pilot-news