We talk about taxes all year. It hovers in your mind even when you’ve filed your taxes. You worry about the tax money and how to pay it on time. But when is tax season over?
The IRS started accepting and processing tax returns on January 23, 2023, and April 18, 2023, the deadline for filing your federal income tax return in 2023. If you didn’t file your tax return by April 18, it means you missed the deadline. In this blog, you’ll uncover all you need to know about tax season.
Are Taxes Due At Midnight On The 18th?
The deadline for individual and small business income tax returns is by midnight on April 18. But don’t wait till 11:59 to click the final button because it can take a few minutes before your tax return gets transmitted successfully to the IRS, and that little time can cause you to miss the tax deadline.
Can You Extend Your Tax Deadline?
If you can’t file your tax return on tax day, don’t give up yet because there is still a little open window left to explore. You can get a tax filing extension as a second option. But like the tax deadline, April 18 deadline is also the last day to use your Form 4868 to request a 6-month tax extension.
While filing for an extension will give you more time to complete your tax forms, it doesn’t buy you more time to pay your taxes. Even if you’re filing for an extension, you still have to pay the amount of taxes due to avoid interest and penalties.
Why Is Tax Day On April 18, 2023
Generally, Tax Day is usually April 15 each year unless the day falls on a holiday or weekend. The only exception was the 2021 pandemic which caused the Treasury Department and the IRS to extend the date to May 17. This year, Tax Day was extended to April 18 because April 15 falls on a Saturday.
When Are Taxes Due In California?
Unlike the rest of the US, where the tax deadline is April 18, the tax deadline has been extended to October 16 for many people living in California. If you live in the parts of California affected by the recent severe flooding, winter storms, and other natural disasters, then you’ll have more time to file your tax return and pay the taxes you owe. This also means you’ll have more time to contribute to your IRAs and HASs.
California’s Franchise Tax Board (FTB) also provides information for storm-impacted residents who qualify to claim disaster losses. To claim disaster losses on your federal tax returns, the losses must be related to your home, vehicle, and household items, and a federally declared disaster must cause the disaster. It’s important to understand that you cannot deduct disaster losses that are covered by insurance except if you file for reimbursement on time and reduce your claim losses by the exact amount you were reimbursed.
Conclusion
Juggling your business and taxes isn’t easy, and that is why you need legal and above-board tax strategies to help keep your hard-earned money in your pocket. If you’re looking for effective tax strategies guaranteed to help you reduce your tax burden legally, then you need Tax Goddess on your team. Make a move today and book a free call with the Tax Goddess Team!
