Tax Extension Deadline 2024 – Who qualifies and how to apply?

The tax day (15 April) is just a few days away. Taxpayers who think they need more time to file their 2023 tax returns can apply for a tax extension on the IRS before the 15th of April 2024. Read the article to learn the application process for tax extensions, tax extension last date, etc.

Tax Extension Deadline 2024

The IRS had facilitated the option of tax extension for taxpayers who need more time to file their tax returns for the year. The tax season 2024 started on 29 January and the taxpayers had the deadline to file their tax returns by 15 April 2024. 

Some exceptions got the tax extension automatically due to disasters or public holidays in the region. However, most taxpayers must file their 2023 tax return by the tax day, 15 April 2024. 

Taxpayers who wish to extend the timeline for the tax filing can apply for the tax extension on the IRS website by the same tax day otherwise they will have to pay a penalty for not paying the owed tax to the federal government. The 90% of your tax payment for 2023 should be paid on the due date of your tax return to avoid the penalty. 

The deadline for taxpayers who opt for tax extension would move to 15 October 2024. Taxpayers keep in mind that the date has been extended for filing the tax returns not for paying the taxes, so make sure you calculate your tax and pay it timely to the IRS. 

Who qualifies for the automatic tax extension? 

Automatic tax extensions taxpayers do not need to submit a request for tax extension, so let’s see if you automatically qualify for the tax extension 2024:

Tax Extension Deadline 2024

  • You or the area you live in is impacted by the natural calamity that can affect your tax filing makes you qualify for the automatic tax extension. The IRS keeps the record of such states or provinces of the country. 
  • When you are a military personnel who is in combat zones or has suffered injuries you qualify for the tax extension.
  • If you are out of the country and a resident of the US you get two- six extra months to file your tax 2023 returns. The provisions mainly included military personnel and US residents living outside the US and Puerto Rico. 

Penalty for not Paying your taxes by the Tax Day 

As mentioned earlier, the taxpayers who wish to apply for the tax extension are required to pay the taxes they owe to the federal government even when they apply for an extension.

Taxpayers must pay the taxes on time to avoid the following penalty:

  • Taxpayers would be charged ½ or 1% of the taxes they owed to the IRS each month or the month the tax remained unpaid. According to the IRS, the maximum penalty that taxpayers can be charged for paying late is 25%. 

However, taxpayers can avoid the penalty, if they provide a solid reason for their delay in the payment of taxes to the agency. 

  • Taxpayers who did not apply for the extension would get a penalty of 5% of the amount due for each month for late filing the tax returns. 

How to apply for the 2024 Tax extension? 

Taxpayers can request a tax extension in three ways:

  • By Mail: You need to fill out Form 4868 to request a six-month tax extension for filing the tax returns and mail it to the IRS.
  • Online: Tax filers can apply electronically for the tax extension using the IRS Free File. The IRS tax software grants a safe and easy way for taxpayers to file their electronic tax returns timely. You just need to fill the Form 4868 electronically and you will receive the electronic acknowledgment to complete the payment.  
  • At the time of tax payment: The taxpayers can also apply for an extension during the time they pay the taxes electronically by selecting the extension as the reason for their tax payment. 

Taxpayers who pay the taxes on time and select an extension while making the payment would not need to request the extension separately. 

  • With the help of other tax professional 

The tax filing deadline is just around the corner, so if you wish to apply for a tax extension to avoid penalty, you must submit the request to the IRS quickly. The deadline to request the tax extension is 15 April 2024, make sure you have calculated your tax payment for 2023 and pay the tax amount before the due date of tax filing of the tax season. 

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