Although millions of American taxpayers have already filed their 2023 tax returns in 2024, thousands have not yet done so. For those who requested an extension, the IRS has set a crucial deadline. Even though the initial deadline was April 15, an extension only postpones the filing date, not the payment date. Taxes owed should have been paid by April 15, 2024, to avoid penalties.
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Deadline
For those who secured an extension, the IRS has established October 15, 2024, as the final deadline for filing 2023 tax returns. This gives extension filers less than three months to finalize and submit their federal returns. Extensions are particularly beneficial as they provide additional time to gather necessary documents and ensure accuracy.
Automatic Extensions
Some American taxpayers automatically qualify for an extension, typically due to residing in areas affected by natural disasters. It’s essential to check if your area qualifies for an automatic extension, which can be done on the IRS website at Tax Relief in Disaster Situations.
Partial Extensions
Others may have qualified for extensions that were only valid until July 15. For future reference, taxpayers can use IRS Free File to request extensions. It’s a helpful tool that simplifies the process, ensuring that all necessary steps are followed.
Legal Holidays
What happens if October 15 falls on a legal holiday, Saturday, or Sunday? The IRS stipulates that the deadline will be extended to the next business day. It’s crucial to ensure that your envelope is addressed, postmarked, and deposited by the due date to avoid any late filing issues.
Filing Statistics
As of May 10, 2024, the IRS had received 144,018,000 tax returns. There has been a 2.6% increase in visits to the IRS website for information related to the 2024 tax season. This uptick indicates a growing reliance on online resources for tax-related queries and updates.
Average Refunds
The average refund amount for 2024 stands at $2,869, reflecting a 2% increase from the previous year. Additionally, the average direct deposit refund amount has risen by 3.1%, now at approximately $2,960, up from $2,871 in 2023. These increases suggest a positive trend for taxpayers receiving refunds.
In conclusion, while the extension to October 15 offers some breathing room, it’s essential to use this time wisely. Ensuring all documents are in order and the return is accurate will help avoid penalties and interest. For those who haven’t filed yet, make sure to mark your calendar and file before the final deadline.
FAQs
What is the final deadline for 2023 tax returns?
October 15, 2024, for extension filers.
Does an extension allow paying taxes later?
No, taxes were due by April 15, 2024.
What if October 15 is a holiday?
The deadline extends to the next business day.
Where can I check if I qualify for an automatic extension?
Visit the IRS website for disaster relief situations.
What was the average refund amount in 2024?
The average refund was $2,869.