time extension form federal business tax return

The Justice Department last week echoed what the IRS has said frequently: Avoid using “unscrupulous” tax preparers. Make sure the tax preparer you use – or used – is reputable Here is the nitty-gritty breakdown on those income thresholds. If you do have access to a workplace retirement plan, you may get a partial deduction, again depending on your income. Those contributions may be deductible as well if you don’t have access to a workplace retirement plan and your income falls below a certain threshold. For 2023, you’re allowed to contribute up to $6,500 (or $7,500 if you were 50 or older). If you have not maxed out your contributions to a traditional IRA. While 2023 may be in the rearview mirror, you still may be able to sneak in a quick deduction by April 15 to help reduce your 2023 tax liability. Last-minute deduction for 2023 still possible

Should something eventually pass, however, that includes a retroactive expansion of the credit, the IRS has said it would make the change on the 2023 tax returns of those who are eligible and have already filed. Remember all that talk in Congress about a bipartisan tax bill that would include a provision expanding the 2023 child tax credit for many families? Well, that has yet to materialize and may not anytime soon, if at all. Additionally, having the previous year’s tax return accessible is advisable as it may be required,” the IRS advises.Īnd before submitting your return, check that everything from the spelling of your name, your Social Security number and your filing status are correct, as well as your bank routing and account numbers if you’re electing to receive a refund by direct deposit. “Taxpayers should collect all key documents, including Forms W-, as well as any supporting paperwork for tax deductions or credits such as educational credits or mortgage interest payments. got married or divorced, had a new baby, sold a property, made a mint on Bitcoin, etc.). And tally up all the big changes that occurred in your life in 2023 that may affect your tax situation overall (e.g. It will be a good reminder of all the documents you’ll need to fill out this year’s return. There are some very simple things to keep in mind so that your return will be error-free and quickly processed by the IRS.Īmong them, check your return from last year. It’s the little things that make a big difference If your return is among them, whatever your deadline, here are just a few other things to keep in mind as you prepare your 2023 taxes. But that is only about half of the total returns it is still expecting to be filed. The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday. The same goes for those living in Washington, D.C., due to the district’s observance of Emancipation Day on April 16. For the roughly 4.4 million households in those states, the tax filing and payment deadline will be April 17. Specific deadlines, however, will differ by location, so check this list if you think you’re affected.Īnd the last group of folks with more time are those who live in Maine and Massachusetts, which observe Patriots’ Day on April 15. If you’re in this group, you’re automatically granted an extension to file as well as an extension to pay what you owe, with no action required on your part. The next large group of people who don’t have to file by Tax Day are those who live or do business in a locality that was declared a federal disaster area in 2023. So, if you’re in this group and think you still owe the IRS money for last year, estimate how much and send in your payment by the 15th. Otherwise, you may be hit with a failure-to-pay penalty. You still must pay all your taxes owed for 2023 by the April 15 deadline. But keep in mind, that extension only gives you more time to file your federal income tax return. Taxpayers who choose this option don’t need to give the IRS any explanation as to why they want an extension. That includes those who file for an automatic six-month extension by April 15. Unless, that is, you’re among the millions of people who, for different reasons, are granted more time to file later this year. If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so.

Time extension form federal business tax return