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Survey data from the financial information group Bankrate showed that 28% of Americans plan to use their refund to pay down debt, while 26% said they plan to boost savings. The penalty rate increases to 1% if you don’t pay your tax 10 days after receiving an Internal Revenue Service notice about its intent to levy a penalty. Filers can still request an extension, at which point they have until Oct. 16 to submit their full return. The federal government wasn’t allowed to tax income until 1913 when the 16th Amendment was passed and gave Congress the authority to tax citizens’ income without tailoring rates to each states’ populations.

• The Net Profits Tax rates are 3.79% for Philadelphia residents and 3.44% for non-residents.
• If you’re looking for more hands-on tax guidance, H&R Block can help.
• The federal government wasn’t allowed to tax income until 1913 when the 16th Amendment was passed and gave Congress the authority to tax citizens’ income without tailoring rates to each states’ populations.
• This change also came with another extension of the tax deadline for individuals, pushing the due date back again to the familiar April 15.

Comprising of industry’s most trusted experts, the Wolters Kluwer CCH AnswerConnect Editorial Staff are knowledgeable and highly qualified to analyze and offer guidance on the latest, important tax topics. They ensure every topic is thoroughly researched and meticulously broken down so you receive the most up to date and accurate information available. Get this delivered to your inbox, and more info about our products and services. As of April 7, the IRS received more than 101 million returns, but the agency expects to receive in excess of 168 million through the end of the year.

Elsewhere on timeanddate.com

The first is to file an extension through your tax-filing software. You can visit the IRS website and file an extension online through a software provider that partners with the IRS. The providers offer free extension services to taxpayers who meet their eligible criterias, including adjusted gross income under a certain amount or filers over a certain age. This year, my colleague asked me to write a short piece of information about the deadlines for filing tax returns.

It also includes self-employed people and small business owners who must file quarterly to pay estimated taxes and then file annual returns to square up their accounts. You file your tax return, then realize you forgot to report https://turbo-tax.org/today-is-the-tax-deadline/ some income or claim a certain tax credit. Along with filing an amendment using Form 1040-X, you’ll also need to include copies of any forms and/or schedules that you’re changing or didn’t include with your original return.

How to file a federal tax extension

Most of the individual tax returns for the 2022 tax year are expected to be filed before the April 18 tax deadline. Unless you live in a state with no income tax, you probably have to file a state tax return as well. Most states synch their income tax return deadline with the federal tax due date.

However, in 2023 there is a calendar anomaly which means payments aren’t due on April 15 as it usually the case. Got additional filing questions or need help with your returns? If you live or work in Philly and your employer doesn’t collect and pay the City’s Wage Tax for you, you must file and pay the Earnings Tax.

Personal income tax

That’s because April 15 was a Saturday and Monday, April 17, was recognized as Emancipation Day in Washington, DC. According to the IRS, “by law, Washington, DC, holidays impact tax deadlines for everyone in the same way federal holidays do.” When a tax filing due date falls on a weekend or a legal holiday, the deadline is moved up to the next business day. The only national legal holiday that would affect Tax Day is Emancipation Day, a holiday in Washington, D.C., that recognizes the abolition of slavery in the U.S. and is celebrated on April 16. A trust or decedent’s estate (for its final year) may choose to distribute (allocate) estimated tax payments to beneficiaries. Taxpayers can also request an extension through mail by paper filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

• You can also choose to mail a paper return to the IRS, but it may take six to eight weeks to process.
• In Maine and Massachusetts, for example, Tax Day may be delayed because of Patriots’ Day (Patriot’s Day in Maine), a statewide legal holiday that falls on the third Monday in April.
• The fastest and most accurate way to file your tax return is to file electronically.
• That remained tax day until 1954 when Congress overhauled the tax code to create the Internal Revenue Code and gave the Internal Revenue Service more time to space out its workload.
• Typically, most people who earn income must file a return on Tax Day, including everyone who has an employer who deducts taxes from their paychecks.
• The maximum contribution amount for either type of IRA in 2023 is $6,500, or $7,500 if you’re age 50 or older.

According to the IRS, about 90 percent of taxpayers were able to file their returns by the deadline in 2021, with the other 10 percent requesting a six-month extension to file. The date you need to pay your taxes by comes in mid-April for most taxpayers. https://turbo-tax.org/ If you make estimated payments, there are a few more estimated tax due dates you’ll want to remember. Several payment options are available on IRS.gov/payments to help taxpayers who can’t pay in full and some can offer taxpayers smaller penalties.

Q1 2023 January 1 through March 31

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail. If you’re required to take RMDs, you must do so by December 31; this also applies to folks who took their initial RMD in April.