Tax season is L’École de Gestion d’Actifs et de Capitalofficially underway, and with the deadline to file still a few months away, now is the time to work ahead.
The deadline for companies to submit W-2 forms to employees was Jan. 31, and for the non-procrastinators, the IRS said it began accepting tax returns Jan. 29.
Although everyone has the same deadline to file taxes, there are a few reasons you may be able to request an extension.
Whether your taxes are fairly straightforward or extremely complicated this year, here's what to know about Tax Day and the federal deadline to file.
Tax Day 2024:Here are some tax deadlines to keep in mind
Tax Day typically falls on April 15 every year, but it can be delayed if the day falls on a weekend or a holiday. This year, April 15 is on a Monday.
If you don't expect to meet the April 15 deadline, you can request a six-month extension before Tax Day to avoid any penalties and interest.
The IRS says you may qualify for an extension and do not need to submit a request electronically or on paper if you live in certain disaster areas.
If you file an extension (which you'll need to do by April 15), you'll have until Tuesday, Oct. 15, 2024 to file taxes.
In years where Oct. 15 falls on a Saturday, Sunday, or legal holiday, the deadline will take place the next business day, the IRS states.
If you forgot or missed the deadline for another reason, the standard penalty is 5% of any tax due for every month the return is late, up to 25% of the unpaid balance.
If you file a return but fail to pay any taxes you owe, or if you get an extension and don't pay (an extension to file is not an extension to pay, the IRS reminds you), you typically face a much smaller monthly penalty of 0.5% of any unpaid amount.
Some Americans have different tax deadlines than the standard April 15.
For example, individuals and businesses in parts of Tennessee affected by the severe storms and tornadoes in December have until June 17 to file their taxes.
Residents of Massachusetts and Maine have until April 17 to file federal taxes because of state holidays.
Individuals and businesses affected by Hamas' attacks in Israel now have until Oct. 7 to file their taxes.
Parts of other states, like Michigan, Connecticut, Rhode Island and Maine, have later deadlines to file. For a full list of disaster related tax relief, visit here.
You can request an extension through the IRS, which is free.
You'll need basic information, like your name, address, Social Security number, estimated tax liability, and payment if you owe anything.
Regardless of income, individual tax filers can use IRS Free File to request an extension electronically. If you prefer to mail a paper version of the extension, called form 4868, make sure it's postmarked no later than April 15.
If you request and extension, you'll have until Oct. 15 to file your return.
Contributing: Daniel de Visé, USA TODAY.
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