Important Dates You Need to Know for Paying Your Taxes in 2023
NEW YORK, March 13, 2023 (Newswire.com) - Credello: You might be nervous about paying your taxes, but it's a straightforward process if you keep specific dates in mind. Let's run through some of the key dates regarding tax filing in 2023.
Can You Use Personal Loans to Pay for Your Taxes?
Before we get into the important tax dates for 2023, we'll briefly discuss how you might pay if you have a tax burden. If you owe the IRS money, you can pay with cash you have in savings. You might also borrow some money from a family member if that's an option.
Knowing how to apply for a personal loan can help as well. Getting a personal loan from a credit union or bank and paying your tax obligation that way might make sense. If you do this, make sure you get a loan with a reasonable interest rate.
Tax Day
Every year, there's a date officially known as "Tax Day." In 2023, that day is Tuesday, April 18th. We're still a few weeks away from when most Americans must file their taxes.
Tax Day is usually April 15th, but this year, that's a Saturday. Also, the federal government has elected not to make Monday the 17th Tax Day since Washington D.C. recognizes that as Emancipation Day.
Are There Any Exceptions?
Almost every year, certain citizens are exempt from needing to file taxes on Tax Day. This year, California storm victims have longer to file their taxes. That is a much-needed action since California storms have devastated part of that state.
The California residents the storm impacted have until May 15th to file. If you're trying to wait until that date, you must prove that you're in one of the areas designated by FEMA as needing aid. You can get on the FEMA website if you're in California and you're unsure whether you qualify or not.
Are There Any Additional Exceptions?
The IRS is also pretty lenient about letting you have an extension if you feel you can't get all the necessary paperwork together by April 18th. You can ask the IRS for an extension, and they will automatically give you one for an additional six months.
When you hear this, you might be overjoyed. If you can get a six-month extension, that takes you all the way into October. Why would you bother filing on April 18th?
The reason is that just because the IRS has granted you additional time to file, that doesn't mean you don't still owe money on April 18th, assuming you owe money and are not due a refund. If you fail to pay the taxes you owe on time, and you file after April 18th, you'll not only still owe that money, but you'll also likely have to pay a lateness penalty.
What About State Taxes?
There's no national day when state taxes are due. You must check out the day taxes are due for your individual state. Some are due on April 18th, the same as your federal taxes. Others have later deadlines.
Nine states do not levy income taxes, and if you live in one of them, consider yourself lucky. You just saved yourself some money.
The Tax Dates to Know
For most Americans, Tax Day is Tuesday, April 18th. You have an automatic extension till May 15th if you live in a part of California impacted by the storms earlier this year. You can check the FEMA website to see if you're eligible.
You can also ask for a six-month extension on your taxes, but if you owe money, you'll still owe it if you file later, and you'll also get hit with a lateness penalty. You should pay on time if you can.
Only forty-one states collect taxes, and if you live in one, you should check to see when your taxes are due. Many states use the federal deadline, but some will allow you to file later.
Pay attention to these dates. If you don't, lateness penalties are likely in your future.
Source: Credello
