When are taxes due in 2023? What to know about this year's Tax Day
Ready or not, Tax Day is quickly approaching.
Tax Day is Tuesday, April 18, this year, the annual day when individual income tax returns are due to be submitted to the federal government. Usually, taxes are due April 15, but the IRS announced in January that due to this year's calendar, it would be pushed back a few days.
Of course, you can file taxes any time before the due date and the faster you file, the faster you will often receive your tax refund.
If your taxes are done, congratulations! You can always check the status of your federal tax refund through the IRS website, www.irs.gov/refunds.
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What if my taxes aren't done by April 18?
If a taxpayer isn't able to file by the April 18 deadline, they can request an extension through form 4868. However, the IRS wants you to know that this extension to file is not an extension to pay taxes. Any owed taxes should be paid before the due date to avoid potential penalties and interest on the amount owed.
If you request a six-month extension to file taxes, you'll have until Oct. 16 of this year to file your 2022 federal income tax return.
Victims in disaster areas designated by the Federal Emergency Management Agency may also have an automatic extension. Taxpayers in those affected areas do not need to file for an extension or call the IRS to qualify for the extended time.
To check if your area is included, visit the IRS webpage on tax relief in disaster situations.
When are state taxes due?
Most states have the same deadline as the federal government to file state taxes this year: Tuesday, April 18. It's a good idea to check your state's tax office website, where it will have the most up-to-date information and state tax filing deadlines.
For Greater Cincinnati taxpayers, Ohio, Kentucky and Indiana's state tax filing deadlines are all on April 18.
Delaying on taxes? Here's what happens if you don't pay on time.
What happens if you don't file taxes?
If you don't file your taxes by April 18 this year (or the extended date of Oct. 16 if you qualify), you will receive a notice or letter from the IRS if you owe the Failure to File Penalty. The penalty you must pay is a percentage of the taxes you didn't pay on time.
According to the IRS, the Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. It won't exceed 25% of your unpaid taxes. If your return is over 60 days late, the minimum Failure to File Penalty is either $435 or 100% of the tax required to be shown on the return, whichever is less.
If you're able to show reasonable cause why you weren't able to meet your tax obligations, the IRS may be able to remove or reduce some penalties.
This article originally appeared on Cincinnati Enquirer: When are taxes due in 2023? Here's what to know about Tax Day
