State and federal tax deadlines and penalties

What is the deadline for filing federal tax returns?

Tax seasons usually end around April 15, but this can vary. This year, you could have filed an extension that would have given you until October 15, 2024, to file. 

It’s important to note that to file a federal extension, you’d fill out Form 4868, but this applies only to federal taxes. Extensions don’t get you out of paying in April. Generally, you still need to pay your federal taxes by the federal deadline, but the forms aren’t due until October 15 when you file an extension. If you haven't filed, it’s important to do so as soon as possible to limit the penalties and interest you may have to pay. 

When were state taxes due?

Usually, federal and any state returns should be filed at the same time, but some state deadlines vary. If you're wondering if you can file your state taxes before your federal taxes, a Tax Pro can help you with your situation. 
What are the deadlines for state tax extensions? 

These all vary by state. Some states, including Wisconsin and California, offer automatic extensions to file your state income tax return without having to file any forms. Certain states, like New York, will grant you an extension, but you must request it. In all states with an income tax, an extension only covers the tax forms, any balance due must be paid by the due date.  

For the nine states that do not impose a state income tax, you don’t even have to file an income tax return, let alone request an extension. (More on these states below.) Reach out to a local tax professional and your state tax authority to confirm the steps you will need to follow. 

Can extreme weather push back filing deadlines?

Many years, the IRS will delay the federal filing deadline in numerous states affected by extreme weather conditions or storms. This year, these included:

• Taxpayers in Arkansas, Mississippi, and Tennessee affected by tornadoes, high winds, and severe storms in March have until July 31, 2023.
• Due to winter storms, mudslides, and other natural disasters, the IRS has also given residents of Alabama, California, and Georgia until October 16, 2023, to file federal returns and make payments.

Will I be penalized if I file late?

This year, if you filed a federal extension by April 15, you will not be penalized. If you don't file an extension and file after April 15, or filed after October 15, when you filed an extension, you will be penalized. 

What are the penalties?

For federal taxes, the late filing penalty is 5% of the unpaid taxes. The minimum penalty is $485, or 100% of the unpaid taxes if less, when the return is filed more than 60 days late. The penalty increases 5% a month until the taxes are paid, or the penalty reaches 25% of the unpaid taxes. The penalty for filing late is higher than the penalty for paying late.  Work with a Tax Pro to figure out your state penalties. 

What if I forgot to file my state taxes?

If you did not file a state income tax return by the due date, it's still better to file late than to not file at all. 

Broadly speaking, the penalties charged on the tax you owe increase over time, but you can minimize them by filing your state return as soon as possible. If your state does charge late-filing penalties, even for returns that report a refund due to you, filing sooner rather than later will minimize the amount of fees and penalties taken out of your refund. 

Is the penalty for paying late the same as the penalty for filing late?

The federal penalties for paying late and filing late are two separate penalties and the combined penalty maxes out at 25% of what you owe. The late payment penalty is 0.5% of the unpaid taxes per month, up to a total of 25% of the unpaid taxes. However, if both late-filing and late-payment penalties apply in a month, the maximum penalty added for that month is 5%, 4/5% for late filing and .5% for late paying. State penalties vary by state. It’s best to work with your Tax Pro to manage and navigate your state’s ins and outs. 

What other penalties are assessed on taxpayers?

You can be on the receiving end of many penalties in addition to the late-filing and late-payment penalties. 

There is the federal underpayment penalty, which applies if you owe over $1,000. You get an underpayment penalty because the tax code says you must prepay your taxes through withholding or estimated payments. Your state penalties vary. A Tax Pro can take you through the details for your state and locality. 

What states don’t have income tax?

Currently, nine states—Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, New Hampshire, Washington, and Wyoming—have no state income tax. 

What if you must pay taxes in more than one state?

Multi-state tax filing is often more complex. Working in different states leaves more room for error when filing state taxes. Whether taxpayers worked in one state and lived in another, lived in multiple states during the year, or traveled to and worked in multiple states, they will likely have more complicated state tax returns. 

Most Americans will owe state taxes where they live. When taxpayers work in a different state than where they live, they generally owe taxes to the state where they work as well. When they move to a new state, it can be even more complicated. 

Before you begin to file taxes, you should work with a professional and check the residency rules for each state they’ve lived in. Some states vary on when they consider taxpayers full-time residents. 

Questions? This is where a Jackson Hewitt Tax Pro can help you make sure that you’ve filed properly and avoid fees or penalties. Find an office near you, so that we can help you with your taxes this year and for years to come.