Federal and State Tax Deadlines and Penalties

When is the last day I can file my taxes? 

The 2023 tax season begins when the IRS opens and starts accepting returns for processing and ends on April 17, 2023. 

However, you can file an extension and that will give you another five months, until October 16, 2023, to file. However, you still need to pay your taxes by April 17 but the forms will not be due until October 16. 

State income tax filing deadlines

Do I need to file a tax extension? 

If you will be unable to complete your tax return by the end of tax season on April 17, 2023, yes, you need to file an extension. 

How do I file a tax extension? 

If you are doing your taxes yourself, you can visit IRS.gov and fill out Form 4868 to file a tax extension. However, your Tax Pro can also help.

Will I be penalized if I file late? 

If you file an extension by April 17, you will not be penalized. If you don't file an extension and file after Apri 17, or filed after October 16 when you filed an extension, you will be penalized. The late filing penalty is 5% of the unpaid taxes with a minimum penalty of $330, or 100% of the unpaid taxes if less, when the return is filed 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. 

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

The penalties for paying late and filing late are two separate penalties and the combined penalty maxes out at 25%. 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 the late filing and late payment penalty apply in a month, the maximum penalty added for that month is 5%. 

What other penalties are assessed on taxpayers? 

Taxpayers can be assessed many penalties in addition to the late filing and late payment penalties. There is the underpayment penalty which applies if you owe more than $1,000 and you have a wage income or you owe when you are self-employed. The underpayment penalty is assessed because the tax code says you must prepay your taxes through withholding or estimated payments.