As we move into the final quarter of the year, taxpayers who filed for extensions earlier in 2024—and those who didn’t—need to be aware of critical upcoming deadlines. If you didn’t file your taxes by the April deadline or forgot to request an extension, don’t worry—you still have options. This guide covers the key extended income tax deadlines through the end of 2024 and offers advice on what to do if you didn’t file on time. Plus, we’ll explain how the Tax Workout Group can help you manage extended taxes, missed deadlines, and everything in between.
Upcoming Tax Deadlines for 2024: What You Need to Know
While the original filing deadlines have passed, the IRS allows taxpayers to request extensions, giving them more time to file without facing severe penalties. However, if you didn’t file for an extension or missed the payment deadline, acting quickly can reduce the financial consequences.
Individual Filers—Key Dates
For individual taxpayers, the most important date still to come is Oct. 15, 2024. This is the final deadline for those who filed Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). If you requested an extension, this is your last chance to submit your return for the 2023 tax year on time. However, keep in mind that any taxes owed were still due by Apr. 15, 2024, and failing to pay on time may have incurred penalties and interest.
If you didn’t file for an extension and haven’t submitted your return yet, it’s critical to act now. The good news is that if you’re owed a refund, there’s no penalty for filing late. On the other hand, if you owe taxes, penalties will continue to accrue the longer you wait. In this case, filing as soon as possible can minimize both penalties and interest on the unpaid balance.
Business Filers—Key Dates
For businesses, the deadlines for filing taxes vary depending on the type of entity:
- Partnerships and S corporations that filed for an extension using Form 7004 must submit their final returns by Sept. 16, 2024. This is the last chance for these entities to file without further penalties. If you missed the extension deadline, filing as soon as possible can help reduce escalating penalties.
- C corporations have until Oct. 15, 2024, to submit their extended returns. Like individual filers, businesses that owe taxes should have paid by the original deadline, Apr. 15, 2024, to avoid penalties. Businesses that missed both the original deadline and the extension request should file as soon as possible to mitigate additional financial consequences.
If your business has yet to file its taxes or didn’t request an extension, it’s vital to understand the implications and act quickly to mitigate against large balances due. Filing late can result in significant penalties and interest (compounding daily), which grow exponentially the longer you delay.
How the Tax Workout Group Can Help with Extended Tax Deadlines and Past Due Filings
Navigating the complexities of tax deadlines, especially when dealing with missed extensions and past-due filings, can be daunting. The Tax Workout Group (TWG) offers a variety of services to assist both individuals and businesses with becoming compliant, penalty abatements and obtaining installment agreements with respect to balances that cannot be paid in full.
Here’s how TWG can help:
Filing Assistance
- If You Filed an Extension: If you filed for an extension, we can help ensure your tax return is completed accurately and filed on time by the extended deadline (Oct. 15, 2024, for individuals and C corporations; Sept. 16, 2024, for partnerships and S corporations). Our team will assist you in organizing your financial documents, reviewing potential deductions, and minimizing your tax and maximizing any refunds.
- If You Didn’t File an Extension:
- Entitled to a Refund? Great news—there’s no penalty for filing late if the IRS owes you money. The Tax Workout Group can help you complete your return accurately and ensure you claim your refund. Keep in mind you have up to three years to claim refunds, but don’t wait too long.
- Owe Taxes? It’s important to file your return as soon as possible. The longer you wait, the more penalties and interest you’ll incur on the unpaid balance. The Tax Workout Group can guide you through the process, ensuring you submit your late return promptly. If needed, we can also help you explore payment plan options with the IRS to make managing your tax debt less stressful.
- Estimated Payments: For both those who filed extensions and those who missed the deadline, TWG can provide guidance on making estimated tax payments. Paying as much as you’re able to now will help reduce the interest and penalties on any taxes owed. Our team will help you calculate the right amount to pay and assist in setting up the payment process
Past Due Filing Support
If you missed the deadline altogether, there’s still time to get back on track. The Tax Workout Group offers a range of services to help those facing past-due filings:
- IRS Representation: If you’re facing penalties for late filings or missed deadlines, we offer professional representation before the IRS. Our team can negotiate on your behalf, aiming to abate reduce penalties or establish payment plans.
- Penalty Abatement: We have penalty abatement specialists who are experienced at establishing reasonable cause for missing deadlines, which can help reduce or eliminate penalties.
- Strategic Advice: Whether you’re catching up on missed deadlines or trying to stay compliant going forward, we offer strategic advice to help you minimize your tax burden and avoid future issues with the IRS.
Don’t Stress About Taxes: Let the Tax Workout Group Guide You
There’s no need to panic if you’ve missed a tax deadline or failed to file an extension. The key is acting quickly and seeking professional help to effectively resolve the issue. The Tax Workout Group offers comprehensive tax compliance and tax controversy services that are designed to help you stay compliant, avoid unnecessary penalties, and reduce the stress associated with tax deadlines.
