10 Essential USA Tax Deadline Guidelines

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Tax season can be stressful, especially if you're not familiar with the deadlines. As a US taxpayer, it's crucial to stay up-to-date with tax deadlines to avoid penalties and interest charges. The US 2023 tax deadline is April 15th, but don't worry. You can file your taxes early and still get a refund if you meet the mentioned information. In this article, we have mentioned 10 important things you need to know about US tax deadlines. Keep reading to learn more!

Individual deadline for filing our taxes

You must file your annual individual tax return with the IRS by April 15th of each year. This deadline may vary depending on the type of filing, but it’s generally the last day to file for the previous year. If you miss this deadline and don’t file a return by April 15, you can face penalties and interest charges that could put you in big trouble with the IRS. In addition to federal tax deadlines, there are also state and local tax deadlines that apply where your business operates or resides, for example, incorporated v/s unincorporated. Make sure to check these out as well!

Extension request option for us 2023 tax deadline

To request an extension, you'll need to fill out Form 8938. The form can be found on the IRS website and it's also available at any tax preparer or accountant's office. You should ask them if they offer this service before you begin filling out your fees. If you're eligible for an extension, then the IRS will contact your employer to see if they can extend their deadline by 60 days or more after filing by April 15th (if filing electronically) or October 15th (if filing paper).

Tax filing requirements for expatriates

  • US citizens and green card holders living abroad are required to file US taxes every year, regardless of where they earn their income.
  • Expatriates may be eligible for foreign-earned income exclusion, which allows them to exclude up to a certain amount of foreign-earned income from their US taxable income.
  • Expatriates may also be eligible for foreign tax credits, which allow them to offset US taxes owed by the amount of foreign taxes paid on the same income.
  • Expatriates may be required to file additional forms, such as Form 8938 for reporting foreign financial assets, and FinCEN Form 114 for reporting foreign bank accounts.
  • The tax filing deadline for expatriates is generally June 15th, with an option to request an extension until October 15th. However, taxes owed are still due on April 15th, and failure to pay can result in penalties and interest charges.

Penalty and interest charges for late filing

If you're late filing your taxes, the IRS can impose penalties and interest charges. Penalties start at $20 and increase by $1 for each day that a return remains outstanding after the due date. For example: If you file your return on April 15, 2023, but don't pay it until May 1st—a penalty of $21 will apply to your account assuming there's enough money in it) This penalty also applies if you miscounted or didn't report deductions properly on Form 1040 (line 34). The amount of interest charged depends on how much time has passed between when an individual files their tax return and when they actually receive it back from the IRS.

Quarterly estimated deadline for filing our taxes

The quarterly estimated tax payment deadline is the last day of the month. This means that you must make your first payment no later than April 15th, or else it will be considered an overpayment and added to future income taxes owed by you. You should also remember that this deadline applies to both individual taxpayers and corporations alike. If you’re a corporation, however, there are some extra rules which may apply:

  • You can’t file for extensions on these payments if they're due before April 15th.
  • If you miss this deadline by even one day (for example), then all of your payments will be considered late instead of just one payment.

If you owe money but don't file until after the April 15th deadline, can they still take me to court?

The answer is no. The IRS will not take you to court if you owe money and do not file your taxes late. This means that if someone owes $50,000 in taxes and does not file until April 15th, but pays the full amount on or before April 15th, there is no chance of their case being referred for criminal prosecution by the IRS. Hopefully, this helps explain why filing an extension request with the IRS is often a good idea.

Corporate tax deadline

The corporate tax deadline is the same as the individual tax deadline. This means that if you have to file your taxes by April 15, you will also have to pay any outstanding corporate taxes by that date. The corporate tax extension is valid for six months after it was granted by the IRS—which makes it possible for companies with large amounts of money in foreign accounts (or who haven't paid all their taxes yet) to delay filing until after April 15 and still avoid penalties. Corporate quarterly estimated payments deadlines fall on January 31 each year and are intended as an opportunity for businesses with small balances due at year's end, or those who received refunds during last quarter's filing season, to make payments toward those balances before they become due again next year.

Foreign bank account reporting deadline for filing our taxes

If you're not in compliance with this deadline, your bank account may be frozen and/or seized by the IRS. The IRS will also charge an interest penalty on any money that's unavailable to you because of non-compliance. You must report all foreign accounts by June 30th of the year following their opening date (or if you're an individual filer, within 60 days). If you fail to file on time, however, there are several consequences:

  • Penalties for late filing can range from $30-$10K per year depending on how many years late it was filed
  • Penalties for filing false information about foreign accounts will cost $100-500 per violation;
  • Failing at least two years’ worth of returns could result in criminal charges being brought against you.

Partnership and S corporation tax filing deadline in the USA

The first deadline is the partnership tax filing deadline. This happens on April 15th and involves filing your tax return with the IRS, which includes all of your W-2 forms, 1099s, and other paperwork. If you're an S corporation or LLC that has any business income or losses during the year—and it's not just passive income like interest—you must file a federal income tax return within six months of when you're due to report profits or losses (October 15th).

If you have foreign bank accounts with significant balances at foreign financial institutions (FBIs), this could result in FBI reporting requirements for FBIs that had account holders who were citizens or residents of certain countries as well as those who had accounts held at FBIs located outside of those countries (including those in Switzerland).

Us 2023 tax deadline for HSA contributions

  • The deadline for making contributions to a Health Savings Account (HSA) is usually April 15th of the following year, similar to the deadline for making IRA contributions.
  • However, if the HSA owner requests an extension to file their tax return, the deadline for making HSA contributions is also extended until the tax return due date, which is typically October 15th.
  • HSA contributions made by the tax filing deadline can be counted towards the previous year's contribution limit, which is $3,650 for individuals and $7,300 for families in 2022.

Tax deadlines are a time-honored tradition in the United States, and they're not going anywhere. The IRS says there's no such thing as an extension for filing your taxes. So, if you've missed this year's deadline but still want to file next year, April 15th is when it'll happen. Just don't think you can get away with delaying until after then—the IRS will be waiting for all of us on that day. If you need more help and are willing to maintain the US 2023 tax deadline, Global FPO is all you need. We are pioneers in building businesses by providing them with reliable tax planning services.

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