The close of the tax season in the United States is already coming. Popularly, “Tax Day” is called the last day on which the Internal Revenue Service (IRS) accepts taxpayers’ tax returns, and it is usually the same day each year.
Tax Day is always on the same date, April 15, unless it falls on a weekend or holiday, in which case it is postponed to the next business day. It is not the case of 2024, because that day is Monday, then there will be no date change. During this day, taxpayers must file their tax returns and pay any amounts owed to the IRS.
Missing Tax Day: Don’t Do It, You’ll Regret It!
Oh, no, you don’t want to miss Tax Day because the IRS doesn’t really like taxpayers doing that. You could find yourself in a pickle because of the penalties and interest that the agency puts on people who do not file their tax return on time before the end of April 15.
Even worse: if you are entitled to receive a tax refund and do not file your return on time, you could lose the opportunity to receive that money. Another incentive to not miss “Tax Day” in 2024, or ever.
Not filing your return on time also increases the likelihood of being selected for a review or audit by the IRS, while you could be excluded from eligibility for certain available benefits and tax credits. None of these warnings seem to scare thousands of taxpayers, because the IRS says it has received 1.7% fewer returns this tax season compared to last year, and has processed 2% fewer compared to 2023.
When Is the Last Day to File My Taxes in 2024?
The final deadline to submit your tax return to the IRS is Monday, April 15, except in special cases where a six-month extension can be obtained before that date to avoid penalties and interest.
To apply for an extension, you must do so before Tax Day, i.e. April 15th. The IRS indicates that you may be eligible for an extension without the need to submit an electronic or paper application if you live in disaster-affected areas.
What if I Don’t Pay My Taxes?
In case you apply for the extension on time, and if the IRS grants it correctly, this year you will have until Tuesday, October 15, 2024 to file your return. Even then, if you forget or miss that date, the agency will impose a standard fine of 5% of the amount due for each month of delay, and up to 25% of the balance to be paid.
If you file your tax return but don’t pay the amount you owe, or if you request an extension but don’t make the corresponding payment (it’s important to remember that an extension to file is not an extension to pay, as the IRS notes), you will usually face a much lower monthly penalty, which is equivalent to 0.5% of the unpaid amount.
So, don’t miss any of the aforementioned dates, if you don’t want to have any problems with the system, and remember that paying your corresponding taxes is a patriotic act.
