Tax Tip 2023-52: Tax day reminders for all taxpayers

IRS Tax Tips

April 18, 2023

Issue Number: Tax Tip 2023-52

Tax day reminders for all taxpayers

The filing and payment deadline for most 2022 federal tax returns has arrived. Here?s what last minute filers need to know.

Taxpayers who need more time can request an extension
Taxpayers can request an extension of time to file to avoid a failure to file penalty, but they still need to pay their taxes or risk a penalty for failing to pay. An extension gives taxpayers until Oct. 16, 2023, to file their 2022 tax return.

When a taxpayer can?t pay their tax bill
Even with an extension to file, taxpayers still must pay any taxes they owe by the deadline. If they can?t pay by the deadline, they should still file their return or request an extension, or they?ll face possible penalties.

Here are the steps a taxpayer should take when they can?t pay a tax bill:

File their tax return or request an extension of time to file by the deadline.
Pay as much as possible by the April due date.
Review options the IRS offers to help taxpayers:

Payment plans -- Taxpayers can?apply for a payment planon IRS.gov or in writing using?Form 9465, Installment Agreement Request.
Offer in Compromise -- An Offer in Compromise lets taxpayers settle their tax debt for less than the full amount they owe. It may be an option if they can't pay their full tax liability or doing so creates a financial hardship. Taxpayers can see if they're eligible and prepare a preliminary proposal with the Offer in Compromise Pre-Qualifier Tool.
Penalty relief -- Taxpayers may qualify for?penalty relief?if they tried to comply with tax laws but were unable due to circumstances beyond their control.

Some?disaster victims,?taxpayers living overseas,?military service members?and?eligible support personnel in combat zones?have more time beyond the April deadline to file and pay their taxes.

Taxpayers should also check their state filing and payment deadlines, which may be different from the federal April 18 deadline. A list of?state tax division websites?is available through the Federation of Tax Administrators.

Quarterly estimated tax payments also due
April 18 is also the deadline for first quarter estimated tax payments for tax year 2023.

These payments are normally made by self-employed individuals, retirees, investors, businesses, corporations and others that do not have taxes withheld or employees that don't have enough taxes withheld by their employers throughout the year.

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Issue Number: Tax Tip 2023-52