What are the tax deadlines for individuals in the United States?
For most individuals, the tax deadline in the United States is April 15th of each year. This is the deadline for filing your federal income tax return and paying any taxes owed for the previous year. However, if April 15th falls on a weekend or holiday, the deadline is typically extended to the next business day.
If you need more time to file your taxes, you can request an extension until October 15th. However, it's important to note that an extension to file does not mean an extension to pay any taxes owed. You will still need to estimate and pay your taxes by the April 15th deadline to avoid penalties and interest.
What are the tax deadlines for businesses in the United States?
The tax deadlines for businesses in the United States depend on the type of business entity. For example, corporations typically have a tax deadline of March 15th for filing their federal income tax return. Partnerships and S corporations have a deadline of March 15th as well, but they can request an extension until September 15th.
Sole proprietors and single-member LLCs (Limited Liability Companies) have the same tax deadline as individuals - April 15th - but they may need to file additional forms depending on their business activities.
What happens if I miss a tax deadline?
If you miss a tax deadline, you may be subject to penalties and interest on any taxes owed. The penalty for filing late is typically 5% of the unpaid taxes for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid taxes. The penalty for paying late is typically 0.5% of the unpaid taxes for each month or part of a month that the payment is late, up to a maximum of 25% of the unpaid taxes.
If you can't pay your taxes in full by the deadline, it's still important to file your return on time to avoid the late filing penalty. You may be able to set up a payment plan with the IRS to pay your taxes over time.
Can I get an extension to file my taxes?
Yes, you can request an extension to file your federal income tax return until October 15th by filing Form 4868 with the IRS. However, as mentioned earlier, an extension to file does not mean an extension to pay any taxes owed. You will still need to estimate and pay your taxes by the April 15th deadline to avoid penalties and interest.
Nick Simpson
Founder @ WorkMade
I started working for myself at 9. My first tax bill showed up at 14. I didn’t understand it, and nobody around me could really explain it. If you’ve been there, you get it. Twenty years later, after creative directing for brands in New York and buying and selling a few companies, I kept seeing the same thing: smart, talented people losing money to a system that wasn’t built for how they work. That’s why I built WorkMade. Not to make taxes “easier to understand” but to make them disappear into the background, so you can get on with your life.