COLUMBIA, Mo. (KMIZ)
As you already know, the last two years Americans have been given extra time for filing their taxes but this year the government is getting back into its normal routine.
Samantha Dent, the business services manager for Account Plus, is talking about tax deadlines.
What are the deadlines for your taxes?
So there are actually two deadlines. If you have a business, that's an S corporation or a partnership, those are actually due a month ahead of April 18. deadline. So those are due March 15. So yeah, so March 15, for the business returns, and then April 18, for the personal.
How does an extension work?
Sure. So let's say for some reason, you're not ready to file by the deadline, maybe you don't have your numbers together, maybe there's something missing, you can do an extension for both the business deadline of March 14, and the personal deadline of April 18. That gives you an extra six months to get your return filed. Now, if there's a balance due, it's due on the due date. So you know, you have to keep that in mind. You can't just extend on April 18, and expect not to pay that.
Will someone have to pay more taxes if they file an extension?
Yes, technically, if you don't get your taxes paid in by the due date of April 18, you will pay interest. There are actually two things involved. If you don't do an extension, you'll get a failure to file penalty and have interest on what to do. But you'll save yourself some interest and definitely, you know failure to file a penalty if you get an extension done.
Why we are not seeing the tax extensions this year?
Surely, yeah, the last two years. Luckily, we had a little extra time to file our taxes. You know, when COVID hit in early 2020. You know, the IRS extended that April deadline to July so we actually had taxes and that was three months longer than usual, which was good and bad in some ways. And then last year, they gave us an extra month. You know, taxes were due May 15 Instead of April 15. And so, this year, it's back to normal business as usual. There are no extensions. IRS hasn't mentioned you know, any extension of those due dates. So make sure to get your return filed or get your extension and by those those dates.