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2024 Remaining Tax Days: Tax Filing by October Deadline

As of Tax Day, which fell on April 15, 2024, individuals were expected to file their federal income tax returns. However, there are exceptions to this deadline. If an extension was requested by April 15, the new deadline for tax filing is October 15, 2024. Most taxpayers were required to file their 2023 federal income tax returns by the original Tax Day. While the mid-April deadline applies in most cases, there are exceptions to be aware of. Additionally, it is important to familiarize yourself with other significant tax deadlines and the timeline for receiving any refunds owed to you. Find your free dedicated tax professional from Rapid Tax who will walk you through from start to finish for tax filing in October.

Can I E-file Taxes Electronically Even After April 15?

Filing tax returns electronically is allowed until November each year, with the specific deadline usually confirmed in October. An extension can be requested through Form 4868, granting a filing deadline of October 15. In cases where this date falls on a weekend or holiday, the filing deadline extends to midnight of the following business day.

Can I File My Tax in October?

If you missed the 2024 tax deadline or could not complete your tax return on time, opting for a six-month extension using Form 4868 shifted your filing deadline to October. It is crucial to note that tax extensions extend the filing deadline but not the payment deadline.

tax october

What If I Haven’t Filed for a Tax Extension Already?

Should you be entitled to a refund, you won’t face any penalties from the IRS for submitting your return after the deadline. Nevertheless, it is advisable to file promptly to expedite the refund process. It’s essential to be aware that while there may not be repercussions for filing late, it is probable that you are still required to submit a return. The IRS establishes clear criteria for individuals obligated to file a tax return, including annual income thresholds and other considerations.

In the event that you find yourself in debt to the IRS without having requested an extension and are now approaching your tax obligations belatedly, it is important to be aware that penalties and interest will start accumulating. The IRS advises promptly making an initial payment toward your owed amount to minimize the impact of penalties and interest. Should you be unable to settle your tax liability in its entirety, the IRS suggests making a partial payment and arranging for an installment agreement.

Can I File My Tax in October?

Upon obtaining an extension on Tax Day, the revised deadline for tax filing your taxes is now set for Tuesday, October 15, 2024. Extending the deadline allows additional time to complete the filing process but does not extend the time frame for tax payment. It is important to note that any outstanding tax obligations or a reasonable estimation of the owed amount were originally due by April 15.

What Are The Other 2024 Tax Deadlines Remaining To Know?

Tax Deadline by October 15:

Deadline extension for taxes. By submitting a request for an extension before the initial April 15 deadline, you gain an extra six months until October 15 to complete and submit your tax returns. Failure to meet this extended deadline will result in the IRS viewing your return as tardy, subsequently triggering penalty accrual.

The deadline for making contributions to SEP and Simple IRA, Solo 401(k) retirement plans is approaching. Individuals who have set up any of these self-employment retirement plans and requested a filing extension in April can take advantage of the extended deadline until October 15 to make their last contributions for the 2023 tax year.

Tax Deadline by December 31:

As the year draws to a close, it’s important to note the upcoming deadline for 401(k) contributions. When you invest in a company-backed retirement scheme such as a traditional or Roth 401(k), December 31 marks the usual cutoff date for making a valid contribution. In the fiscal year 2024, the maximum allowable contribution stands at $23,000.

RMD deadline Charitable donations deadline: in order to meet the deadline for Required Minimum Distributions (RMDs), it is essential to complete the process by December 31. For individuals who choose to itemize deductions and aim to make charitable contributions to lower their taxable income, December 31 marks the final opportunity for the 2024 tax year to do so.

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Filing Taxes Before the October Tax Extension Deadline

Upon submission of a tax extension, it is crucial to remember that the final return must still be filed by the October 15, 2024 deadline. Failure to meet this tax extension deadline in October may result in penalties being imposed. Extensions are a valuable resource for individuals requiring additional time to complete their tax returns. For the year 2024, obtaining an extension will push the filing deadline to October 15.

What Is A Tax Extension Due in October?

Discover the concept of a tax extension. A tax extension involves asking for an extra half-year to submit a tax return to the IRS. Essentially, extensions often shift the filing cutoff date from April to October.

tax extension deadline

How Does Tax Extension Work

Understanding tax extensions can sometimes be confusing. One common misunderstanding about tax extensions is that they provide extra time to settle your tax debt. However, the truth is that a tax extension simply shifts your filing deadline, not your payment deadline.

Should you have requested an extension, tax payments were still required by April 15. In case you need additional time to manage your tax debt, the IRS provides installment options to assist you in gradually settling your outstanding amount.

How Tax Extensions Work When I Owe Taxes

Should you find yourself unable to file your tax return by the deadline, the IRS recommends estimating your tax amount and making a payment promptly to avoid interest and late-payment penalties. Act swiftly in such situations is important to prevent additional charges from accumulating on your outstanding balance.

If you find yourself in a situation where you need to reduce penalties, consider making a payment of at least 90% of your taxes before the deadline and cover the remainder when you submit your tax return.

File Your Tax return By October, Even If You Need More Time

In the event that you are unable to cover your full tax liability, it is still crucial to submit your tax return. To mitigate any associated charges, consider remitting whatever amount you are able to manage, as advised by the IRS.

Upon completion of the filing process, individuals have access to a range of online tax payment methods. For those with impending tax obligations for the year 2023, the ultimate deadline for the tax extension falls on October 15, 2024. It is crucial to complete and file your tax return by this date to avoid any penalties or repercussions.

In the event that the October extension filing deadline is overlooked, penalties for failure to file may be imposed, dating back to the initial filing date of October 15.

In cases where a taxpayer is owed a refund, the IRS waives the failure-to-file penalty for late-filed tax returns. Despite this exception, opting for a tax extension can still prove to be a wise decision. By obtaining a tax extension, individuals can avoid incurring penalties for late filing in situations where unexpected tax liabilities arise due to miscalculations.

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Should I Get a Tax Refund Advance Loan?

Exploring the option of a tax refund advance loan? Weigh the advantages and disadvantages of obtaining a tax refund advance loan. Rapid Tax provides the opportunity to secure a quick tax refund advance by utilizing certain tax preparation services. While many tax preparation firms may not offer the full expected refund amount to prevent issues during IRS review, Rapid Tax fast refund advance loans facilitate accessing your tax refund funds quicker with minimal or zero charges.

Pros

Access some of your federal tax refund money quickly and affordably.

When opting for certain options, there is a possibility of enjoying a 0% interest rate along with low fees to pay.

Easily manage your finances without any hassle by effortlessly handling your funds. Simply submit your tax return to initiate automatic repayment of your loan when your tax refund is processed.

Prevent potential delays from the IRS. It’s important to take certain precautions. While the majority of tax refunds are typically processed within three weeks of submission, there is always a chance for hold-ups, particularly if you have applied for the earned income tax credit or the additional child tax credit.

refund advance loan

Cons

It’s important to note that obtaining a tax refund advance loan may not be possible for everyone. While tax refund advances typically have a good approval rate, there is no absolute guarantee of approval. If you decide to hire a tax professional specifically for a tax refund advance loan, you could end up feeling let down and out of pocket due to the costs associated with tax preparation.

Should you find yourself with an unwanted account, it might not disappear on its own. After receiving tax advance loan funds into a checking account, remember that the account may linger even after your tax refund is depleted. To close the account after your loan is settled, take proactive steps to close it once your refund is issued.

There is a possibility of facing the consequence of overspending when it comes to tax refunds. It’s important to be prepared for the situation where your actual refund amount ends up being lower than initially anticipated. Should this occur, there may be a need to return the discrepancy between the amount you received and the sum the IRS disbursed.

Can I Still Get a Loan on My Tax Refund Even After I Have Already Filed My Taxes?

When looking to participate in tax refund advance programs, the first step usually involves submitting an application for the loan at the time of electronically filing your taxes with Rapid Tax. 

Individuals who have already submitted their tax return directly to the IRS may find themselves ineligible for these programs due to not meeting the necessary criteria.

To maximize your chances of receiving a tax refund advance loan, it is advisable to select a file with Rapid Tax dedicated Tax Professional at the beginning of the season. These advance options are typically offered during the months of January or February, emphasizing the importance of early action.

To Summarize

Receiving a tax refund advance loan is a convenient and cost-effective way to early access your refund sooner than expected. If you had already budgeted for preparation expenses, opting for a refund advance poses minimal risks and allows for quicker access to your tax refund.

Timing is crucial when it comes to filing your taxes. Failure to act promptly or neglecting to request an advance could mean waiting until the following year to seize the opportunity.

Consider utilizing your tax refund to reduce your debt and optimize your finances. Consult with your assigned Rapid Tax dedicated tax Professional to determine the best approach for allocating extra funds towards paying down debts.