Understanding Tax Deadlines and Reasons to stay on top of them:
Tax deadlines are a necessary burden for most adult individuals and businesses. A failure to comply on time can cost you more money than you’d like to spend and it could have other consequences too. It’s essential you understand the different tax deadlines so you can stay on top of them.
Government Tax Deadlines
Tax deadlines in the United States are regulated by the Internal Revenue Service (IRS). There are several deadlines you need to remember depending on your specific state and the federal government. Every tax return filing due date holds its own separate deadline, and it’s important to remember that each of these deadlines mean different things.
The most common tax deadlines for individuals are …
- April 15th – Filing and paying taxes for the previous year
- June 15th – Filing/extending personal income tax returns
- October 15th – Filing/extending corporate income tax returns
What Happens if You Miss a Deadline?
It’s important to remember that missing a filing deadline can means a number of different consequences. You might be fined, or you might be denied benefits. You may even find yourself in legal trouble if you don’t pay or file your taxes on time.
If you miss a government filed tax deadline, you may be fined by the IRS. This can include additional interest charges, late penalties, and additional liabilities. If the tax return isn’t paid by the deadline the penalties increase. You may also be denied financial aid or benefits, such as unemployment.
Why You Should Stay on top of Tax Deadlines
Staying on top of your tax deadlines is essential to avoiding any costly fines. The cost of not filing or paying your taxes on time is much greater than the cost of filing it on time. Additionally, understanding when your tax deadlines are will help you plan and prepare for filing your taxes.
It’s important to remember that some of the most important deadlines are on April 15th and October 15th. Both of these are important due dates that can’t be missed. Additionally, it’s important to remember that most tax filing extensions are necessary if you can’t file your taxes during the original period.
FAQ
What happens if I don’t pay my taxes on time?
If you don’t pay your taxes on time, you may be subject to fines and other penalties from the IRS. This could include additional interest and late penalties, as well as additional liabilities.
What deadlines do I need to remember?
The most common tax deadlines for individuals are April 15th, June 15th, and October 15th. It’s important to remember that each of these deadlines mean different things. Additionally, it’s important to remember that most tax filing extensions are necessary if you can’t file your taxes during the original period.
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