The general filing and payment deadline for 2023 federal tax returns is coming up on Monday, April 15, 2024.

In most cases, penalties and interest charges will begin accruing on 2023 tax balances not paid by the April 15, 2024 filing deadline (April 17 in Maine and Massachusetts). People who cannot complete their tax returns by the deadline should estimate how much tax they owe, and submit a payment to avoid those added fees. Note, however, that some residents of regions affected by federally declared disasters have extended deadlines to pay their 2023 taxes. Check the IRS Disaster Relief page (link below) to see if you qualify for an extension.

Those who are unable to pay the full amount they owe by the deadline may submit a request to set up a payment plan with the IRS. These plans may vary in length from six months to six years. While interest will continue to accumulate during the term of the plan, the IRS will not assess additional late payment penalties. However, it may be possible to pay less interest overall by obtaining a loan to cover taxes owed, rather than entering into an IRS payment plan.

If you cannot file your return by the deadline, a tax professional can help you estimate your tax bill, and find the best option to submit a payment and limit or eliminate interest and penalties.

IRS Disaster Tax Relief Info: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations