Hello all. This is just a friendly reminder that April 18 is Tax Day for 2023. Returns for income taxes for individuals, trusts, and C-Corporations that use the calendar year as its fiscal year are due on Tax Day. Additionally, gift tax returns are also due on Tax Day.
If you owe an income tax for 2022, or for the first quarter of 2023, payments are due by April 18. Be sure to pay on time to avoid any interest or penalties.
Note, some taxpayers living overseas and disaster victims may have later filing deadlines. Alabama, California, and Georgia storm victims now have until May 15 to file various federal individual and business tax returns and make tax payments.
Extension to File Tax Returns
If you are unable to file your returns by April 18, the IRS allows you to file for an automatic 6 month extension. However, be aware that the extension is only for the filing of the return. Payments are still due by April 18!
If you need to file for an extension for income tax purposes, you should use IRS Form 4868. If you wish to file for an extension for gift tax purposes only, you should use IRS Form 8892.
Tax Day is Really Every Day!
While tax returns and payments are due on April 18, remember, that you should consider tax planning every day! Whether you wish to establish a charitable trust or minimize estate and inheritance taxes, the attorneys at The Pollock Firm LLC are available to assist.
(Featured image courtesy of PearlyArts.com)