The Tax Filing Deadline Is Drawing Near

• Find the 2022 tax filing deadline.
• Learn filing dates for disaster areas.
• Find information regarding filing extensions.
• Learn about balance-due payments.
• Find the deadline for contributions to Roth or traditional IRAs.
• Discover information regarding individual refund claims for the 2019 tax year.
• Find out what to do if you are still missing information.

Have you filed your 2022 tax returns? April 18, 2023 is the tax-filing deadline to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia – even if you don’t live in DC.

NOTE: If you live in a federally declared disaster area, you may have an automatically extended due date. The extension will apply if you reside in the disaster area. You need not be directly affected by the disaster to qualify. Check the IRS website at Tax Disaster Relief Situations for areas that have disaster filing relief extensions. For example, taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments. Call your Fiducial representative to confirm you qualify and for information related to state disaster relief tax-filing deadline postponements.

Think you are going to miss the tax filing deadline?

For those not covered by the disaster area tax-filing deadline postponement, and who need to request an extension, caution should be exercised when preparing the extension application, which is IRS Form 4868. Even though we describe this form as “automatic,” taxpayers will automatically receive the extension only if it includes a reasonable estimate of the 2022 tax liability. Taxpayers must also pay their anticipated liability along with the extension application. It is not uncommon for taxpayers to enter zero as the estimated tax liability without figuring out the actual estimated amount. These taxpayers risk the IRS classifying their forms as improperly completed, which in turn makes the extensions invalid. If you need an extension, please contact your Fiducial representative so that we can prepare a valid extension for you.

Taxpayers must file the extension in a timely manner. Your Fiducial representative can file your extension electronically before the due date and have any amount owed withdrawn from your bank account. If you do mail an extension, take care that the envelope with the extension form is postmarked on or before the April 18 tax-filing deadline. Inherent risks exist with dropping an extension form in a mailbox, for instance, the envelope might not be postmarked in a timely fashion. Thus, those who have taxes due should mail their extension forms using registered or certified mail. You do not want to risk late-filing penalties.

Other deadlines falling on April 18th

In addition, the April 18 deadline also applies to the following:

• Balance-Due Payments for the 2022 Tax Year* – Be aware that Form 4868 is an extension to file, NOT an extension to pay. The IRS will assess late-payment penalties (with interest) on any balance due, even when the extension has been granted. Taxpayers who anticipate having a balance due need to estimate this amount. Then, include payment for that balance, either along with the extension request (as indicated above) or electronically by this firm or through the IRS website.
• Contributions to a Roth or Traditional IRA for the 2022 Tax Year* – April 18, 2023, is the last day for 2022 contributions to either a Roth or a traditional IRA. Form 4868 does not provide an extension for making IRA contributions.
• Individual Estimated Tax Payments for the First Quarter of 2023* – The first installment of the 2023 estimated tax payment is due April 18, 2023. If you make estimated tax payments and do not file the first installment on or before April 18, 2023, then that payment is late. You should file it as soon as possible to mitigate any penalties.
• Individual Refund Claims for the 2019 Tax Year – The regular three-year statute of limitations expires for the 2019 tax return on April 18 of this year. Thus, the taxpayer will receive no refund for a 2019 return (original or amended) filed after April 18, 2023. Taxpayers could risk missing out on the refundable Earned Income Tax Credit, the refundable American Opportunity Tax Credit for college tuition, and the refundable child credit for the 2019 tax year if they do not file before the statute of limitations ends. Caution: The statute does not apply to balances due for unfiled 2019 returns.

*Those in specified disaster areas will have these deadlines postponed to October 16, 2023.

Next steps

Please contact your Fiducial representative to file for state extensions or to see if you qualify for a disaster-related extension.

If your 2022 return is still pending because of missing information, please forward that information to your Fiducial representative as quickly as possible so that we can ensure that your return meets the April 18 deadline. Keep in mind the busyness of the last week of tax season. If you wait until the last minute, your returns may not be completed in time. Think your missing information will not be available before the April 18 tax-filing deadline? Let your Fiducial representative know as soon as possible so that they can prepare an extension request.

If you have not yet completed your returns, please call your Fiducial representative right away. We can schedule an appointment and/or file an extension for you. Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations to discuss your situation.

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