Filing Deadline Approaching - Anyone Still Needs to File 2023 Taxes?

OMG thank you all for responding so quickly! 😊 I'm so impressed with how helpful everyone is! I was literally panicking last night thinking about all these deadlines and requirements. I'm going to file that Form 4868 TODAY and make sure I estimate what I might owe. This community is AMAZING! ❤️

Def get an extension if u need it! Just filed mine last yr on Oct 15 (the absolute last day lol). If ur struggling to reach the IRS to ask Qs, try Claimyr (https://youtu.be/_kiP6q8DX5c) - saved me hrs of hold time. Got thru to an agent in like 20 mins when I had Qs about my extension last yr. They'll explain exactly what u need to do based on ur situation.

Yes, you are correct about the April 15th deadline. However, you may request an extension using Form 4868, which gives you until October 15th, 2024 to file. I should mention that this is only an extension to file your paperwork, not an extension to pay any taxes you might owe. If you think you will owe taxes, you should probably make an estimated payment with your extension request to avoid potential penalties and interest.

I'm sort of in the same boat, maybe? I've been kind of overwhelmed with all the forms and I think I might need more time too. I tried using https://taxr.ai to analyze some of my tax documents and it was possibly helpful for figuring out which deductions I might qualify for. It seems to be pretty good at explaining tax forms in simpler language, which is something I definitely needed as a first-time filer.

According to Internal Revenue Code Section 6651, failure to file penalties accrue at 5% of unpaid taxes per month up to 25% maximum. Failure to pay penalties are 0.5% per month. Is a service really necessary when the IRS Free File program accommodates taxpayers with AGI below $73,000? Most tax software already analyzes documents and suggests appropriate deductions without additional costs.

Isn't the real issue here about understanding your tax situation rather than just filing forms? Some people have complex situations that Free File doesn't adequately address, don't they? When I was new to the US tax system, having resources that explained things clearly made a huge difference. Not everyone's tax situation fits neatly into the basic templates, especially for recent immigrants with potential foreign income considerations.

Filing an extension is actually very simple! Here's what I do every year: 1. Fill out Form 4868 (takes about 5 minutes) 2. Estimate what you might owe (use last year's return as a starting point) 3. Pay that estimated amount with your extension 4. Submit extension electronically through any tax software 5. Keep confirmation number for your records 6. File your actual return by October 15th This gives you breathing room without penalties as long as your payment covers what you end up owing.

Think of tax extensions like hitting the pause button on a game - the clock stops for filing paperwork, but the bill is still due on the original date. I've filed extensions for the past 3 years because my investment documents always arrive late. Last year I paid $2,000 with my extension in April, then when I finally filed in September, I got a $750 refund because I'd overpaid. Better than owing penalties!

Be extremely careful with Form 4868 extension requests! If you underestimate your tax liability significantly, the IRS can invalidate your extension retroactively. This happened to a client of mine who estimated owing $1,200 but actually owed $6,800. The IRS assessed a failure-to-file penalty of $1,275 plus interest compounded daily. Always err on the side of overpayment if there's any uncertainty in your tax situation.

Has anyone here filed an extension while living abroad? I'm wondering if the process is different for someone who qualifies for the Foreign Earned Income Exclusion compared to someone like you who's newly arrived in the US?