The tax deadline in September is coming up quickly, but people who live in disaster areas can get some extra time to file. The IRS says that people who live in these affected areas will automatically get more time to file. You might still have time to make a tax payment ahead of time.
IRS tax filing and September 16
September 16 is a very important date for people whose employers do not take taxes out of their paychecks. This group includes a number of different taxes, such as:
- Self-employed individuals
- Retirees
- Investors
- Businesses and corporations
The IRS warns that people who don’t pay enough taxes could be fined, even if the money was paid through withholding or projected tax payments. “Late or skipped estimated tax payments can result in fines, even if a refund is due when the tax return is filed,” they say.
If you live outside of a disaster-designated area and are in any of these groups, make sure you remember September 16 to avoid possible fines.
A general guideline, according to the IRS
As a matter of fact, taxpayers should make estimated payments if they expect:
- that they will owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits.
- when their withholding and tax credits to be less than the smaller of:
- 90 percent of the tax to be shown on their 2024 tax return, or
- 100 percent of the tax shown on their complete 12-month 2023 tax return.
Detailed guidance is available on the IRS website: https://www.irs.gov/individuals/tax-withholding-estimator
Some help for Taxpayers in Disaster Areas
People who live in 17 states, Puerto Rico, or the Virgin Islands that have been hit by disasters may automatically get more time to make a payment. The new date will change depending on where the damage is and how bad it is.
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