The US tax deadline: When are taxes due?

Each year, Americans file 168 million individual tax returns to the federal government.¹ It’s crucial to know when taxes are due in order to make the most of your annual return.

While the default deadline for paying taxes may vary, the date falls in April each year. Despite the annual nature of this financial ritual, one-third of citizens wait until the last minute to file. Of those tardy individuals, 19 million will generally file after the deadline.²

If those tardy taxpayers do not file the correct extension forms, they may be penalized.

We’ve created this guide to help you avoid the scramble of last-minute filing or hefty financial penalties. Continue reading to learn when taxes are due. Plus, learn how to potentially get a penalty-free extension if you need one.

Tax Day became an annual deadline in 1913 upon the ratification of the 16th Amendment. The deadline will always fall on the fifteenth day of the fourth month after the end of the fiscal year.

This means Tax Day almost always falls on April 15th.

However, there are some exceptions. Notably, if the 15th day falls on a weekend or holiday, the deadline will be the next business day.³ That’s why, for instance, in 2023, Tax Day fell on April 18th. Tax Day will never fall before the 15th of April, however.

Be aware that Tax Day is the default deadline for paying federal income tax returns. The IRS begins accepting and processing returns in late January. There is no reason not to file early if you are prepared.

In fact, filing early can come with benefits, potentially including:

• Protection against refund fraud or identity theft
• Quicker processing, leading to more efficient refunds
• More time to prepare, budget, and save if you owe taxes
• Less stress overall

If you miss the Tax Day deadline and file late, you may incur a penalty. The Failure to File penalty is often 5% of your unpaid tax. There is an additional 0.5% penalty for Failure to Pay.

The IRS assesses these penalties monthly until you both file and pay your federal income tax. However, the penalty will not exceed 25% of your unpaid taxes.⁴

With that said, a 25% penalty can add up, and penalties do accrue interest. However, don’t panic. If you have a reasonable cause for filing late, the IRS may be willing to remove or reduce your penalty. You may also be able to dispute a penalty if you disagree about the amount you owe.

It's always better to make a payment toward your taxes than pay nothing. If finances are a struggle, consider applying for a payment plan from the IRS. These plans can help make payment more manageable and ensure you avoid penalties.

If you need more time to file your taxes, you can apply for a tax extension. This extension gives you six additional months to file your taxes. However, it is not an extension of your time to pay any taxes you owe.

To apply, you must file Form 4868 with the IRS. It’s called the “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.”⁵ You can also apply for an extension by checking a box on the online form while making an estimated tax payment.⁶ Additionally, the IRS Free File program allows you to apply for a free extension.⁷

In some rare instances, you may receive an automatic filing extension, including:

• If you reside in a federally declared disaster area
• If you are military personnel and are stationed abroad or in a combat zone
• If you are a U.S. citizen but currently reside in another country
• If you are a resident alien but currently reside in another country

If the above applies to you, your tax deadline may be extended with no further action necessary on your part.

With an extension, taxes are due in October. As with Tax Day, they are due fifteen days into the month or the first business day following a weekend or holiday.

In most cases, those with an extension must file by October 15th.

The deadline to file state taxes varies by state. In nearly all cases, your state taxes will also be due on or around Tax Day.

For example, taxes are due in California on Tax Day (April 15th). However, states like Delaware and Iowa give residents two additional weeks to file state taxes. Virginia and Louisiana state taxes typically don’t need to be filed until May. States with no income tax do not have a deadline.

For small businesses, business taxes are due by Tax Day (April 15th). For corporations, multi-member LLCs, and other large businesses, taxes are due by March 15th.

There is no single date when property taxes are due.

Property tax billing schedules vary by state. Some states issue property tax bills quarterly. Others bill property owners twice a year. Contact your local tax department for more information.

Have more questions about taxes and your personal finances? Head to our tax guides from Raisin to learn more!

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.