And just like that, 2023 tax day is here.
The deadline to file your 2022 taxes is Tuesday at midnight. And according to a report from TODAY, post office locations across the country aren't giving filers any wiggle room.
"There are no plans to extend hours at any Post Offices across the country, especially since the IRS has given taxpayers until April 18, this year," a USPS spokesperson tells TODAY.com
So what happens if you do need extra time to file your taxes? Here's what to know about submitting a tax extension request.
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What Does a Tax Extension do?
According to the Internal Revenue Service, an extension is simply a six-month extension to file your taxes.
However, it does not grant you an extension to pay your taxes. You still must pay your taxes on time to avoid any penalties or interest.
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Is There a Deadline to File a Tax Extension Request?
Yes.
Extension requests must be filed no later that the regular due date of your return, the IRS states on its website.
In other words, the request to file an extension, and the 2023 tax deadline is on the same day.
That means that this year, your request to file an extension must be submitted no later than April 18.
How do I Request a Tax-Filing Extension? What Form do I Need to Fill Out?
You'll need to fill out Form 4868 in order to file for an extension. You can e-file that for free, using Free File.
Who Can Request to File a Tax Extension? Are There Any Restrictions on Who Gets an Extension?
Any individual tax filers, regardless of income, can electronically request an automatic tax-filing extension.
To get the extension however, you must estimate your tax liability on the Free File form, and should also pay any amount due.
How Long is a Tax Extension?
A tax extension gives you an additional six months to file your taxes.
OK, I've Filed for an Extension. What Day Are my Taxes Now Due?
Taxpayers requesting an extension will have until Oct. 16 to file a return.
Your return is considered filed on time if the envelope is properly addressed, postmarked, and deposited in the mail by the due date.
What if I Can't Afford to Pay my Taxes When They're Due?
If you aren't able to pay your taxes on the day they are due, you may qualify for an online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time.
Once your online application is complete, you'll receive immediate notification of whether your payment plan has been approved.
Those payment plans can include:
- Short-term payment plan – The payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest.
- Long-term payment plan – The payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties and interest.
How Soon are Tax Refunds Issued?
The IRS says it issues most refund in less than 21 days.
"We issue most refunds in less than 21 calendar days. However, if you filed on paper and expect a refund, it could take four weeks or more to process your return," the agency says.
"Also, remember to consider the time it takes for your financial institution to post the refund to your account or for you to receive it by mail," the agency adds.
What's the Average Tax Refund?
As of March 17, the average refund amount was $2,933, a report from CNBC says.
How Can I Check the Status of my Tax Return?
State Refund
Illinois residents can check the status of of their refund in two different ways.
First, the “Where’s My Refund” system checks to see whether the state’s Department of Revenue has initiated the refund process after going through a payer’s tax return.
If the IDOR has initiated the refund process, then taxpayers can visit the Illinois Comptroller’s website, which has a “Find Your Illinois Tax Refund” system in place.
Both tools require a taxpayer’s name, as well as their Social Security Number.
Federal Refund
Those who wish to check the status of their federal refunds can do so via the IRS’ website. Taxpayers will need to input their Social Security Number or their taxpayer ID number, their filing status, and the exact amount of money they expect to receive from their refund.
Taxpayers are asked to wait for at least 24 hours if they’ve e-filed, and to wait four weeks before checking status if a paper return was submitted.
For those seeking refund status for previous years’ returns, taxpayers are asked to wait three-to-four days after e-filing.
