FORM 4868, THE TAX PROCRASTINATOR'S BEST FRIEND:

FORM 4868, THE TAX PROCRASTINATOR'S BEST FRIEND:

/ 10 April 2024 / 0 Comments
FORM 4868, THE TAX PROCRASTINATOR'S BEST FRIEND:

The Internal Revenue Service reports that through March 22, it had received approximately 80 million tax returns. That's about the same number of returns it received at the same point last year.

If 2024 filings continue to follow the 2023 pattern, then the IRS is still waiting for more than 100 million returns. Some people have good reasons for the delay. Their tax situations are complicated, taking time to sort through. Others are missing necessary filing documents.

There are special situations where taxpayers have more time to file their federal tax returns:

  • International, including military, taxpayers:
    • These internationally based taxpayers, get extra time to file their tax returns. Their 1040 forms are not due until mid-June. The official deadline is June 15, but this year it's June 17 since the 15th falls on Saturday, pushing the deadline to the next business day.
    • This two-month extension from the regular April tax deadline is automatic, so U.S. taxpayers abroad do not have to file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, to get the added time.
    • The taxpayer does, however, need to attach a statement to their return explaining that they live and conduct business in another country or are posted by the military abroad. That will alert the Internal Revenue Service to apply the June deadline to your return.
  • Disaster area delays: Some taxpayers do not have to file by April 15, as they have gone through major natural disasters.

When the Federal Emergency Management Agency (FEMA) deems locations have sustained extraordinary damages from Mother Nature, the IRS follows the disaster declaration by offering tax relief to affected individual and business taxpayers.

  • June 17 is the new filing deadline for disaster-stricken taxpayers in eight states. They are in —
    • California's San Diego County;
    • Washington State'sSpokane County;
    • Connecticut's New London County, including the Mohegan Tribal Nation and Mashantucket Pequot Tribal Nation;
    • Maine counties of Androscoggin, Franklin, Hancock, Kennebec, Oxford, Penobscot, Piscataquis, Somerset, Waldo, and Washington;
    • Michigan counties of Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, and Wayne;
    • Providence County in Rhode Island;
    • Tennessee counties of Cheatham, Davidson, Dickson, Gibson, Montgomery, Robertson, Stewart, Sumner, and Weakley; and
    • West Virginia counties of Boone, Calhoun, Clay, Harrison, and Kanawha,
  • Taxpayers in the Wrangell Cooperative Association of Alaska Tribal Nation in Alaska who were affected by severe storms that produced deadly landslides and mudslides have until July 15 to file 2023 returns.
  • Maine individuals and business taxpayers in the path of severe storms and flooding on Jan. 9 now have the new July 15 deadline. This covers those in Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York counties.
  • Rhode Island taxpayers who get the July 15 deadline are individuals and businesses hit by severe storms and flooding that began on Dec. 17, 2023, and Jan. 9. Taxpayers in Kent, Providence, and Washington counties qualify for this latest round of tax relief.
  • Residents of the Hawai'ian islands of Maui and Hawai'i who endured the deadly wildfires there now have until 7 to file their individual and/or business returns.

But a lot of taxpayers just do not want to deal with their individual tax returns until they absolutely must. Nearly a third of us put off filing our taxes, according to a recent ChamberOfCommerce.org survey. Following are some key findings from the survey:

  • 30% of Americans admit to procrastinating and waiting until the last minute to file their taxes.
  • 50% confess to rushing through the filing process in order to complete their taxes as quickly as possible.
  • For the second consecutive year, Atlanta, GA (No. 1), Orlando, FL (No. 2), Salt Lake City, UT (No. 3), Fort Lauderdale, FL (No. 4) and Miami, FL (No. 5) have all made the top 5 list of cities with the highest levels of tax filing procrastinating.
  • On average, Americans expect to receive a refund of $2,009 this year.
  • Surprisingly, more than 2-in-10 (22%) don’t know that Tax Day falls on April 15.

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