Welcome to tax season the one time each year you may actually be thinking about the Internal Revenue Service (IRS).This year, however, before you do your taxes it may be worth gauging how likely you are to face an audit.
Extension filers who were granted relief as a result of Hurricane Ian have until Feb. 15 to file their 2021 tax year individual income tax returns, according to the S.C. Department of Revenue.
That means any extension filers who have not yet filed their return must file by Feb. 15 to avoid penalties and interest. Taxpayers must also file by this date to be eligible for a state tax rebate.
The Feb. 15 deadline also applies to other returns and payments granted Hurricane Ian tax relief, including:
- Business income tax returns originally due between Oct. 17, 2022 and Feb. 15, 2023.
- Certain quarterly withholding returns and payments, including those originally due Oct. 31, 2022 and Jan. 31, 2023.
- Fourth-quarter corporate and individual income tax estimated payments, originally due December 2022 and January 2023.
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Tips for extension filers:
The extension is for filing your return, not for payment. If you have not yet paid your income tax balance, you may owe additional penalties and interest.
- File electronically. It’s faster, more secure, and more accurate than filing a paper return.
- Review available tax credits that may apply to you.
- File on time. You may face a penalty if you file after Feb. 15.
- Keep a copy of your tax return for your records.
