The 2024/2025 fiscal year tax deadline passed nearly two weeks ago, however, these individuals have an extended deadline to file their returns. Generally, if you need an extension to file your tax returns, you must apply personally to the IRS before the deadline. However, unforeseen circumstance that affect many people sometimes prompts the IRS to give a blanket extension to a particular group without these individuals needing to apply for the extension before the deadline.
IRS tax deadline passes – no more extensions
As a general rule, if you need an extension to file your taxes, you need to apply for it before the tax deadline. It is important to note that all taxpayers are due to pay their tax liability on the scheduled deadline, and that the extension is specifically for extending your filing due date. For this year, those who were approved for a tax filing extension have until October 15 to file.
If you missed the April 15 deadline and were not approved for an extension, you will be liable for a “Failure to File” penalty. This penalty is dependent on the amount of tax you owe the IRS and increases the longer you wait to pay it and file your taxes. If you find yourself in this position, the IRS strongly recommends that you file as soon as possible and pay your penalty fee.
May 1 extension for these individuals
While most individuals will have to file for a personal extension, if you are a resident of Georgia and have not yet submitted your tax return, you are in luck. According to an IRS official statement on extensions, all individuals and businesses who were affected by Hurricane Helene, which began on September 24, 2024, have until May 1 to file their tax returns. In addition to this, all households across all 159 of Georgia’s counties qualified for tax relief due to the natural disaster. The extension was announced in October last year.
“This extension applies to return filing and other essential actions as detailed by the Internal Revenue Service (IRS),” said State Revenue Commissioner Frank O’Connell in an October press release. “Our hearts are with everyone facing the challenges brought by this storm, and we encourage all Georgians to follow the guidance of Governor Kemp, the Georgia Emergency Management Agency, and their local news outlets and authorities.”
If you are a Georgia resident and anticipate that you still need extra time to file your taxes beyond the new May 1 deadline, you still have time to apply for an extension. However, you must do so before May 1 and can only do so using Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and mailing the form instead of applying electronically.
Significant tax relief for farmers
Following the Hurricane Helene disaster, Georgia ensured that significant relief was allocated for farmers. Agriculture forms a major part of the state’s economy. Georgia is a leading producer of broilers, eggs, and peanuts within the US. According to an Associated Press story, Georgia lawmakers authorized tax rebates worth about $300 million for farmers and wood owners impacted by Hurricane Helene.
While Georgia residents may have been approved to submit their tax returns later, it is important for taxpayers not affected by natural disasters you pay and file their taxes on time. Even if you cannot afford to pay your owed tax liability, the IRS recommends that you pay what you can, file your taxes, and apply for an official payment plan with the IRS to pay off your tax liability. It is important to always communicate with the IRS about he state of your financial situation to avoid incurring additional payments and interest.
