IRS Extends Tax Deadline in Specific State: File From April 15 to November 3!

As the tax season nears its end with less than two weeks remaining, a sense of urgency is setting in among many taxpayers, particularly those who need to file their income tax returns. Filing taxes is generally straightforward for employees, but it can be more complex for freelancers without a steady income, those who receive federal benefits, or anyone with multiple income sources. Some residents in one particular state have received an extension for their tax deadline until November.

Understanding Tax Filing Requirements

For many, the tax system feels redundant, especially for employees since employers usually handle tax deductions from wages. However, the amount deducted might not match the actual tax owed to the IRS. When you file your taxes, you’re essentially reconciling your accounts to possibly receive a refund if you’ve overpaid.

Although not everyone is due a refund, it is a federal mandate to file your taxes. Moreover, not everyone earns their income through a single employer, and filing taxes provides a detailed report to the IRS about all income sources and corresponding tax payments. This year, individuals under the age of 65 with a gross income exceeding $14,600 are required to file a tax return.

If your income is below this threshold, you might still need to file taxes, especially if you’re applying for specific tax credits. Filing a tax return is a way to communicate with the IRS about your annual earnings, whether you are due a refund, need tax credits, or must pay additional taxes.

Extended Tax Deadline for Certain State Residents

The deadline for this year’s tax season is typically April 15, 2025. However, you can request an extension through the IRS website to delay this deadline to October 15. If there are errors, you also have the opportunity to amend your return after this date. The IRS will notify you if they spot mistakes that need correction.

Delaying your tax filing can lead to a ‘Failure to File’ penalty, which amounts to 5% of the unpaid taxes for each month the return is delayed, up to a maximum of 25%. Regardless of the circumstances, it’s crucial to file your taxes to avoid escalating penalties and interest, or worse, legal consequences for failing to pay. However, due to severe weather earlier this year starting February 15, residents in specific parts of West Virginia have been granted an extension until November 3 to file their taxes.

Potential Exemption from Social Security Taxes

While the procedures for filing income tax remain largely unchanged, there has been ongoing discussion about the taxation of Social Security benefits. President Trump has proposed eliminating taxes on Social Security income. Currently, the IRS can tax up to 85% of your Social Security benefits under certain conditions. However, it’s important to note that removing this tax would predominantly benefit the highest earners, specifically those making over $5 million annually, which represents the top 0.1% of earners.