According to the criteria of
However, in the state of Florida the situation is different because The IRS granted an automatic deferral to those regions designated as disaster areas in 17 statesPuerto Rico and the Virgin Islands. The date will vary depending on the extent of destruction and location, and is currently They are established as follows:
- Taxpayers in parts of Arkansas, Iowa, Mississippi, New Mexico, Oklahoma, Texas and West Virginia will have until November 1, 2024
- Taxpayers in all or parts of Florida, Georgia, Kentucky, Minnesota, Missouri, North Carolina, Puerto Rico, South Carolina, South Dakota, Texas, Vermont and the Virgin Islands will have until February 3, 2025.
How estimated tax payments work in the United States
The IRS warned that it will not show mercy to those citizens who are late in their payment or pay less than they owe. “Taxpayers who Those who pay less than they should may have to pay a fineregardless of whether they paid through withholding or through estimated tax payments. Late or missed estimated tax payments can result in penalties even if a refund is due when a tax return is filed,” the agency said.
To know if you should do estimated payments, The IRS stressed that you should consider doing so if:
- You owe at least $1,000 in taxes for 2024 after subtracting your withholdings and tax credits
- Your tax withholdings and credits will be less than the lesser of 90 percent of the tax shown on your 2024 tax return or 100 percent of the tax shown on your full 12-month 2023 tax return.
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