How to File an Arizona Tax Extension: A Complete Guide
Your Takeaways:
Tax season is crazy, especially when life gets in the way.
Whether you have multiple responsibilities, are waiting on important documents, or just need more time to get your finances in order, the pressure of meeting tax deadlines can be overwhelming.
But what if you could buy yourself some extra time – without penalties?
If you’re an Arizona taxpayer, you’re in luck.
A tax extension might be just what you need to cross the finish line stress-free.
Keep reading to find out how a few simple steps can give you the breathing room to file your Arizona state taxes easily.
Overview of Arizona Tax Extension Requirements
What is a Tax Extension?
An extension gives you more time to file your state tax return without penalties for late filing. But remember, an extension doesn’t give you more time to pay any taxes due. In Arizona, you must pay at least 90% of your estimated tax by April 15th to avoid penalties and interest. For most people, that’s an extension until October 15th.
Important Arizona Extension Deadlines and What They Include
When is the Deadline to File a Tax Extension for Arizona?
The deadline to file an extension in Arizona is April 15th, 2024. If that falls on a weekend or holiday, the due date is the next business day. This extension applies to individual tax returns (Forms 140, 140A, 140EZ, 140NR, and 140PY) and small business income returns.
Do I Need to File a Separate Tax Extension for Arizona If I Already Filed a Federal Tax Extension?
No, if you have a federal extension, Arizona will accept it for the same six months. But, if you need to make an Arizona tax payment, you should file Arizona Form 204 along with your payment by April 15th.
If I File a Tax Extension for Arizona, When Is My New Deadline?
Your new deadline will be October 15th, 2024, six months from the original due date of April 15th. This applies to individual and small business income tax returns.
How to Request an Extension in Arizona
How Do I File an Arizona Tax Extension?
Form 204 tax extension applies to individual tax returns (Forms 140, 140A, 140EZ, 140NR, and 140PY) and small business income returns.
Here’s a step-by-step guide to filing a tax extension in Arizona, whether you prefer to file online or by mail:
Online Filing
Paper Filing
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FAQs
Do I Need to Pay My State Taxes When I File a Tax Extension for Arizona?
Yes, to avoid penalties, you must pay at least 90% of your total tax liability by April 15th, 2024, even if you file for an extension. The extension only delays your filing deadline, not your payment deadline.
Who is Eligible for a Tax Extension in Arizona?
Taxpayers needing more time to file their state tax return can request an extension. However, to avoid penalties, you must ensure that 90% of your estimated tax liability is paid by the original due date.
What Are the Penalties for Filing My Taxes Late in Arizona?
If you fail to file your return or extension request by the deadline, the penalty is 4.5% of the tax due per month, up to a maximum of 25%. The minimum penalty for late filing is $50.
What Are the Penalties for Paying My Taxes Late in Arizona?
If you do not pay at least 90% of your tax liability by the original due date, you will incur a penalty of 0.5% per month on the unpaid tax balance, plus interest. The penalty is capped at 25% of the unpaid balance.
How Do I Know Whether I Should File a Tax Extension for Arizona?
If you need more time to gather your tax documents and ensure accurate filing, you should file a tax extension. Don’t forget to pay the necessary amount by the original deadline to avoid penalties.
Is There Anything Else I Need to Know About Filing a Tax Extension for Arizona?
Remember that an extension gives you more time to file, not to pay. Paying your taxes by the original deadline is crucial to avoid penalties and interest.
Summary of Arizona State Revenue Data
Total Gross Revenue Collected:
Arizona collected $28.4 billion in gross revenue for the fiscal year outlined. The bulk of this revenue came from the Transaction Privilege Tax (TPT) of $18 billion. Individual income taxes contributed $7.8 billion, followed by corporate taxes at $2 billion. Other revenue sources accounted for $0.6 billion, rounding out the total.
Total Revenue Distributed:
Arizona distributed the Fiscal 2023 revenue of $28.4 billion as follows: $15.6 billion to state agencies, $7.2 billion to cities, and both counties and taxpayer refunds received $2.8 billion each. This distribution reflects a balanced allocation across various sectors in the state.
Conclusion
Filing a tax extension in Arizona is a straightforward process that provides extra time to file your return. Remember that the extension doesn’t apply to the payment deadline, so be sure to pay at least 90% of your tax liability by April 15th, 2024, to avoid penalties.
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