Wisconsin Tax Law: What’s New in Tax Filing Deadlines and Extensions
As tax season approaches, it’s vital for residents and businesses in Wisconsin to stay informed about the latest updates in tax filing deadlines and extensions. Understanding these changes can help ensure compliance with state regulations and avoid unnecessary penalties.
For the 2023 tax year, Wisconsin has made some adjustments to its tax filing deadlines. Here’s what you need to know:
New Tax Filing Deadlines
The standard deadline for individual income tax returns in Wisconsin remains April 15. However, taxpayers who require additional time can file for an extension. It’s important to remember that an extension grants you additional time to file your return but not to pay any taxes owed.
Extensions for Tax Filers
Wisconsin allows individuals to file for a six-month extension, pushing the filing deadline to October 15. To obtain this extension, taxpayers need to submit Form 1-ES or make an electronic payment. The extension must be filed by the original due date of the return.
Keep in mind that if you expect to owe taxes, it is crucial to estimate and pay at least 90% of your tax liability by April 15 to avoid underpayment penalties. Failure to do this could result in interest and penalties on the amount owed.
Recent Changes Affecting Business Taxes
Businesses in Wisconsin should also note the recent enhancements in tax law that affect corporate tax returns. The due date for corporate income tax returns aligns with the federal deadline, which is generally March 15 for calendar year filers. For those who need an extension, a similar six-month extension is available.
Employers are encouraged to stay updated on payroll tax withholding changes that may affect the deadlines for submitting their quarterly returns. Timely submission ensures adherence to Wisconsin tax requirements and helps maintain good standing with the state.
Key Takeaways
Staying informed about Wisconsin tax law changes is crucial for all taxpayers. Here are the key points to remember:
- The standard tax filing deadline for individuals is April 15.
- Extensions can be requested, extending the deadline to October 15.
- 90% of taxes owed should be paid by April 15 to avoid penalties.
- Corporate tax returns are due by March 15, with a possible six-month extension.
As changes can occur, always check the Wisconsin Department of Revenue’s official website or consult a tax professional to ensure you have the most current information. Staying proactive about tax compliance will save you time and potential penalties as you navigate the tax filing process.