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Updates for Tax Payers: Tax Year 2023 Deadline Extension - Diamond Head Tax Group OAHU Experts Call: 808-468-8041

Updates for Tax Payers: Tax Year 2023 Deadline Extension. Diamond Head Tax Group OAHU Experts. Honolulu's trusted source of tax filing services for personal and business serving Honolulu, Aiea, Waikiki, Waipahu, Ewa Beach, Kapolei, Pearl City, Kahala, Portlock, Oahu and surrounding areas. Call: 808-468-8041
Diamond Head Tax Group OAHU offers Tax Filing Services for Individual and Business Clients. Call 808-468-8041 to Schedule an Appointment.

Taxpayers must file their returns by April 22, 2024. While the law requires taxpayers to file by April 22, taxpayers are granted an automatic 6-month extension (no form is required to request the extension) to file the return through October 22, 2024 if one of these two conditions is met:


1. The taxpayer is due a refund, or


2. The taxpayer pays the properly estimated tax amount owed by April 22, 2024. Taxpayers who are not able to pay the properly estimated tax amount owed should pay as much as they can to avoid additional interest and penalties.


Adoption of Federal Tax Provisions

For more information on the adoption of the Federal Tax Provisions during the 2023 legislative session, please see page one (Act 56: Income and Estate Tax Conformity) of the following link: Tax Announcement 2023-04


New Form N-11SF

The Hawaiʻi Department of Taxation recently released the N-11SF, a simplified individual income tax form for taxpayers whose 2023 federal and Hawaiʻi adjusted gross incomes are zero. Other requirements apply to be able to use this form and it cannot be filed electronically.


Please refer to the links below for additional instructions and access to the form.



Pass-Through Entity Taxation

For taxable years beginning after December 31, 2022, partnerships and S corporations may elect to pay Hawai’i income taxes at the entity level. Eligible members of an electing pass-through entity (PTE) may claim a Hawai’i income tax credit for the pro rata share of PTE taxes paid. Visit the Pass-Through Entity Taxation page for more information.


Updates for Tax Payers: Tax Year 2023 Deadline Extension. Diamond Head Tax Group OAHU Experts. Honolulu's trusted source of tax filing services for personal and business serving Honolulu, Aiea, Waikiki, Waipahu, Ewa Beach, Kapolei, Pearl City, Kahala, Portlock, Oahu and surrounding areas. Call: 808-468-8041

How do I get a six-month extension to file my return?

You are not required to file any form to request an automatic 6-month extension of time to file Form N-11 or N-15. The 6-month extension is automatically granted as long as all of the following conditions are met:


  • The properly estimated tax liability is paid on or before April 22

  • The tax return is filed on or before October 22

  • The tax return is accompanied by full payment of any tax not already paid; and

  • You are not bound by a court order to file a tax return on or before April 22.


Properly estimated tax liability means you have made a bona fide and reasonable attempt to locate and gather all of the necessary information to make a proper estimate of tax liability for the taxable year and at least 90% of your total tax liability shown on the return is paid.


How do I make a payment?

To make a tax payment on or before April 22, you can submit an electronic payment via Hawaii Tax Online (hitax.hawaii.gov) by selecting “Make Payment” under the “Quick Links” section with a payment type of “Estimated Payment.” To pay by check, attach a completed Form N-200V to your payment then mail or hand-deliver to one of our drop-off boxes.


See Tax Facts 2021-1 for more information regarding “Income Tax Extensions for Individuals, Corporations, Partnerships, Trust, and REMICS.”


Does an extension to file my return give me more time to pay my taxes?

The automatic six-month extension only provides additional time to file your return. The extension does not give you more time to pay taxes owed. You must pay your properly estimated tax liability on or before April 22. If you think you will owe tax but cannot pay the entire liability, you should pay as much as you can to avoid penalties and interest.


How do I know how much tax to pay to get the automatic extension?

You must make a bona fide and reasonable attempt to locate and account for all of the information necessary to make the estimate of the tax owed as of April 22. In addition to the information available for the current tax year, taxpayers should also consider the amount of tax owed in prior years.


The Department suggests overestimating the tax owed when calculating your estimated payment to avoid penalties and interest and to qualify for the automatic extension.


What happens if my properly estimated tax liability is not paid by April 22nd?

If you do not pay your properly estimated tax liability, which is at least 90% of your final tax liability as reported on your return, there is no extension. You will be assessed penalties and interest on the amount unpaid.


Will I still get the automatic extension if I don’t pay any outstanding tax liability with my return?

No, one of the conditions to receive the extension is that the full payment of any remaining unpaid tax be paid at the same time that the return is filed.


If I electronically file my income tax return, how do I make my accompanying payment?

The Department deems electronic payments made on the same day that the return is electronically filed to be a payment accompanying the return.


 

Contact us and let our skilled OAHU Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.


Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


5 Star Client Testimonials Oahu CPA Tax Firm Honolulu Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services


We are available to assist you with your Tax Needs.

Individuals ● Business ● Tax Advisory ● Payroll Services

Oahu CPA Tax Firm Honolulu Office 1050 Queen Street #100, Honolulu Hawaii 96814 Alan Chan Diamond Head Tax Group Personal and Business Tax Filing and Preparation Tax Advisory S Corporation LLC Payroll Services





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