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Regardless of whether you're the type who plans ahead or thrives on the last-minute dash, there's one pivotal question that brings everyone together: "What's the deadline for taxes this year?"
Let's break down the key tax deadlines for 2024 – marking everything from your federal income tax return due date to the due dates for estimated tax payments.
Tax Filing Season Kickoff
Ready to file your taxes? The IRS gears up for action on January 29, 2024. This marks the commencement of the IRS accepting and processing 2023 tax year returns.
Get a Head Start
But don't wait until the end of January to start. Many tax software options allow you to prepare your return well before the IRS begins processing.
This means you can be all set and ready to submit as soon as the gates open.
For instance, the IRS' Free File program, which offers eligible taxpayers access to free, name-brand tax software, is set to open on January 12.
Master the 2023 tax season using our financial statement template to streamline your tax preparation and ensure accuracy.
When is Tax Day in 2024?
Mark your calendar: April 15, 2024, is the day your federal income tax return is due.
If you're a stay-at-home spouse, remember that you can have your own retirement account with "Spousal IRA" using your partner's income, and you can put money in it for 2023 until tax day 2024! Protect yourself and your retirement! (Link to resource article in thread) pic.twitter.com/BZRu4HR5Si
— Hiroko Nishimura (@hirokonishimura) December 5, 2023
However, folks in Maine and Massachusetts get a little leeway until April 17, 2024, thanks to state-specific holidays.
If you need more time and file for a six-month extension using Form 4868 by April 15, you'll have until October 15, 2024, to file.
What are the Penalties for Delays?
For the procrastinators among us, remember: the IRS deems your paper return timely if it's properly addressed, sufficiently stamped, postmarked, and mailed by the deadline.
For those opting for e-filing, the timestamp in your local time zone at the moment of transmission is what counts.
State income tax deadlines often align with the federal deadline, but it's not a one-size-fits-all situation. Take Virginia, where taxpayers usually have until May 1 to file their state returns.
State-Related Considerations
Navigating state tax extensions can be a bit more nuanced. States like Illinois and Ohio conveniently push their state tax return deadlines to mid-October if you've secured a federal tax extension.
🗓️ If you haven’t reached your IRA contribution limit of $6,000 for 2022, you still have time! And if you’re thinking ahead, you can also make IRA contributions toward your 2023 limit of $6,500 anytime between Jan 1, 2023 and tax day in 2024. https://t.co/hrw1Ga7mwW pic.twitter.com/FZY8y3HiFF
— Capitalize (@hicapitalize) March 13, 2023
However, other states may need you to jump through a few more hoops, like applying online or submitting a specific form.
The most straightforward route to figuring out your state income tax due date and the process for requesting an extension is to consult your state's tax department directly.
2024 Tax Deadlines to Know
Beyond settling scores with the IRS, these 2024 tax deadlines encompass a range of fiscal responsibilities.
Here's your go-to list:
January 12
- Free File Commences: Partnering with major software companies, the IRS offers Free File for eligible taxpayers to access complimentary tax-prep and filing software, accepting returns starting Jan. 12.
January 16
- 4th Quarter Estimated Tax Payments: Deadline for the last quarter's estimated taxes (income from Sept. 1 through Dec. 31, 2023), typically for self-employed individuals and those with insufficient withholding.
January 29
- Tax Filing Season Opens: The IRS starts processing federal tax returns.
- Note that refunds involving credits like the earned income tax credit or the additional child tax credit will not be issued until mid-February, irrespective of how early you file.
January 31
- Form W-2 and 1099 Deadlines: Employers must issue W-2 forms. See our guide on how to fill out W-2 forms.
- Specific 1099 forms (1099-NEC, 1099-K, 1099-INT) outlining non-employee earnings or interest income must be sent.
February 15
- Additional 1099 Deadlines: Certain 1099 forms like 1099-B and certain 1099-MISC forms must be dispatched.
- Also, the deadline for those claiming tax-exempt status in 2023 to file a new Form W-4 for 2024.
April 15
- Tax Day: Federal tax filing and payment deadline.
- Also, the deadline to file for an extension (note: this extends the filing deadline, not the payment deadline).
- It's also the last day to contribute to HSAs, IRAs (limit: $6,500 or $7,500 if 50 or older), and make estimated tax payments for Q1.
June 17
- Estimated Taxes for 2nd Quarter: Pay estimated taxes for income earned from April 1 through May 31, 2024. Also, the tax deadline for Americans residing abroad.
Mid-July
- Claim 2020 Tax Refund: Typically, the last chance to file a return is to claim a refund for taxes from three years prior.
September 16
- Estimated Taxes for 3rd Quarter: Due date for estimated taxes on income earned from June 1 through Aug. 31, 2024.
October 15
- Tax Extension Deadline: Final deadline for returns if an extension was filed. Also, the deadline for SEP, Simple IRA, and Solo 401(k) contributions for the 2023 tax year, if an extension was filed, is in April.
December 31
- 401(k) Contributions and RMD Deadline: Last day for qualified 401(k) contributions (limit: $23,000 or $30,500 if 50 or older).
- Required Minimum Distributions (RMDs) and charitable donations for the 2024 tax year must also be completed.
Get all the details you need for the 2023 Tax Season with our comprehensive guide to ensure you're fully prepared.
How to Handle Potential Deadline Problems
If you're concerned about meeting the April 15, 2024, tax deadline, it's crucial to understand your options.
Here are the most helpful ways to improve a potentially worrying situation:
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Request an Extension: File Form 4868 by April 15 to receive an extension until October 15, 2024, to submit your tax return. Remember, this is an extension to file, not to pay. You're still expected to estimate and pay any owed taxes by April 15 to avoid penalties and interest.
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Paying Your Tax Bill: If you're unable to settle your tax bill in full, consider paying what you can and arranging an installment plan with the IRS to manage the balance. For those expecting a refund, filing late won't incur a penalty, but filing promptly ensures you receive your refund sooner.
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Special Considerations: Certain groups, like military personnel, natural disaster victims, or Americans living abroad, might qualify for automatic extensions. Nonetheless, it's essential to file a return if you meet the IRS's criteria, based on income and other factors.
October Deadlines
- If you've obtained an extension, your new deadline for filing is October 15, 2024. However, any taxes owed should have been paid by the original April deadline to avoid accruing interest and penalties.
- If you made a payment towards your tax bill by the April deadline and indicated it was for an extension, you weren't required to file Form 4868. Always keep the payment confirmation number for your records.
Simplify Your 1099 Submissions With PDF Templates
Make your 1099 form preparation effortless using one or several of our PDF templates.
Grab our Form 1099-NEC PDF Template below!
This template is meticulously crafted to streamline your filing process and enhance accuracy, both of which are essential for adhering to IRS stipulations.
Learn the correct steps to fill out a 1040-NR tax form with our easy-to-follow guide, tailored specifically for nonresident alien taxpayers.
Benefits of Using PDF Reader Pro's Template
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User-Centric Design: Crafted for simplicity, the template's intuitive structure allows for quick, precise input of information.
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Flexibility and Editability: PDF Reader Pro offers the ability to tailor the template to your unique requirements. Effortlessly modify or remove content as needed.
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Minimize Filing Errors: By automating data entry, the template significantly cuts down on the potential for mistakes, paving the way for a more efficient filing experience.
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Explore Additional 1099 Templates
Discover our top three 1099 PDF templates, designed to meet all your filing needs:
- IRS Form 1099B
- IRS Form 1099-MISC
- Form 1099a
- IRS Form 1099-NEC
- IRS Form 1099-K
- IRS Form 1099-LTC
- IRS Form 1099-INT
- IRS Form 1099B
- IRS Form 1099-G
Tax Day 2024: Best Practices
As Tax Day 2024 approaches, navigating the tax filing season efficiently becomes paramount for individual taxpayers and businesses alike.
Here are some best practices to ensure a smooth process:
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Prepare Early for the Federal Tax Return: Don't wait until the last minute. Start gathering your documents well before the tax filing deadline. This gives you ample time to review your individual tax returns and ensure accuracy.
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Utilize IRS Free File or IRS Direct File: For eligible taxpayers, these services offer a convenient and cost-effective way to file your taxes. IRS Free File partners with software companies to provide free tax preparation services, while IRS Direct File allows you to file your taxes directly on the IRS website.
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Opt for Direct Deposit for Tax Refunds: Direct deposit is the fastest way to receive your tax refund. Ensure your bank information is accurate to avoid delays.
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Maximize Tax Credits: Be aware of any tax credits you're eligible for, such as education credits or the Earned Income Tax Credit. These can significantly reduce your tax liability or increase your refund.
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Consider Payment Plans for Tax Payments: If you're unable to pay your full tax bill, the IRS offers payment plans. Setting one up can help manage your tax payments without adding unnecessary stress.
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Seek Help from Tax Professionals: If your tax situation is complex, consider hiring a tax preparer. Tax professionals can offer valuable advice, ensure you're taking advantage of all deductions and credits, and help navigate challenges, including those arising from natural disasters.
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Stay Updated on Tax Filing Season Developments: The IRS often announces changes or improvements, like transformation efforts, to streamline the tax filing process. Staying informed ensures you're taking advantage of all available resources and meeting all requirements.
By following these best practices, you can approach Tax Day 2024 with confidence, knowing you're well-prepared to meet all your tax obligations.
Tax Day 2024: FAQ
What Should I Expect for the Upcoming Filing Season?
Expect new updates and potentially streamlined processes as the IRS and software companies introduce enhancements for a smoother filing experience. Stay informed about any changes to ensure a hassle-free tax season.
How Can a Tax Preparer Assist Me?
A tax preparer can provide expert guidance, especially in complex tax situations, ensuring accuracy in your federal return and maximizing potential deductions and credits. They are particularly helpful in ensuring your paper return is error-free and filed on time.
Is There a Way to Get Additional Time to File My Federal Return?
If you need more time, you can apply for a tax extension, granting you extra time to file your individual income tax returns. However, note that while an extension gives additional time to file, it does not extend payment deadlines for any unpaid federal taxes.
How Does Direct File Work?
Direct File allows you to submit your federal income taxes online directly through the IRS, making the process quicker and more efficient. It's especially useful for those with straightforward tax situations or those who prefer handling their taxes independently without a tax preparer like H&R Block.
What Should I Know About Payment Deadlines for Quarterly Payments?
For those making quarterly payments, such as freelancers or independent contractors, it's crucial to adhere to the specific payment deadlines throughout the year to avoid penalties on unpaid taxes. Planning and marking these dates can help ensure your federal taxes are paid on time.
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