Deadline for Filing Taxes 2024: Key Dates and Essential Information

As the 2024 tax season approaches, you (along with many other Americans) are probably starting to feel the stress of tax deadlines, wondering about your tax liability, estimated tax payments, tax withholdings, and all the other tax-adjacent terms that make your head spin.

First things first, the Internal Revenue Service has set the opening date for filing your 2023 tax returns on January 29, 2024. This is the date when the IRS will begin to accept and process returns.

For the majority of taxpayers, the tax deadline to file a 2023 personal federal tax return and pay any taxes owed is April 15, 2024. If you reside in Maine or Massachusetts, you get an extension until April 17, 2024, due to local holidays. It is essential to mark these dates in your calendar to ensure you meet the filing deadline and avoid potential late filing penalties.

If you find that you need more time to prepare your return, you are eligible to request an extension, which can provide additional time to complete your tax paperwork thoroughly. However, an extension to file does not grant you more time to pay estimated taxes you may owe. Therefore, it’s crucial to get ready to file by organizing your documents, understanding the new tax changes for the year, and planning accordingly for any payments you’re required to make by the April deadline.

Important Dates and Deadlines

Staying on top of key tax dates ensures you meet your obligations without any last-minute rush. Below are the crucial deadlines for filing your taxes in 2024.

Tax Season Kickoff

The 2024 tax filing season begins on January 29, marking the date when the Internal Revenue Service (IRS) starts accepting and processing federal tax returns for the 2023 tax year.

Main Filing Deadline

For most taxpayers, your main tax filing deadline to submit your 2023 federal tax return, pay any tax owed, or request an extension using Form 4868 is April 15, 2024, which is widely recognized as Tax Day. However, if you live in Maine or Massachusetts, you have until April 17, 2024, due to Patriot’s Day and Emancipation Day holidays.

Extension Filing Deadline

If you request an extension with Form 4868, your new deadline to file will be October 15, 2024. Remember, an extension to file is not an extension to pay any taxes you owe, which are still due by the original tax deadline.

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Preparing Your Tax Documents

Filing your taxes and calculating your estimated tax payment requires careful attention to detail and an organized approach. You want to ensure that all your financial records are accurate and that you fully understand the forms and deductions involved. Begin by gathering your documents, know how to handle possible extensions with Form 4868, and inform yourself about deductions and credits to maximize your potential refund or minimize what you owe.

Gather Your Financial Records

To file your federal income tax return, begin by assembling all necessary financial records that report your income. This includes your Forms W-2 from employers, as well as any Forms 1099 if you received income from sources such as freelance work, interest, dividends, or retirement distributions. If you made estimated tax payments throughout the year, have those records at hand too. To accurately calculate your adjusted gross income, you’ll also need documents pertaining to any deductions or credits like the Earned Income Tax Credit or the Additional Child Tax Credit.

Understanding Form 4868

If you need extra time to prepare your tax return, submit a Form 4868 by the April 15 deadline to request an automatic six-month extension. It’s pivotal to understand that this extends the time to file your paperwork but does not extend the time to pay any tax owed. Estimate and pay any owed taxes by the original deadline to avoid potential penalties.

Deductions and Credits

Maximize your refund by taking advantage of all the deductions and credits for which you are eligible. Review your expenses to see if you qualify for itemized deductions, or take the standard deduction if it offers a better tax benefit. Deductions can lower your taxable income, while credits can reduce your tax bill on a dollar-for-dollar basis. Keep in mind that some deductions and credits have income limits, so calculate your adjusted gross income accurately.

Tax Return Filing Methods

When it comes to submitting your tax return, you have options that cater to different preferences and needs. These include electronic methods, which can be quick and efficient, as well as the traditional paper filing process.

E-file Options

IRS Free File: If your adjusted gross income is $79,000 or less, you qualify for the IRS Free File program. This initiative is a partnership between the IRS and various software companies to provide free tax filing software. Visit the IRS Free File website to choose a partner company and begin the process.

Tax Software Companies: For those earning above the threshold for the free file program or who prefer premium services, several tax software companies offer electronic filing options that can include additional support and guidance.

IRS2Go: The official mobile app of the IRS, known as IRS2Go, provides a convenient option for checking your return status and making payments. However, it does not support filing a return directly through the app.

IRS Direct File: Individuals comfortable preparing their own taxes can use IRS Direct File, a free electronic filing system available on the IRS website for filing a federal tax return.

Your Online Account with the IRS: Maintaining an online account with the IRS can simplify electronic filing and provide easy access to information like your tax record and the status of your return.

Paper Filing Process

If you opt for the traditional method, you will need to mail your tax forms to the IRS. Ensure that you have all the necessary forms, which can be downloaded from the IRS website or picked up at local IRS offices. Double-check that you have signed and dated all forms and that you attach all required documentation. When sending your forms, use certified mail to have proof of the date you filed. Remember, paper filings take longer to process than electronic submissions, which should be considered if you expect a refund or are near the deadline.

Special Considerations for Certain States

When filing your taxes, be aware of unique deadlines that apply in your state. If you’re a resident of Maine or Massachusetts, for example, the date to submit your tax returns may differ due to state-specific holidays.

Residents of Maine and Massachusetts

If you reside in either Maine or Massachusetts, you have an extended deadline due to Patriots Day, a holiday recognized in these two states. The IRS typically adjusts the tax filing deadline for residents of Maine and Massachusetts. For the 2023 tax year, your deadline to file is delayed to April 17, 2024.

In situations where your area is declared a federally declared disaster area, you may also receive additional time to file your taxes. This extension is part of the IRS’s effort to provide relief during difficult times. Check the IRS website or local resources to confirm if such relief applies to your situation.

Guidelines for Specific Tax Situations

In approaching the 2024 tax filing season, you must be aware of the different guidelines that apply to your specific tax situation. Whether you’re self-employed or managing investment income, understanding the reporting requirements and deadlines is crucial to ensure compliance and potentially maximize your tax benefits.

Self-Employed Tax Guidance

As a self-employed individual, you have specific tax considerations to keep in mind. You are responsible for making quarterly estimated tax payments to cover your income tax and self-employment tax. These payments are typically due on April 15, June 15, September 15, and January 15 of the following year.

  • Estimated Tax Payments: If your net earnings from self-employment exceed $400, utilize Form 1040-ES to calculate and pay your estimated taxes.
  • Retirement Contributions: You may contribute to a solo 401(k) or a SEP IRA, subject to contribution limits. The contributions you make can often reduce your taxable income.
  • Health Savings Account (HSA): If you have a high-deductible health plan, consider contributing to an HSA, which can offer tax advantages.

Investment Income Reporting

Your investment income must be reported accurately on your tax return. This includes income from stocks, bonds, and mutual funds.

  • Form 1099-DIV: You’ll receive a 1099-DIV form if you’ve earned dividends from your investments; ensure you report this income.
  • Capital Gains and Losses: Sale of investments results in capital gains or losses, which have their reporting requirements on Schedule D.

Remember to keep thorough records of your investment activities to support your filed tax documents and consult with a tax professional if you need tailored advice.

Need professional assistance with your personal taxes?

Our team of experienced CPAs is here to help! Request a quote today and let us handle your tax needs with expertise and personalized solutions.

Payments and Refunds

When managing your 2024 tax filings, understanding the logistics of payments and refunds is crucial. You’ll want to ensure accuracy when setting up direct deposit, know your options for handling tax payments, and be prepared for any refund delays.

Direct Deposit Information

Direct deposit is the fastest way to receive your tax refund. To use this method, you’ll need to provide your bank account and routing numbers on your tax return. Remember: double-check these numbers to avoid any delays.

Handling Tax Payments

If you have tax owed, several options are available for payment. You can pay online, by phone, or by mail. For those unable to pay in full, the IRS offers payment plans including installment agreements.

Managing Refund Delays

While direct deposit can quicken your refund process, there are circumstances that may cause refund delays. This could be due to errors in your return, incomplete information, or a need for further review. Keep in mind that the IRS provides an updated timetable for when you can generally expect your refund, including deductions like the Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC), with most related refunds expected to be available in taxpayer bank accounts by February 27 if there are no other issues with the return.

Tax Extensions and Exceptions

When the regular tax filing deadline approaches, you have the option to request an extension, giving you additional time to file your taxes without immediate penalties. However, it’s crucial to understand how to apply for this extension and to be aware of what penalties and interest may apply if you owe taxes.

How to Apply for an Extension

To apply for a tax extension, submit Form 4868 to the Internal Revenue Service (IRS) by the original filing deadline, April 15, 2024. By doing so, your filing deadline will be extended to October 15, 2024. Remember, an extension to file is not an extension to pay any tax owed; you are still expected to estimate and pay any taxes owed by the April deadline to avoid potential penalties.

Understanding Penalties and Interest

Penalties and interest may accrue on any taxes not paid by the original deadline. If you file for an extension but fail to pay the estimated taxes due by April 15, the IRS will typically charge both a late payment penalty and interest on the unpaid balance. The penalty is generally 0.5% per month on the amount owed, and the interest rate is determined quarterly. It’s in your best interest to pay as much as possible by the April deadline to minimize additional charges.

By taking advantage of the extension option and understanding the implications of late payments, you position yourself to manage your tax obligations effectively, avoiding unnecessary stress and financial burden.

Additional IRS Resources

To ensure an efficient tax filing process, the Internal Revenue Service (IRS) provides a suite of online resources and tools designed to assist you. These resources are easily accessible and tailored to help with a range of tax-related inquiries and tasks.

Getting Help Online

When preparing to file your taxes, the IRS website is a comprehensive first stop for getting ready with various guides and instructions at your disposal. Should you have specific questions or need assistance, online resources are available to clarify tax season queries, especially about notices or understanding the Individual Taxpayer Identification Number (ITIN).

  • IRS Notices: If you’ve received a notice from the IRS, it’s crucial to respond appropriately. Guidance on understanding and responding to different notices is available on the IRS website.
  • ITIN: For taxpayers without a Social Security number, obtaining or renewing an ITIN is key. Guidance about ITINs can be found within the IRS’s online resources.

Using IRS Tools and Apps

IRS2Go: The IRS2Go app is the official mobile application of the IRS. It contains several features to help manage your taxes:

  • Check your refund status.
  • Make a payment.
  • Find free tax prep assistance.

IRS Online Account: By creating an IRS online account, you can view your tax records, set up payment plans, and access various tax tools. This account makes managing your tax information easier.

  • Where’s My Refund?: This tool can track the status of your tax refund. It’s updated once a day, so you can get up-to-date information on where your refund stands.
  • Forms 1099-K: Learn about reporting requirements for Form 1099-K, Payment Card and Third Party Network Transactions, which is important for taxpayers with income from non-wage sources.

By leveraging these IRS resources, you can navigate the tax season with greater ease and confidence.

Need professional assistance with your personal taxes?

Our team of experienced CPAs is here to help! Request a quote today and let us handle your tax needs with expertise and personalized solutions.

Frequently Asked Questions

In this section, you’ll find precise answers to common inquiries surrounding important deadlines for filing taxes in the year 2024.

What is the last date to file tax returns without an extension for the 2024 tax season?

The last day to file your 2023 tax returns in 2024 without requesting an extension is April 15, 2024. Filing by this date ensures you meet the standard deadline.

Are there any specific dates to be aware of for business tax filings in 2024?

Business tax filings for C-corporations are due by April 15, 2024. If a business is taxed as an S-corporation or partnership, the returns should be filed by March 15, 2024.

What deadlines apply to those who have received an extension for their 2024 income tax returns?

If you filed for an extension, your new deadline to submit your 2023 income tax return is October 15, 2024.

What are the quarter due dates for 2024 estimated tax payments?

For estimated taxes in 2024, payments are due on April 15, 2024, for Q1; June 17, 2024, for Q2; September 16, 2024, for Q3, and January 15, 2025, for Q4.

How does the child tax credit affect my tax filings for the year 2024?

The child tax credit may offer you a reduction in your tax liability for each qualifying child. This could influence your tax filings and potential refunds in 2024.

In the event of a missed deadline, is there an option to file taxes after the due date in 2024?

Yes, you can still file your tax return after the deadline, but be aware this may result in penalties and interest charges accruing from the due date until the date of filing.

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
Picture of Ramin Mohammad

Ramin Mohammad

Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.

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