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Key Tax Deadlines for 2024

The 2023 tax season is officially upon us. Whether you’re a regular 9-to-5 employee or a self-employed entrepreneur, you’ll need to file an annual tax return by mid-April. But that isn’t the only important date to put on your calendar. Here are some other key tax deadlines to know for 2024. Being aware of them can help you avoid penalties and stay on the good side of the IRS.

When Are Taxes Due in 2024?

The deadline to file your 2023 individual tax return is April 15, 2024 (or April 17 if you live in Maine or Massachusetts). If you need more time, you can request a six-month extension that delays your deadline until October 15. Business tax returns are due on a different timeline, depending on the business structure.

What Is a Tax Return?

A tax return reports your income and deductions to the IRS. Deductions lower your taxable income, while tax credits directly reduce your tax bill and can result in a cash payout if they are refundable. Your tax return can also help you calculate how much income tax you owe for the year.

Workers who receive W-2 forms typically pay taxes throughout the year by having money withheld from their paychecks. Self-employed individuals and freelancers, on the other hand, are expected to make estimated tax payments every quarter. If you end up paying too much in taxes, you’ll receive a tax refund after filing your return.

Key Tax Deadlines to Know in 2024

• January 16: Due date for final estimated tax payment for 2023. This tax payment applies to income earned from September 1 through December 31, 2023.
• January 29: IRS begins accepting 2023 tax returns. Filing sooner can speed up your tax refund.
• April 15: Due date in most states to file your 2023 tax return. Gather necessary documents like W-2s, 1099s, and receipts for business expenses.
• April 15: First estimated tax payment due for 2024. This payment applies to income earned from January 1 through March 31, 2024.
• June 17: Due date for second estimated tax payment for 2024. This payment applies to income earned from April 1 through May 31.
• September 16: Due date for third estimated tax payment for 2024. This payment applies to income earned from June 1 through August 31.
• October 15: Last day to file your 2023 tax return with an extension. Even with an extension, you’ll need to estimate your 2023 tax liability and pay it by April 15.

Important Tax Filing Dates for Businesses in 2024

• January 31: Submit W-2 forms to the IRS and furnish copies to employees. Also, submit 1099 forms issued to independent contractors.
• March 15: Deadline for S-corporations and partnerships to file their 2023 business tax returns.
• April 15: Corporations must file their 2023 business tax returns by this date.
• September 16: Final day for S-corporations and partnerships to file their 2023 business tax returns with an extension.
• October 15: Last day for corporations to file their 2023 business tax returns if they received an extension.

Frequently Asked Questions

What Is the Penalty for Missing the Tax Deadline?

Missing the tax deadline can result in penalties and interest on any unpaid taxes. It’s crucial to file on time or request an extension if needed.

When Can I Expect My Tax Refund in 2024?

If you file your tax return early, you can expect your refund sooner. The IRS typically issues refunds within 21 days of receiving your return.

How to File a Tax Extension

You can file a tax extension by submitting Form 4868 to the IRS. This gives you an additional six months to file your return, but you still need to estimate and pay any taxes owed by the original deadline.

The Bottom Line

Whether you’re filing a tax return for yourself or a business, paying your taxes on time can prevent unwanted fees and penalties. Be sure to keep these important tax deadlines on your calendar. Working with a tax professional is another way to stay in the good graces of the IRS.

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