As we approach another tax year, it’s crucial to stay informed about the tax deadlines for filing and paying your taxes in 2024. Understanding these deadlines ensures that you avoid IRS penalties and make the most of any potential tax refund. This article will provide a comprehensive guide to the important tax deadlines and tax payments for the year 2024.
Key Tax Deadlines in 2024
The Main Tax Day: April 15, 2024
April 15, 2024, is the most significant date for most taxpayers. This is the due date for filing your federal income tax return and paying any taxes owed. If you can’t file your tax return by this date, you can request a tax extension.
What Happens If You Miss April 15, 2024?
If you miss the April 15 tax filing deadline, you could face late payment penalties and interest on any unpaid taxes. Filing a tax extension by this date will give you until October 15, 2024, to submit your tax return.
Estimated Tax Payments Due Dates
Self employed individuals, independent contractors, and others who do not have taxes withheld from their paychecks need to make quarterly estimated tax payments. Here are the due dates for these estimated tax payments in 2024:
- April 15, 2024: First estimated tax payment for 2024.
- June 17, 2024: Second estimated tax payment for 2024.
- September 16, 2024: Third estimated tax payment for 2024.
- January 15, 2025: Fourth estimated tax payment for 2024.
State Income Taxes Deadlines
While federal income taxes are due on April 15, state income taxes deadlines can vary. Check with your state’s tax agency to confirm the due dates for your state taxes.
Corporate Tax Deadlines
- C Corporations: April 15, 2024.
- S Corporations: March 15, 2024.
Estimated Taxes for Corporations
Corporations must also make estimated tax payments throughout the year, typically following the same schedule as individuals: April 15, June 17, September 16, and January 15 of the following year.
Tax Filing Options
E-filing and Paper Filing
- E-filing: The IRS recommends filing electronically for faster processing and quicker tax refunds. Most taxpayers can use the IRS’s e-filing system or authorized providers.
- Paper Filing: You can still file a paper tax return, but expect longer processing times.
Direct Deposit and Direct Pay
- Direct Deposit: Opt for direct deposit to receive your tax refund faster.
- Direct Pay: Use the IRS’s direct pay option for a secure and immediate way to pay your taxes.
Critical Tax Deadlines and Dates for 2024
Individual Filers: Employees, Retirees, Self-Employed Individuals, Independent Contractors, and Gig Workers
January 16, 2024 – Final 2023 Estimated Tax Payment Due
If you’re self-employed or have other income without tax withholding, and you make quarterly estimated tax payments, this is the deadline for your final payment for the 2023 tax year.
January 29, 2024 – Start of 2023 Tax Season
This date marks when the IRS begins accepting and processing 2023 federal tax returns.
January 31, 2024 – Deadline for Employers to Send W-2 Forms
Employers must send out W-2 forms by this date. This ensures you can complete your tax return on time. Although employers must send the forms by January 31, you might not receive them exactly on this date.
January 31, 2024 – Distribution of Certain 1099 Forms
Various 1099 forms, including 1099-NEC, 1099-MISC, and 1099-K, must be sent by this date. These forms report payments not made by an employer, such as income from freelancing, interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, the due date is the next business day.
February 15, 2024 – Reclaim Exemption from Withholding
If you claimed an exemption from tax withholding in the previous year by filing a Form W-4, you need to re-file this form by February 15 to continue the exemption. This applies if you expect to have no tax liability this year and had none last year.
April 1, 2024 – Required Minimum Distribution (RMD) Due
If you turned 73 in 2023, you must take your first RMD from your retirement account by April 1, 2024, due to changes from the SECURE Act 2.0.
April 15, 2024 – Tax Day
This is the standard deadline for filing federal income tax returns unless extended due to a local holiday. Missing this deadline can result in penalties and interest.
April 15, 2024 – Deadline to File Form 4868 for an Extension
If you can’t complete your tax return by April 15, you can file Form 4868 to request a six-month extension, giving you until October 15, 2024. However, you must still pay any taxes owed by April 15.
April 15, 2024 – Last Day to Make IRA and HSA Contributions for 2023
This is the final date to contribute to your IRA or HSA for the 2023 tax year.
April 15, 2024 – First Quarter 2024 Estimated Tax Payment Due
For those making estimated tax payments, this is the due date for the first quarter payment. Use IRS Form 1040-ES to calculate your estimated tax liability.
June 17, 2024 – Second Quarter 2024 Estimated Tax Payment Due
This date marks the deadline for the second quarter estimated tax payment. These payments are not evenly spaced throughout the year.
September 16, 2024 – Third Quarter 2024 Estimated Tax Payment Due
The third quarter payment is due on this date.
October 15, 2024 – Deadline for Extended 2023 Tax Returns
If you filed for an extension, your tax return must be submitted by October 15.
December 31, 2024 – RMD Deadline for Individuals Aged 73 or Older
By this date, those who turned 73 in 2023 must take their 2024 RMD.
January 15, 2025 – Fourth Quarter 2024 Estimated Tax Payment Due
This is the final quarterly estimated tax payment for 2024. If you opted to pay 100% of your previous year’s tax liability, any unpaid taxes are due when you file your 2024 tax return by April 2025.
Consequences of Missing Deadlines
IRS Penalties and Interest
Failing to meet tax deadlines can result in IRS penalties and interest charges. It’s crucial to file taxes and pay taxes on time to avoid these additional costs.
Late Payment Penalties
The IRS charges penalties for late payment of taxes. The penalty is usually a percentage of the taxes owed and accrues each month that the tax payment is late.
Special Considerations
Tax Extensions
If you need more time to file your tax return, you can request a six-month extension from the IRS. This extends your tax filing deadline to October 15, 2024. However, this does not extend the time to pay any taxes due.
Self Employment Taxes
Self employed individuals must pay both the employee and employer portions of self employment taxes. These are included in your estimated tax payments.
Unpaid Taxes from Previous Years
If you have unpaid taxes from previous years, you need to address these as soon as possible to avoid additional penalties and interest.
Tax Refunds
To ensure you receive your tax refund quickly, file electronically and choose direct deposit.
Preparing for the 2024 Tax Year
- Organize Your Documents- Gather all necessary documents, including W-2s, 1099s, and receipts for deductible expenses. Having everything organized will make the tax filing process smoother.
- Review Your Tax Withholding- Make sure your tax withholding aligns with your expected tax liability. Adjusting your withholding can help avoid owing money at the end of the year.
- Consult a Tax Professional- If your taxes are complex, consider consulting a tax professional. They can provide guidance and ensure you meet all tax deadlines.
- Plan for Estimated Taxes- If you’re self-employed or have other income not subject to tax withholding, plan for your estimated taxes. Making timely estimated tax payments can help you avoid penalties.
- Keep Track of Tax Deadlines- Mark important tax deadlines on your calendar. This will help you stay on top of your tax obligations and avoid last-minute stress.
- Consider Electronic Filing- Electronic filing is faster and more secure than paper filing. It also speeds up the process for receiving your tax refund.
Final Thoughts
Staying informed about the important tax deadlines for 2024 can help you manage your tax payments and avoid penalties. Whether you’re a self employed individual making estimated tax payments or a regular employee filing your federal income tax return, understanding when taxes are due is crucial.
Make sure to file your taxes on time, consider electronic filing, and use direct deposit to receive your tax refund quickly. If you have questions or need assistance, consulting a tax professional can provide valuable guidance.
By staying organized and proactive, you can navigate the 2024 tax season smoothly and efficiently.
Frequently Asked Questions
What Are the Due Dates for Estimated Tax Payments in 2024?
The estimated tax payments for 2024 are due on:
- April 15, 2024
- June 17, 2024
- September 16, 2024
- January 15, 2025
Can I Request a Tax Extension?
Yes, you can request a tax extension from the IRS to extend your tax filing deadline to October 15, 2024. However, this does not extend the deadline to pay any taxes due.
What Happens If I Miss the April 15 Tax Deadline?
If you miss the April 15 tax deadline, you may face penalties and interest on any unpaid taxes. Filing a tax extension can help you avoid some of these penalties.
How Can I Pay My Taxes?
You can pay your taxes online through the IRS website, by mail with a check or money order, or through direct pay from your bank account.
What Are the Consequences of Unpaid Taxes?
Unpaid taxes can result in penalties and interest charges from the IRS. It’s important to pay taxes on time to avoid these additional costs.
How Do I Receive My Tax Refund Quickly?
To receive your tax refund quickly, file electronically and choose direct deposit.
