Tax Deadlines
Your Takeaways:
- Important deadlines include: January 15 for 4th quarter estimated payments, January 31 for W-2s and 1099s, April 15 for filing taxes and extensions, IRA contributions, estimated payments.
- If you owe taxes and miss the April 15 deadline, you'll face penalties for late filing and late payment. No penalty if you're owed a refund.
- To avoid late fees, file an extension by April 15 if you need more time. Extensions push deadline to October 15.
No one likes to think about taxes, but knowing the tax deadlines throughout the calendar year can help you save thousands by avoiding fees and penalties.
Bookmark this page or add it to your calendar, because this article provides the most important tax deadlines you'll need to know.
When Are Taxes Due?
Generally, taxes for individuals are due every year on April 15th. However, if the 15th falls on a Saturday, Sunday, or Federal Holiday, then the due date is pushed to the following business day. Additionally, if you request a tax extension, then your tax due date gets pushed 6 months to October 15th.
For corporations, the rules work a little differently. A corporation's (that's not an S corp) tax return is generally due by the 15th of the 4th month following the end of the corporation's tax year. (Note that this exception does not apply to self-employed individuals or gig workers.)
Important Tax Deadlines
April 15th, commonly referred to as Tax Day, is only one of many tax dates in a calendar year that you have to worry about. Lucky for you, we've compiled a list of every tax date you should be aware of.
Below are the important tax deadlines to remember if you're an individual filer. This includes employees, retirees, self-employed individuals, individual contractors, and side hustlers.
January 15th: 4th Quarter Estimated Payments are Due
If you have an income source that doesn't have income tax withheld automatically, then you are usually required to pay quarterly estimated tax payments. The last day to make your estimated quarterly tax payment for the 4th quarter of the previous year is January 15th.
Late January: IRS Begins Accepting Tax Returns
The IRS doesn't just start accepting tax returns on January 1st of every year. The date varies from year to year; however, they typically begin accepting the previous year's tax returns starting in late January.
January 31st: W-2s & 1099s
W-2s must be sent: Employers are required to send their employees the previous year's W-2 by January 31st. You may not receive your W-2 by this date, but rest assured, it's on the way.
Most 1099s are sent: January 31st is also the day that most Form 1099s are sent. This includes 1099-NEC, 1099-MISC, and 1099-K. In most cases, if you made income from some way other than your employer (i.e., investments, a side hustle, etc.), you'll receive a 1099.
February 15th: Last Day to Re-File Exemption from Withholding
If you are one of the lucky few who is exempt from paying taxes on income from your employer, the last day to re-file for a withholding exemption via a W-4 is February 15th. In order to qualify, you must not have owed taxes the previous year and not expect to owe taxes for the current tax year.
April 1st: Required Minimum Distributions are Due (if you turned 72 the previous year)
If you turned 72 during the previous year (or 73 if you reach age 72 after Dec. 31, 2022), then you must take your required minimum distributions (RMDs) by April 1st. If you turn 72 in the current year, then you have until next April 1st to take your RMDs.
April 15th: Tax Day
April 15th is the Big Kahuna of tax deadline days! There are a lot of deadlines that fall on this date, including:
Deadline to File Taxes: This is the last day to file your tax return for the previous year and pay any taxes you may owe to the IRS.
Deadline to File an Extension: If you'd rather wait to complete your tax return, you can always file a tax extension. However, your Form 4868 (the form used to request an extension) must be filed by April 15th. Remember, filing an extension doesn't get you out of paying your taxes, so you'll still need to pay any taxes you expect to owe.
Last Day to Contribute to IRAs and HSAs for the Previous Year: If you haven't made the maximum contribution to your HSA or IRA for the previous year, you have until April 15th to count contributions. After that date, contributions generally go towards the current tax year.
1st Quarter Estimated Taxes are Due: If you're earning income without automatic tax withholding, this is the deadline to pay your Q1 estimated taxes. You can determine your estimated payments by calculating how much in taxes you expect to owe, dividing it by 4, and paying that in 4 quarterly installments.
June 15th: 2nd Quarter Estimated Tax Payments are Due
After a nice long break from worrying about taxes, it's once again time to pay your quarterly estimated tax payments to the IRS.
September 15th: 3rd Quarter Estimated Tax Payments are Due
It's that time again! Make sure to mark the deadlines for estimated payment deadlines; they can sneak up on you and don't occur during the typical tax season.
October 15th: Deadline to File Extended Return
If you filed an extension, the deadline to file your tax return is October 15th. If you file your taxes later than this, they will be considered late.
December 31st: End-of-Year Deadlines
While December 31st is best known for celebrating the new year, it's also a big day for tax deadlines. The deadlines that fall on December 31st include the following:
Last day to take RMDs for anyone 73 or older
Last day to convert a traditional IRA to a Roth IRA and have it count for the current tax year
Last day to sell capital assets to realize a gain or loss in the current tax year
Last day to have charitable gifts count towards the current tax year
It's essential to note that the above dates and deadlines may change if they fall on a Saturday, Sunday, or Federal holiday. In those cases, the due date is pushed to the next business day.
What Happens if You Miss the Filing Deadline?
If you miss the filing deadline and don't file a tax extension, it can be fairly costly, depending on your tax situation.
If you owe taxes, The IRS will charge you:
Late-filing penalty - 5% of the unpaid tax for each month or part of a month that your return is late, up to a maximum of 25% of your unpaid taxes.
Late-payment penalty - 0.5% of the unpaid tax for each month or part of a month that your payment is late, also capped at 25% of your unpaid tax as of the due date.
The good news is that if the IRS owes you money on your tax return, then you won''t receive a penalty for filing late. However, if you don't file within 3 years of your filing deadline, the IRS may not issue you your tax refund.
Avoid Late-Filing Fees
If the tax deadline is coming up quickly and you're worried about missing the filing deadline, file for an extension! With IRS Extension, filing for an extension is free and easy. You'll be able to submit your request online! Get started filing an extension today.
Current Year Tax Deadlines
If you're looking for the exact tax deadlines for the current year, click on the tax year that you are filing for:
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