Important Tax Deadlines and Dates for 2024

Keeping an eye on key tax dates throughout the year is half the battle of staying on top of your taxes. In this post, we’ll go over the key tax dates in 2024, along with some tips on how to stay on top of them. 

Key 2024 Tax Dates

Here is a quick overview of some of the key tax dates in 2024:

• January 16th - 4th quarter 2023 estimated tax payments are due.

• January 18th – The IRS begins accepting tax returns and processing refunds.

• January 31st – Employers must send out all W-2s and most 1099s.

• April 15th – Tax Day! Form 1040 must be submitted unless you have filed an extension. It’s also the deadline to contribute to IRA and HSA accounts for 2023 and to pay your 1st quarter 2024 estimated taxes.

• June 17th – 2nd quarter 2024 estimated tax payments are due.

• September 16th – 3rd quarter 2024 estimated tax payments are due.

• October 15th – Deadline to file extended tax returns.

Important Personal Tax Filing Deadlines

While April 15th is the biggest of all days when it comes to key filing deadlines, there are still several other dates to be aware of when it comes to filing your personal taxes. This section looks at the key dates that have to do with filing your Form 1040. 

First Day to File 2023 Federal Tax Returns – Late January 2024

The IRS will begin processing tax returns for 2023 taxes in late January 2024. You will not be able to submit your tax return until then.

Deadline to Send W-2s and Most 1099s  – January 31st, 2024

If you work for an employer, you should receive a W-2 from them in early February. This is the primary form that you’ll need to use in order to complete your tax return, as it states how much you’ve earned this year and the taxes you’ve already paid on that income.

If you earned money outside of your employer through side gigs, investing, etc., you may receive a Form 1099. Most 1099s must also be sent by January 31st.

Some of the most common 1099s that taxpayers may receive include the following:

• 1099-NEC – For non-employee compensation like a contractor, freelancer, or gig worker that was paid over $600.
• 1099-K – These are for transactions with a payment settlement entity (PSE), a third-party network that facilitates transactions on behalf of people. Some common PSE’s include Lyft, Uber, and Upwork.
• 1099-INT – If you earned more than $10 in interest income, you should receive this form.
• 1099-DIV – Those who earned money via dividends or distributions through capital gains should receive this form.
• 1099-G – Certain government payments like unemployment benefits, taxable grants, and payments received from the Department of Agriculture are reported on this form.
• 1099-MISC – This captures pretty much every other kind of income, from rent payments to prizes and awards.

It’s important to ensure that you’ve received all of your 1099s before you go to file your tax return. If you haven’t received an expected 1099 by January 31st, it’s best to contact the company you’re expecting one from directly.

Deadline to Send Forms 1098 & 1098-T – January 31st, 2024

Forms 1098 and 1098-T allow you to claim deductions on your tax return. Therefore, it’s very important to ensure that you receive both of these forms if you’re owed them. 

You should receive a Form 1098 if you paid $600 or more in mortgage interest this year. This is essentially a reminder of how much you paid and are able to deduct from your taxes. 

Form 1098-T should be sent to you if you made qualifying tuition payments during the tax year. There are large deductions available around education expenses.

Filing Deadline and Last Day to Submit Extension Request (Tax Day) – April 15th, 2024

April 15th, disdainfully known as Tax Day, is the last day to file Form 1040 without incurring penalties or fees. However, you can also avoid fees and penalties if you file a tax extension by April 15th.

The deadline to file an extension is April 15th, 2024. Filing an extension gives you extra time to file your taxes without penalty; however, it does not give you extra time to pay your taxes.

A tax extension is a great way to get extra time to look for deductions and credits or collect additional information needed to accurately file your taxes. If you need help submitting an extension, check out our guide on how to file a tax extension. 

Deadline to File an Extended Tax Return – October 15th, 2024

If you file for a tax extension and it’s accepted, you’ll receive an extra 6 months to file your tax return. Therefore, the due date to file your taxes will be extended to October 15th, 2024. You’ll be able to file your taxes at any point before the extended deadline.

While a tax extension is a procrastinator’s dream, we don’t recommend waiting until October to start working on your tax return. It’s nearly impossible to get a second tax extension from the IRS, and if you submit your extended return late, you can expect to pay some hefty penalties.

Important 2024 Tax Payment Deadlines

While no one likes dealing with tax forms, making payments to the IRS is even worse! However, it’s essential to stay on top of key payment dates so that you don’t end up paying the IRS even more in late fees and penalties.

Mark your calendars because, in this section, we look at all of the important tax payment deadlines in 2024.

Last Day to Pay 2023 Taxes – April 15th, 2024

While the goal of paying taxes throughout the year is to avoid having to pay taxes when submitting Form 1040, inevitably, there may be some variance between what you paid and what you actually owe. 

If, after completing your tax return, you realize that you owe the IRS extra money, the last day to pay your 2023 taxes is April 15th, 2024. 

Estimated Tax Payment Dates

If you’re self-employed or worked a side gig in 2024, you should pay estimated quarterly taxes on that income throughout the year. This will help you avoid paying a large sum at the end of the year and avoid potential penalties on unpaid taxes.

To calculate your payments, take your anticipated tax liability for 2024 and divide it by 4. If you aren’t sure how much your tax liability will be in 2024, it’s good to at least pay what you did in 2023, unless there is a significant change to your income.

Estimated tax payments in 2024 are due:

• Period 1 (January 1st through March 31st): April 15th, 2024
• Period 2 (April 1st through May 31st): June 17th, 2024
• Period 3 (June 1st through August 31st): September 16th, 2024
• Period 4 (September 1st through December 31st): January 15th, 2025

Essential Deadlines for Tax-Advantaged Accounts

Tax-advantaged investment accounts like IRAs and HSAs offer a great way to save money on taxes. To take full advantage of them, you should pay attention to the key dates below to make the most of your contributions and avoid any unwanted penalties.

Last Day to Take Required Minimum Distributions (RMDs) if You Turned 73 in 2023 – April 1st, 2024

Once you turn 73, the government requires you to start taking required minimum distributions (RMDs) out of your tax-advantaged retirement accounts. Luckily, the year that you turn 73, the IRS gives you a couple of extra months to take out your RMDs. 

Last Day to Make IRA and HSA Contributions for 2023 – April 15th, 2024

Did you know that you can continue to contribute to your IRA and HSA accounts for the previous year well after the end of the calendar year? That’s right - if you haven’t maxed out your contributions yet, you can continue making contributions to the previous year until April 15th. 

If you have extra cash on hand and want to lower your overall tax bill, contributing to your HSA or IRA is one of the best ways to do it. You can reduce what you owe in taxes and have the option to invest that money to potentially make tax-free gains. 

Important 2024 Business Tax Filing Deadlines

If you own a business and do not report your business income on Schedule C of your 1040, then it’s possible that some of the key filing deadlines are different for your business than your personal tax filing deadlines.

In addition, businesses have to worry about submitting informational forms like Forms 1099 and Forms 3921 to the IRS. This section explores the key tax filing deadlines for both informational and tax purposes for businesses.

Deadline to Send W-2s to the Social Security Administration and Employees – January 31st, 2024

If you have employees working at your company, then you’ll need to send your employees a copy of their W-2s by January 31st. In order to fill out a W-2, you’ll need your employees' personal and payment information, including paid amounts, taxes withheld, and other applicable information. 

Note that if you’re paying someone who is not an employee over $600, you’ll need to file a Form 1099-NEC with the IRS and send the contractor a copy of this form. These are also due by January 31st.

Filing Deadline for Partnerships, Multi-Member LLCs, and S-Corporations – March 15th, 2024

All businesses other than C-Corporations and self-employed individuals are required to file their tax returns on the 15th day of the third month following the close of their tax year. Most businesses operate on a calendar year and, therefore, have a tax-filing due date of March 15th. 

If your business does not operate on the calendar year, then you just need to determine the date that your tax return is due. For example, if your business’s fiscal year ends on March 31, then your tax return would be due on June 15th. 

Businesses can also request a tax extension by using Form 7004. The extension is for up to 6 months and can prevent businesses from being assessed a late-filing penalty. 

Check out our post on filing a tax extension for an LLC to learn more about how to file a tax extension for the type of business that you own. 

Filing Deadline for C-Corporations – April 15th, 2024

If a C-Corporation operates using the traditional calendar year, then it has one additional month from other business tax structures to file their Form 1120. Therefore, the filing deadline for C-Corporations is April 15th.

However, if C-Corporations operate on a fiscal year that doesn’t align with the calendar year, then Form 1120 is due on the 15th day of the fourth month following the completion of the fiscal year.

Just like other business structures, C-Corporations can also request a tax extension to extend the filing deadline by six months from the original due date.

Deadline to File Extended Tax Returns for Partnerships and S-Corporations – September 16th, 2024

If a Partnership or S-Corporation follows the traditional calendar year and files an extension, the deadline to file their tax return is September 16th. Filing later than this will result in a late-filing penalty. 

If a Partnership or S-Corporation operates on a fiscal year, then the extended deadline to file is 6 months following the original filing deadline. 

Deadline to File Extended Tax Returns for C-Corporations – October 15th, 2024

If a C-Corporation follows the calendar year, then its last day to file an extended tax return is October 15th, 2024. If the corporation operates on a fiscal year that differs from the calendar year, then the extended deadline is six months following the original filing deadline.

Frequently Asked Questions About 2024 Tax Deadlines

While we’ve covered most of the key tax deadlines in 2024, you may still have some questions about how those deadlines work and what they really mean. In this final section, we look at some of the most commonly asked questions about 2024 tax deadlines.

When are 2023 Tax Payments Due?

If you owe money in taxes this year, any owed payments are due no later than April 15th. If you know that you’ll owe money for the 2023 tax year but can’t afford to pay, you have options, including:

• Paying up to 90% of your tax bill to avoid penalties
• Applying for penalty relief
• Setting up a payment plan
• Negotiating an offer in compromise

To learn more about your options, check out our post on handling taxes when you can’t pay by the deadline. 

When Can I Submit My Tax Return in 2024?

If you’re anxious to get your tax return submitted, the IRS is anticipated to start accepting tax returns starting in mid-late January 2024. You can submit your tax return any time between then and April 15th, 2024, without needing to file an extension.

Should I Request an Extension?

April 15th can sneak up extremely quickly. Instead of rushing to file your tax return, why not request an extension to file? Some of the reasons you may want to consider filing an extension include:

• You need extra time to look for credits and deductions, as these can change from year to year.

• You don’t have all of your tax forms, or you received them late.

• You’re coming up on the April 15th deadline, but haven’t started preparing your taxes yet.

It’s important to remember that an extension to file is not an extension to pay. Therefore, all of the payment due dates remain the same even if you file for an extension.

Check out our article on the implications of filing a tax extension to learn more about how filing a tax extension may benefit you. 

Are Tax Deadlines Always the Same?

Tax deadlines can actually change annually. If a tax deadline falls on a weekend or federal holiday, then the due date is pushed to the following business day. 

Unfortunately, in 2024, April 15th does not fall on either a holiday or weekend, and therefore, taxes are due no later than April 15th. 

When Will I Receive My Tax Refund in 2024?

If you end up being owed a tax refund when filing your 2023 tax return, you may be wondering when you will receive that refund. Tax refunds are not paid on a specific date but are typically paid within 21 days of the date your tax return was accepted. 

Therefore, if you file on January 18th, the earliest you can expect to receive your tax refund is February 8th, 2024.

If you wait until April 15th to submit your tax return, then technically, you can expect your refund by May 6th, 2024. However, due to the volume of people who wait until the last day to submit their tax returns, it could take much longer to receive your refund.

When is the Deadline to Contribute to My IRA and HSA?

Most people don’t realize that you can continue making IRA and HSA contributions for the previous calendar year well into the next year. In 2024, you can make contributions to your IRA and HSA accounts until April 15th, 2024, and still claim them as 2023 contributions.

When Can I Expect My W-2?

Employers are required to send out W-2 forms for their employees by January 31st, 2024. Most employers will send out W-2 forms well before the deadline, but receiving it by January 31st will give you plenty of time to prepare your tax return by April 15th. 

When Can I Expect My Form 1099?

A 1099 is an “informational form” that informs the IRS that you’ve received payment from a business or another individual who isn’t your typical employer. Most 1099s will be sent by January 31st, 2024; however, some 1099s can be sent as late as February 15th, 2024. Either way, this is still well before the April 15th tax deadline.

Do Businesses Have the Same Deadlines as Individual Taxpayers?

The type of business you own impacts when your taxes are due. As a general rule, C-Corporations and single-member LLCs have a tax-filing deadline of April 15th, while most other business types have a deadline of March 15th.

If your business operates on a fiscal year that differs from the calendar year, then taxes are generally due on the 15th day of the 3rd month following the conclusion of the fiscal year.

Do State Taxes Have the Same Deadlines as Federal Taxes?

While most states try to align their deadlines with the federal deadlines to make things easier for taxpayers, not all states have the same filing deadlines as the federal deadlines. 

Some states, like Virginia, always have a different tax deadline; however, some states will extend the due date from year to year for various reasons. It’s best to check your state’s tax site to confirm when the deadlines for state taxes are. 

Do No-Income Tax States Have a Filing Deadline?

Tax-free states do not have a filing deadline for state taxes because you don’t owe any taxes! Be mindful that you still need to file your federal return by April 15th, 2024, if you live in a no-income tax state. 

The states that do not charge income tax include:

• Alaska
• Florida
• Nevada
• New Hampshire
• South Dakota
• Tennessee
• Texas
• Washington
• Wyoming

What Happens If I Miss a Tax Deadline?

Missing a tax deadline can be costly. How you should handle missing a tax deadline depends on the tax deadline you miss.

• Missing a payment deadline – Pay as soon as possible to avoid penalties and interest from piling up.
• Missing a filing deadline – File your taxes as soon as possible to avoid the massive 5% per month penalty on taxes owed.

If you’re worried about potentially missing the tax filing deadline, file an extension ahead of time! That way, if you miss the filing deadline, you’ll avoid any potential late-filing penalties. Get started filing your tax extension at IRSextension.online today!