Preparing for the Tax Deadline 2024
- The 2024 tax filing deadline for submitting your 2023 tax return is April 15, 2024. If you need more time, you can file for a 6-month extension by April 15, 2024.
- Estimated tax payments for the 2024 tax year are due on April 15, 2024, June 17, 2024, September 16, 2024, and January 15, 2025.
- Business entities like partnerships, S-corps, and C-corps have tax filing and extension deadlines in March and April 2024. Non-profits generally file by May 15, 2024.
- E-filing your taxes is faster than paper filing, with quicker processing times, error checking, and instant confirmation from the IRS when they receive your return.
Tax season is always around the corner, and time waits for no one.
Now that the 2023 tax season is over, it’s time to look ahead to the future and get ready for the 2024 tax season. Remember, if you’re not ready to file your 2023 taxes by the 2024 tax deadline, you can always file for an extension.
Not a fan of planning ahead?
Then these deadlines are even more important for you.
You know the saying, "A stitch in time saves nine"?
You don't have to rush to file your taxes right away, but knowing the key dates and deadlines will save you a lot of hassle and maybe even some cash. Plus, don't forget that the sooner you file, the sooner you can get any refunds you're owed.
Whether you're an individual taxpayer or a business owner, these deadlines are your call to action - so check them out below:
|January 31, 2024
|W2 and 1099 Forms Mailing Deadline
|This is the deadline for employers to send out W2 forms and for businesses to furnish 1099s. You’ll want to have all of these on-hand before you file!
|April 15, 2024
|2023 Federal Tax Return Deadline
|The tax deadline 2024 is the final day to submit your 2023 tax return to the IRS. (If you have questions about submitting an extension to get an additional 6 months to file your taxes, you can contact us.
|April 15, 2024
|Deadline to Pay 2023 Taxes Owed
|All taxes owed for the 2023 tax year are due, even if an extension to file is requested.
|April 15, 2024
|Deadline for 2023 IRA, HSA Contributions
|The final day to make contributions to an Individual Retirement Account (IRA) or Health Savings Account (HSA) for the 2023 tax year.
|April 15, 2024
|Deadline to File a 2023 IRS Tax Return Extension
|Prepare and file for a federal tax extension. Remember, any taxes owed must still be paid by the original due date.
|October 15, 2024
|2023 Extended Federal Tax Return Deadline
|The final day to submit your tax return to the IRS if you filed for an extension.
|April 15, 2027
|Deadline to File an Amended 2023 Tax Return
|You generally have three years from the original tax deadline to file an amended tax return if you made a mistake on your original 2023 tax return.
Estimated Tax Payment Deadlines:
|January 16, 2024
|4th Payment Period 2023 Estimated Tax Payment
|If you are self-employed or have other fourth quarter income without tax withholding, this is the due date to submit Form 1040-ES for your fourth and final estimated tax payment for the 2023 tax year.
|April 15, 2024
|1st Payment Period 2024 Estimated Tax Payment
|First estimated tax payment deadline for the 2024 tax year.
|June 17, 2024
|2nd Payment Period 2024 Estimated Tax Payment
|Second estimated tax payment deadline for the 2024 tax year.
|September 16, 2024
|3rd Payment Period 2024 Estimated Tax Payment
|Third estimated tax payment deadline for the 2024 tax year.
|January 15, 2025
|4th Payment Period 2024 Estimated Tax Payment
|Fourth estimated tax payment deadline for the 2024 tax year.
Business-Related Tax Deadlines:
|March 15, 2024
|Partnership and S-Corp Tax Return Deadline
|This is the tax deadline 2024 for partnerships (including multi-member LLCs) and S-Corps to file their annual tax return with the IRS using Form 1065 or Form 1120-S (if they are a calendar year business).
|March 15, 2024
|Partnership and S-Corp Extension Request Deadline
|This is the deadline for partnerships (including multi-member LLCs) and S-Corps to file Form 7004 to request a six-month extension to file their annual tax return with the IRS.
|April 15, 2024
|C-Corp Tax Return Deadline
|This is the tax deadline 2024 for C-Corporations to file their annual tax return with the IRS using Form 1120 (if they are a calendar year business). If they need an extension, they can file Form 7004.
|April 15, 2024
|C-Corp Extension Request Deadline
|This is the deadline 2024 for C-Corporations to file Form 7004 to request a six-month extension to file their annual tax return with the IRS.
|July 31, 2024
|Employee Benefit Plan Return Deadline
|This is the tax deadline 2024 for sponsors of calendar-year benefit plans to file Form 5500 or Form 5500-SF with the IRS. Plan sponsors can request an extension to Oct. 15 by filing Form 5558.
|September 16, 2024
|Extended Partnership and S-Corp Tax Return Deadline
|This is the extended deadline for partnerships (including multi-member LLCs) and S-Corps that filed Form 7004 by March 15 to submit their annual tax return with the IRS using Form 1065 or Form 1120-S.
|October 15, 2024
|Extended C-Corp Tax Return Deadline
|This is the extended deadline for C-Corporations that filed Form 7004 by April 15 to submit their annual tax return with the IRS using Form 1120.
|October 15, 2024
|Extended Employee Benefit Plan Return Deadline
|This is the extended deadline for sponsors of calendar-year benefit plans that filed Form 5558 by July 31 to submit their annual return with the IRS using Form 5500 or Form 5500-SF.
Non-Profit Organizations Tax Deadlines:
|May 15, 2024
|Non-Profit Tax Return Deadline
|This is the tax deadline 2024 for most non-profit organizations that use a calendar year as their fiscal year to file their annual tax return with the IRS using Form 990 or Form 990-EZ, depending on their size and activities.
|May 15, 2024
|Exempt Organization Extension Request Deadline
|This is the tax deadline 2024 for non-profit organizations that use a calendar year as their fiscal year to file Form 8868 to request a six-month extension to file their annual tax return with the IRS.
|November 15, 2024
|Exempt Organization Extension Deadline
|This is the extended deadline for non-profit organizations that use a calendar year as their fiscal year and filed Form 8868 by May 15 to submit their annual tax return with the IRS using Form 990 or Form 990-EZ.
Keeping Track of all the Tax Deadlines
With so many tax deadlines to keep track of, you may be wondering how you’re going to keep track of them all. Here are a few simple tips to stay on top of the tax deadlines:
Identify Which Ones Apply to You: You’re not going to need to keep track of every single deadline listed above. Run through the list of deadlines and determine which ones apply to your tax situation.
Put the Deadlines on Your Calendar: Put your personal filing deadlines on your personal calendar and the business filing deadlines on your work calendar. Don’t set up a separate calendar just for tax deadlines because you won’t remember to check it throughout the year.
Set Reminders: Despite putting things on a calendar, they can still get overlooked. Make sure to set reminders on your phone or computer that alert you well in advance of important deadlines.
Automate Payments: You can automate estimated payments to get taken out of an account on a certain day. This is the easiest way to never miss an estimated payment deadline because you don’t even have to think about them! Just make sure that you have enough money in your account to cover the cost of your estimated payment, or you may end up owing additional fees.
The Virtues of E-Filing
Once you have these dates for the tax deadline 2024 marked on your calendar, you can start preparing your tax documents and records. Before you do that, though, you need to decide how you want to file your taxes: on paper or electronically.
But, which one is better?
Well, e-filing has some big advantages over paper filing, such as:
- Faster processing times. The IRS can process your e-filed return in as little as 21 days, compared to six to eight weeks for a paper return.
- Fewer errors. E-filing reduces the chances of making mistakes on your return, such as math errors or missing information. The IRS also checks your e-filed return for accuracy and completeness before accepting it.
- Immediate confirmation of receipt. When you e-file your return, you get an acknowledgment from the IRS that they received it. You don't have to worry about your return getting lost or delayed in the mail.
Not only that, filing is also the way to go if you need to file an extension for more time. IRS Extension Online offers a fast, easy, and secure way to e-file your extension request. You can complete the process in minutes and get instant confirmation that your request was accepted.
No hassle, no stress, no penalties. You can now relax and focus on filing your tax return by the extended deadline of October 15, 2024.
Why can't everything be this easy?
What Happens If You Miss the Deadline?
What happens if you miss the tax filing deadline and the deadline to file for an extension?
Well, it depends on whether you owe taxes or not. If you don't owe any taxes, or if you're due a refund, there's no penalty for filing late. However, you won't get your refund until you file your return. And if you wait too long, you may lose your refund altogether. The IRS generally has three years from the due date of your return to issue a refund.
If you do owe taxes, however, filing late can cost you a lot.
The IRS will charge you a late-filing penalty of 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. On top of that, you'll also have to pay a late-payment penalty of 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.
But don't lose hope - simply file your tax return as soon as possible to limit fees and interest.
How to Avoid the Late-Filing Penalty:
Of course, it's better to avoid the late filing penalty altogether by filing for an extension by the original due date of your return. An extension gives you six more months to file your return without any penalties.
So, if you realize that you can't file by the tax deadline of 2024, make sure to file for a tax extension by that date to get an additional 6 months to file your return.
How to File a Tax Extension
If you want to avoid the late-filing penalty by filing a tax extension, then you’ll need to know how to file one! Filing a tax extension is a relatively easy process if you follow the steps below:
Gather necessary information: You’ll need to have some basic information like your social security number and your legal name on hand. In addition, if you’re filing a joint tax extension, you’ll also need the same information for your partner.
Calculate your owed taxes: In order to submit a tax extension, you’ll need to have a good estimate of how much you expect to owe in taxes. This can be calculated by figuring out your tax liability and then subtracting what you’ve already paid in taxes and any tax credits you can use.
Submit your Form 4868: The easiest way to submit Form 4868 is by filing your tax extension online. Doing so allows you to avoid errors and get approval confirmation quickly. However, you can also mail your Form 4868 to the IRS.
Pay Taxes: Unfortunately, you have to estimate and pay any taxes you owe when filing your tax extension.
If you file for an extension, you should get started on your tax return well before the extended filing deadline. This ensures that you won’t come into another tight bind during the extension deadline.
Do Tax Deadlines Change?
Yes, as confusing as it may be, tax deadlines can change throughout the year. Filing deadlines and payment deadlines can shift if you live in a natural disaster area. You should receive a notice from the IRS if a payment deadline or filing deadline has shifted, but you can also check the IRS tax relief in disaster situations page to see if you live in a qualified area.
In addition, military members who are stationed overseas get an automatic two-month extension to file their tax return. Therefore, any military member who is stationed overseas in 2024 automatically has until June 15, 2024, to file their tax return without needing to formally submit Form 4868.
What if I Don’t Receive a W-2 From My Employer?
As you may have noticed above, the deadline to receive your 2023 W-2 from your employer is January 31st, 2024. However, what do you do if January 31st rolls around and you still haven’t received your W-2?
Check online: While your employer is required to send you a W-2 by January 31st, it doesn’t have to be sent via mail. Therefore, you should check your e-mail or any online portals your company uses to see if maybe it got overlooked.
Ask your employer: If you don’t work for the company anymore or aren’t comfortable asking a manager, ask your HR or accounting department if they sent your W-2.
Contact the IRS: If your employer doesn’t provide you with a W-2, it’s time to get the IRS involved. They’ll usually make you wait until the end of February; however, if you still haven’t received your W-2 by then, the IRS can help if you contact them.
File a Tax Extension – If the beginning of March rolls around and you still haven’t received your W-2, then it’s best to file for a tax extension. That way, you don’t end up paying late-filing penalties because of your employer's error.
File Form 4852 – If you don’t receive a W-2 from your employer after the IRS intervenes, you can submit a Form 4852 in lieu of a W-2 when you file your tax return. To help verify that the information input on Form 4852 is accurate, you can request a wage and income transcript from the IRS.
As you can see, you have options that can keep you on track with the filing deadline if your employer fails to send you a W-2 in a timely fashion. If you’re worried at all about missing the filing deadline due to a missing W-2, then it’s best to file a tax extension to avoid any penalties.
What if I Miss a Quarterly Estimated Payment?
If you make income that doesn’t have taxes automatically taken out of it, then you’ll need to pay the IRS quarterly estimated payments. In 2024, quarterly estimated payments are due:
April 15th, 2024
June 17th, 2024
September 16th, 2024
January 15th, 2025
If you miss a payment date, it’s important to make the estimated payment as soon as possible. Late payment penalties are also charged if you miss a quarterly payment. Therefore, each month your quarterly payment remains unpaid, you are charged an extra 0.5% of the amount owed in addition to whatever the current interest rate is.
Unfortunately, even if you pay what you owe completely by the end of the year, you’ll still be charged the penalty plus interest on the quarter that you missed or were late for paying.
Luckily, when you make your estimated payments for a given year, as long as you pay at least 100% of your previous year’s tax liability in four equal payments and have an AGI of under $150,000, you won’t be charged late payment penalties. If you have an AGI of over $150,000, then you’ll need to pay at least 110% of your previous year's liability.
When Should I Start Preparing My Tax Return?
Deciding when to start preparing your tax return may be a little more difficult than it first seems. While reviewing your tax strategy and keeping track of potential deductions should be a yearlong activity in 2023, the act of preparing your tax return needs to wait until at least the start of 2024.
Why do you need to wait until 2024 to start preparing your 2023 tax return? You won’t be able to provide the IRS with an accurate picture of your 2023 fiscal performance until year-end. In addition, most of the tax forms that you need to complete your tax return aren’t even sent out until January 31st.
In addition, even if you receive all of the tax documents you need to file your tax return in early January, the IRS won’t even accept the first Form 1040 for the 2023 tax year until mid-late January 2024.
Therefore, while you can start working on your tax return as soon as you have all of the necessary tax documents, you shouldn’t aim to submit your 2023 tax return until at least late January 2024.
That's it - you've made it to the end!
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