As we approach the 2023 tax season, it's crucial to stay informed about the key deadlines and requirements. This guide offers a comprehensive overview of the important dates for individual and business filers, along with answers to frequently asked questions to help you navigate the tax season with confidence.
Individual 2024 Tax Deadlines
January 16, 2024: 4th Quarter 2023 estimated tax payment due for self-employed individuals, independent contractors, and gig workers.
Early 2024: The IRS begins accepting and processing 2023 federal tax returns.
January 31, 2024: Employers' deadline to send out W-2 forms and certain 1099 forms.
February 15, 2024: Deadline to re-file Form W-4 for exemption from withholding.
April 1, 2024: Required minimum distribution due for those who turned 73 in 2023.
April 15, 2024: General tax filing deadline (Tax Day), also the deadline for filing Form 4868 for an extension, making IRA and HSA contributions for 2023, and for the first quarter 2024 estimated tax payment.
June 17, 2024: Second quarter 2024 estimated tax payment due.
September 16, 2024: Third quarter 2024 estimated tax payment due.
October 15, 2024: Deadline for those who requested an extension to file their 2023 tax return.
December 31, 2024: Required minimum distributions due for individuals aged 73 or older.
January 15, 2025: Fourth quarter 2024 estimated tax payment due.
Business 2024 Tax Deadlines
January 15, 2024: 4th Quarter 2023 estimated tax payment due for businesses.
March 15, 2024: Deadline for partnerships, multi-member LLCs, and S-Corporations to file tax returns.
April 15, 2024: Deadline for C-Corporations to file tax returns.
September 16, 2024: Deadline for extended partnership and S-corporation returns.
October 15, 2024: Deadline for extended C-corporation returns.
January 15, 2025: Fourth quarter 2024 estimated tax payment due for businesses.
FAQs
What happens if I miss a tax filing deadline?
If owed a refund, there's typically no penalty, but file as soon as possible.
If you owe taxes, file and pay as soon as possible to avoid accruing interest and penalties.
What's the fastest way to file my tax return?
Electronic filing (e-filing) with the IRS is the most efficient method. It’s secure and provides immediate confirmation of receipt. Combining e-filing with direct deposit is the fastest way to receive refunds.
What if I need more time to file my taxes?
You can request a six-month extension using Form 4868. Note that this extension only applies to filing, not to any tax payments due.
How does living in a disaster area affect my tax deadlines?
The IRS may offer relief and postpone deadlines for those in federally declared disaster areas. This includes extended deadlines for filing and payments.
What should I do if I made a mistake on my tax return?
File an amendment using Form 1040-X. Be sure to include any additional forms or schedules that are being changed or weren’t included in the original return.
Can I still contribute to an IRA or HSA for the previous tax year?
Contributions to an IRA or HSA for a specific tax year can be made until the general tax filing deadline of that following year, typically April 15.
Remember, staying informed and meeting these deadlines is crucial to avoid penalties and ensure a smooth tax filing process. For a more detailed view of all relevant tax deadlines, it's recommended to consult IRS Publication 509.