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When Are Taxes Due in 2024? Key Dates, Deadlines, and Filing Tips

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Introduction

As the year progresses, one critical question on everyone’s mind is, “When are taxes due in 2024?” Knowing the key dates and deadlines for tax filing is essential to avoid penalties and ensure a smooth filing process. This comprehensive article will explore the important tax deadlines for 2024, along with key keywords and subheadings to provide a detailed and informative guide. Whether you are an individual taxpayer, a business owner, or a tax professional, this guide will help you stay organized and prepared for the upcoming tax season.

1. Key Tax Deadlines for Individuals

Federal Income Tax Deadline

For most individual taxpayers, the deadline to file federal income tax returns for the 2023 tax year is Monday, April 15, 2024. This date marks the end of the traditional tax filing season, and it is crucial to file your return or request an extension by this date to avoid late filing penalties.

Requesting an Extension

If you are unable to file your federal income tax return by April 15, you can request an extension by filing Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.” This grants you an additional six months to file your return, moving the deadline to October 15, 2024. However, it is important to note that an extension to file is not an extension to pay any taxes owed. You must estimate and pay any taxes due by April 15 to avoid interest and penalties.

State Income Tax Deadlines

State income tax deadlines vary depending on the state in which you reside. Most states align their deadlines with the federal deadline of April 15, but some may have different dates. It is essential to check with your state’s tax authority for specific filing deadlines and extension procedures.

2. Key Tax Deadlines for Businesses

Corporation Income Tax Deadlines

For corporations operating on a calendar year, the deadline to file federal income tax returns (Form 1120) for the 2023 tax year is Monday, April 15, 2024. Corporations that operate on a fiscal year have different filing deadlines, typically the 15th day of the fourth month following the end of their fiscal year.

S Corporation and Partnership Deadlines

S Corporations (Form 1120S) and partnerships (Form 1065) have a filing deadline of March 15, 2024, for the 2023 tax year. Similar to individual taxpayers, these entities can request a six-month extension by filing Form 7004, extending the deadline to September 15, 2024.

Employer Quarterly Tax Deadlines

Employers are required to file quarterly payroll tax returns using Form 941. The deadlines for filing these returns in 2024 are as follows:

Additionally, employers must make regular payroll tax deposits based on their deposit schedule (monthly or semi-weekly).

3. Estimated Tax Payment Deadlines

For Individuals

Individuals who expect to owe at least $1,000 in taxes after subtracting withholding and refundable credits must make estimated tax payments. The deadlines for estimated tax payments in 2024 are:

For Corporations

Corporations must also make estimated tax payments if they expect to owe at least $500 in taxes. The deadlines for corporate estimated tax payments are the same as those for individuals:

4. Important Forms and Their Deadlines

W-2 and 1099 Forms

Employers must provide employees with Form W-2, “Wage and Tax Statement,” by January 31, 2024. Similarly, businesses and individuals who have made payments to independent contractors must issue Form 1099-NEC, “Nonemployee Compensation,” by January 31, 2024. These forms must also be filed with the IRS by the same date.

Form 1040

Form 1040 is the standard individual income tax return form. The deadline for filing Form 1040 is April 15, 2024. If you request an extension, the deadline is October 15, 2024.

Form 1120

Form 1120 is the corporate income tax return form. The filing deadline for calendar year corporations is April 15, 2024. For fiscal year corporations, the deadline is the 15th day of the fourth month following the end of their fiscal year.

Form 1065

Form 1065 is the partnership tax return form. The filing deadline is March 15, 2024, with an extension available until September 15, 2024, if Form 7004 is filed.

Form 1120S

Form 1120S is the S Corporation tax return form. The filing deadline is March 15, 2024, with an extension available until September 15, 2024, if Form 7004 is filed.

5. Penalties for Late Filing and Payment

Late Filing Penalties

The IRS imposes a penalty for failing to file your tax return on time. The penalty is typically 5% of the unpaid taxes for each month (or part of a month) that the return is late, up to a maximum of 25%.

Late Payment Penalties

If you fail to pay the taxes you owe by the deadline, the IRS charges a penalty of 0.5% of the unpaid taxes for each month (or part of a month) that the tax is unpaid, up to a maximum of 25%.

Interest on Unpaid Taxes

In addition to penalties, the IRS charges interest on any unpaid taxes from the due date of the return until the date of payment. The interest rate is determined quarterly and is the federal short-term rate plus 3%.

6. Tips for a Smooth Tax Filing Process

Organize Your Documents

Start organizing your tax documents early. Gather all necessary forms, receipts, and records to ensure you have everything you need when it’s time to file.

Use Tax Software or Hire a Professional

Tax software can simplify the filing process and help you avoid errors. If your tax situation is complex, consider hiring a tax professional to ensure your return is accurate and complete.

Double-Check Your Return

Before submitting your tax return, double-check all information for accuracy. Ensure that names, Social Security numbers, and amounts are correct to avoid processing delays.

File Electronically

Filing electronically is faster and more secure than filing a paper return. E-filing also provides confirmation that the IRS has received your return.

Pay Any Taxes Owed Promptly

If you owe taxes, pay them as soon as possible to avoid penalties and interest. The IRS offers various payment options, including online payments and installment plans.

7. Special Considerations for 2024

Changes in Tax Law

Stay informed about any changes in tax law that may affect your filing. The IRS website and reputable tax news sources are good places to find updates.

Impact of COVID-19

The COVID-19 pandemic has led to various tax relief measures and changes in filing requirements in previous years. Be aware of any ongoing or new relief provisions that may apply to your 2024 tax return.

Cryptocurrency Reporting

If you have engaged in cryptocurrency transactions, ensure you understand the reporting requirements. The IRS requires detailed reporting of cryptocurrency income and transactions.

8. Resources for Taxpayers

IRS Website

The IRS website (irs.gov) provides a wealth of information, including forms, instructions, and updates on tax law changes. It also offers tools for tracking your refund and making payments.

Taxpayer Advocate Service

The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers resolve problems and navigate the tax system. You can reach the TAS through the IRS website or by calling their helpline.

Free Tax Help Programs

Various programs offer free tax help to eligible taxpayers. The Volunteer Income Tax Assistance (VITA) program and the Tax Counseling for the Elderly (TCE) program provide assistance to low-income individuals and seniors.

Conclusion

Knowing when taxes are due in 2024 is crucial for avoiding penalties and ensuring a smooth filing process. By understanding the key deadlines, required forms, and potential penalties, you can be better prepared for the upcoming tax season. Whether you choose to file on your own or seek professional help, staying organized and informed will help you navigate the complexities of the tax system.

References

  1. Internal Revenue Service. (2023). IRS Tax Calendar. Retrieved from irs.gov
  2. U.S. Small Business Administration. (2023). Small Business Tax Obligations. Retrieved from sba.gov
  3. National Society of Accountants. (2023). Tax Deadlines and Extensions. Retrieved from nsacct.org
  4. Tax Foundation. (2023). Tax Policy and Analysis. Retrieved from taxfoundation.org

These references provide additional information and resources to support the content discussed in this article.

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