Tax season can be stressful, but with advance planning, it can go lot more smoothly. The official deadline for filing your federal income tax return each year is typically April 15, although that date isn't set in stone. When April 15 falls on a Saturday, Sunday, or a legal holiday, the deadline shifts to the following business day. Other national events may also cause the deadline to change.
Although the Internal Revenue Service (IRS) usually starts processing tax returns in late January each year, you can begin submitting as soon as you have gathered all the required documentation. If you need to file an extension, you must do so before Tax Day. You must also pay as much of your tax bill as you can by that date as well. Then, you must file your extension by or around October 15. You'll discover all the crucial dates in this guide, ensuring a quick and simple tax filing procedure.
When are Federal Income Taxes Due in 2024 ?
April 15, 2024 is a deadline for paying any taxes owed for 2023, including self-employed individuals and those who make quarterly estimated tax payments.
Moreover, Form 4868 must be submitted no later than April 15, 2024, to request a six-month tax delay. On January 29, 2024, the IRS started receiving and processing tax returns.
Another set of dates apply to self-employed individuals and others who pay anticipated taxes. Four times a year, in January, April, June, and September, estimated taxes are routinely collected.
Federal Tax Filing Deadlines for 2024 :
Tax filing deadlines often fall within a set, broad range. These are the deadlines you need to be aware of when it comes to filing your tax return. Here are the federal income tax deadlines for 2024 :
Individual income tax returns :
The deadline for most taxpayers is Monday, April 15, 2024, for them to file their personal federal tax return, pay any taxes owed, or request an extension of time to file.
Owing to the Patriot's Day and Emancipation Day holidays, taxpayers in Maine and Massachusetts have until April 17, 2024. A taxpayer may also have more time to submit if they live in an area that has been declared a disaster by the federal government.
Corporation income tax returns (IRS Form 1120) :
The deadline for businesses is April 15, 2024. If the corporation runs on a fiscal year rather than a calendar year, the deadline for Corporation returns is normally the 15th day of the fourth month after the conclusion of the corporation's fiscal year.
Partnership and S-corporation returns (IRS Form 1065 IRS and Form 1120-S respectively) :
Partnership and S-corporation returns are typically due on March 15. But, if you ask for an automatic six-month extension, the deadline is September 15.
Receiving W-2 Form :
Your W-2 form detailing your earnings must be sent to you by your employer by January 31. Independent contractors must also receive the majority of their 1099 forms by this date.
Note :
Estate taxes, gift taxes, trusts, exempt organizations, some types of companies, foreign partnerships, and nonresident aliens do not have filing dates and deadlines on the 2024 IRS calendar. To learn when you must file for one of these situations, visit the relevant page on the IRS website.
When are Taxes Due, If I Request a Tax Extension ?
October 15, 2024 is a deadline for filing a tax return if an extension was requested by the April 15 deadline.
Your federal tax return is due on October 16 unless you submit Form 4868 to request an extension. To be eligible for the extension, Form 4868 must be submitted before tax day. You have more time to file your taxes if you obtain a tax extension, but you do not have more time to pay them. You'll still need to calculate how much tax you owe and pay it before April 18th. Some people may be qualified for automatic extensions, such as select military personnel or those impacted by natural disasters.
All Federal Tax Deadlines by Months
If you'd rather just flick through and mark them on your calendar, important dates are listed below in chronological order. They also contain some additional due dates that may be relevant to you.
January 2024: Initiating the Tax Filing Season
Kickstart the year with prompt adherence to January tax deadlines:
- January 10: Report tipsfor December 2023 to employer
- January 16: Submit estimated tax payment for 4th quarter of 2023
- January 31: Deadline to file and pay 2023 taxes in full if not making an estimated tax payment in January
Ensure timely compliance to set the tone for the tax year ahead.
February 2024: Sustaining Compliance Amidst New Year Obligations
Maintain compliance amidst evolving obligations in February:
- February 12: Report tips for January 2024 to employer
- February 15: File Form W-4 to reclaim exemption from withholding for 2024
Stay ahead of tax obligations with prompt action in February.
March 2024: Addressing Industry-Specific Deadlines
Navigate industry-specific deadlines in March with precision:
- March 1: Farmers and fishermen file 2023 tax return to avoid penalty if estimated tax not paid by January
- March 11: Report tips for February 2024 to employer
Adhere to March deadlines to ensure compliance tailored to your industry.
April 2024: Key Milestones in Tax Compliance
April signifies pivotal milestones in tax compliance:
- April 1: First Required minimum distribution (RMD) by individuals who turned 73 in 2023
- April 10: Report tips for March 2024 to employer
- April 15: File 2023 tax return and pay tax due
- April 15: File Form 4868 to request 6-month income tax return filing extension (payment of tax not extended)
- April 15: File Schedule H (1040) and pay employment taxes for household employees (file separately if Form 1040 is not filed)
- April 15: Submit estimated tax payment for 1st quarter of 2024
- April 15: Contribute to individual retirement account (IRA) for 2023
- April 15: Withdraw excess IRA contributions in 2023 to avoid penalty if filing of form 1040 was not extended
- April 15: Contribute to health savings account (HSA) for 2023
- April 15: Contribute to solo 401(k) plan or simplified employee pension (SEP) plan for 2023 by self-employed if filing of form 1040 was not extended
- April 15: File 2020 tax return (Form 1040) to request unclaimed tax refund for the 2020 tax year
May 2024: Sustaining Momentum in Compliance Efforts
Maintain momentum in compliance efforts with May's tax deadlines:
- May 10: Report tips for April 2024 to employer (Form 4070)
Stay vigilant by promptly reporting tips received in April to your employer.
June 2024: Adhering to Global Obligations
June introduces unique global obligations amidst evolving tax requirements:
- June 10: Report tips for May 2024 to employer
- June 17: Submit estimated tax payment for 2nd quarter of 2024
- June 17: U.S. taxpayers living and working abroad file 2023 tax return
- June 17: U.S. taxpayers living and working abroad file form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
- June 17: Military personnel on duty outside the U.S. file 2023 tax return
- June 17: Military personnel on duty outside the U.S. file Form 4868 to request 4-month income tax return filing extension (payment of tax not extended)
Adhere to June's deadlines amidst unique global circumstances to maintain compliance.
July 2024: Embracing Stability Amidst Limited Obligations
July offers stability amidst limited tax obligations:
July 10: Report tips for June 2024 to employer
Embrace stability by promptly reporting June's tips to your employer.
August 2024: Navigating Mid-Year Obligations
Navigate mid-year obligations with precision in August:
- August 12: Report tips for July 2024 to employer
Adhere to August's deadlines to maintain compliance with ease.
September 2024: Sustaining Compliance Momentum
Sustain compliance momentum with September's tax deadlines:
- September 10: Report tips for August 2024 to employer
- September 16: Submit estimated tax payment for 3rd quarter of 2024
Stay proactive in meeting September deadlines to uphold compliance standards.
October 2024: Addressing Extended Obligations
Address extended obligations in October with meticulous attention:
- October 10: Report tips for September 2024 to employer
- October 15: File extended 2023 tax return (Form 1040)
- October 15: Withdraw excess IRA contributions in 2023 to avoid penalty if filing of Form 1040 was extended
- October 15: Contribute to solo 401(k) plan or simplified employee pension (SEP) plan for 2023 by self-employed if you received a filing extension
Ensure adherence to extended deadlines in October to avoid penalties and maintain compliance effectively.
November 2024: Culminating Compliance Efforts
Culminate compliance efforts in November with strategic actions:
- November 12: Report tips for October 2024 to employer
Embrace strategic actions by promptly reporting October's tips to your employer.
December 2024: Concluding the Year with Financial Prudence
Conclude the year with financial prudence amidst essential tax deadlines:
- December 10: Report tips for November 2024 Reported to Employer (Form 4070)
- December 31: Contribution to employer-sponsored retirement plan for 2024 (401(k), 403(b), 457 or federal thrift savings plans)
- December 31: Required minimum distribution (RMD) by individuals who are 74 or older at the end of 2024
Exercise financial prudence by adhering to essential December deadlines for a seamless transition into the new year.
What If You Miss a Federal Tax Deadlines ?
If you fail to file a tax return and pay any required payments by the due date, you will undoubtedly be subject to a financial penalty, such as an increase in interest. If you miss a federal income tax deadline, the consequences can vary depending on whether you owe taxes or are due a refund. Here are the possible scenarios :
1) If you owe taxes and miss the deadline :
If you fail to file your tax return and pay your taxes owed by the deadline, you will likely face penalties and interest charges. The penalty for failure to file is typically 5% of the unpaid tax per month, up to a maximum of 25%. The penalty for failure to pay is generally 0.5% of the unpaid tax per month, up to a maximum of 25%. Additionally, interest is charged on any unpaid tax at a rate of the federal short-term rate plus 3%.
2) If you are due a refund and miss the deadline :
If you are owed a refund and miss the tax filing deadline, you may not face any penalties or interest charges. However, you will forfeit your refund if you do not file your tax return within three years of the original due date.
It is always best to file your tax return and pay your taxes on time to avoid any unnecessary penalties and interest charges. If you are unable to file your tax return or pay your taxes on time, you may be able to request an extension or set up a payment plan with the IRS.
How To File Tax Return Electronically ?
If you haven't already, you might want to e-file your late return as well. Many taxpayers who had AGIs under $73,000 are eligible to e-file through IRS Free File. The individual software vendors who take part in the Free File Alliance may also impose additional conditions. E-filed returns can be sent to the IRS up to November. The precise cutoff date for November will be revealed somewhere in October.
It is important to note that the process for filing a state tax return electronically may differ from the process for filing a federal tax return electronically. Be sure to follow the instructions provided by your tax preparation software for filing your state tax return.
Tip :
If you owe money and don't want to mail the IRS a check, you can alternatively go to IRS Direct Pay and have tax payments taken immediately out of your bank account. Long-term, this might save you both time and money.
What If You Can’t Pay Taxes ?
Even if you are unable to pay your taxes for any reason, file your return anyhow, and then right away submit an application for a payment plan. If you establish plans to pay over time, the IRS will typically allow you to do so.
Frequently Asked Questions
What is the last day to file taxes?
April 15, 2024, is the last day to submit your federal income tax return. Also, this is the last day to submit Form 4868 in order to request a six-month tax extension.
What if you miss US tax deadline?
For each month that you are late, penalties for filing might increase by 5% of the tax owed. The minimum fine is $100 or 100% of the tax owed with the return, whichever is less, if you are more than 60 days late. By requesting the extension by the deadline, the penalty file is destroyed.
Is US tax deadline extended?
A tax extension is a request for more time from the IRS to submit your federal income tax return. The deadline for filing your taxes in 2024 has been extended until October 16th. You can avoid paying a late-filing penalty by obtaining a tax extension if you anticipate owing taxes when you submit your return.
When are taxes due in state?
State income taxes are normally due by the federal tax deadline for the majority of filers. The simplest approach to discover your state income tax due date and how to submit a state tax extension is to contact your state's tax department.
What happens if you forget to make an estimated tax payment?
If you end up owing less than $1,000 for the year's quarterly estimated taxes and if you pay that tax burden with your annual returns, you could not be subject to a penalty for missing a payment during the year. In the absence of making the required quarterly payment, interest fees will apply.
Are inheritance taxes required when the inheritance is received or after the decedent passes away?
The federal government solely levies an estate tax, while some states do have inheritance taxes. Estate taxes are levied on the estate rather than the people who receive the estate's assets as gifts. Even though they aren't always due on the day of death, estate taxes will have been paid by the time an heir gets assets in a formal capacity.
How do I extend my US tax filing date?
By submitting IRS Form 4868 by Tax Day in April, taxpayers can ask for an extension on their income tax return. Regardless of whether you asked for a filing extension, you must also pay your tax obligation by that time. You have till October to file your return if it is accepted.