The 2024 tax filing season is fast approaching, bringing key deadlines that taxpayers need to mark on their calendars. Getting organized early and understanding the most important dates can ensure you avoid penalties and receive any refunds promptly. This article outlines the essential tax deadlines worth noting for 2024.
When Does the 2024 Tax Season Open?
The Internal Revenue Service (IRS) has announced that the 2024 tax filing season will commence on January 29th, 2024. This allows the agency time to update forms and systems after the previous tax year ends. It is the official start date for the IRS to begin accepting and processing 2023 tax year returns.
Some taxpayers choose to file as early as possible once the season opens. However, it’s worth waiting until you receive all your necessary tax documents, such as W-2s and 1099s.
What Is the Deadline for Filing Taxes in 2024?
The due date for submitting your 2023 personal federal income tax return is April 15th, 2024 for most taxpayers. This means your completed tax forms, along with any money owed, must be filed by this date to avoid penalties.
Some exceptions exist:
- Maine or Massachusetts residents have until April 17th, 2024 due to local holidays.
- Those in federally declared disaster areas may receive filing extensions.
- Military personnel stationed abroad can also obtain extensions.
Check the IRS website for the most up-to-date information on exceptions and localized deadlines.
Can I File for an Extension in 2024?
If you don’t think you can meet the April deadline, filing for an automatic 6-month extension is possible. This pushes the deadline to October 15th, 2024. Use IRS Form 4868 to easily request an extension.
However, it only applies to filing your tax paperwork. Any estimated taxes owed are still due on April 15th. An extension gives you more time to prepare your returns accurately, not delay payment. Interest and penalties apply on unpaid amounts after April 15th.
When Should I Expect My Tax Refund for 2024?
If you are entitled to a tax refund, the IRS issues most refunds via direct deposit within 21 calendar days of receiving your electronic returns. There may be delays if there are issues verifying information on your forms.
By law, the IRS cannot issue earned income tax credit (EITC) or additional child tax credit (ACTC) refunds before mid-February. This assists with fraud prevention. Expect deposits of these refunds starting February 27th, 2024.
What Are the Estimated Tax Payment Deadlines for 2024?
Taxpayers who expect to owe $1,000 or more on their 2024 tax return may need to make estimated payments throughout 2023 and early 2024. This pre-pays your tax liability in installments so you don’t owe a large amount on April 15th.
There are four estimated tax deadlines each year:
- April 15th
- June 15th
- September 15th
- January 15th of the next year (January 15th, 2025 for the 2024 tax season)
Use IRS Form 1040-ES to calculate and submit estimated payments correctly.
When Do I Need to Submit 1099s Related to 2024 Taxes?
1099 tax forms report non-employment income from sources like freelance work, dividends, investments, etc. These must be submitted to payees and the IRS by set dates:
- January 31st, 2024: Deadline for filing 1099-NEC forms reporting non-employee compensation.
- February 28th, 2024: Deadline for paper filing of 1099-MISC and other 1099s (excluding 1099-NEC).
- March 31st, 2024: Deadline for electronically filing 1099-MISC and other 1099s (excluding 1099-NEC).
Submitting 1099s late can lead to penalties of up to $280 per form.
Are There Different Deadlines for Business Taxes in 2024?
Business tax returns have separate, earlier deadlines compared to personal income taxes. Common business filing deadlines include:
- March 15th, 2024: Deadline for partnerships and S-corporations to file Form 1065 and Form 1120S tax returns.
- April 15th, 2024: Deadline for sole proprietorships to file Schedule C (Form 1040) with personal tax returns.
- September 15th, 2024: Extended deadline for partnerships and S-corporations if an extension was filed.
Refer to the IRS website’s tax calendar for more key dates impacting businesses. An accountant can also advise on specific deadlines given your business structure.
What Tax Deadlines Exist for Retirement Accounts in 2024?
Contributing to retirement accounts often provides valuable tax deductions. To qualify for certain deductions, deposits into accounts like IRAs must be completed by specific dates:
- April 15th, 2025: Final deadline to make 2024 IRA contributions that can still be claimed as deductions on your 2024 tax return.
- December 31st, 2024: Last chance to complete 2024 Roth IRA conversions, if wanting to report the conversion on 2024 taxes.
Additionally, required minimum distributions (RMDs) from retirement plans like 401(k)s and Traditional IRAs must be withdrawn each year starting at age 72. Take RMDs by December 31st annually to avoid penalties.
Are There Other Notable 2024 Tax Deadlines I Should Know?
Beyond filing taxes, making payments, and contributing to retirement accounts, it’s worth noting a few other key deadlines:
- January 31st, 2024: Deadline for employers to distribute Form W-2 to employees.
- January 31st, 2024: Deadline for filing certain 1099-INT and 1099-OID forms reporting interest/dividend payments.
- June 15th, 2024: Second quarterly estimated tax payment deadline for 2024 taxes.
- September 15th, 2024: Third quarterly estimated tax payment deadline for 2024 taxes.
Mark these and other important dates in your calendar and set reminders where possible to avoid missing crucial tax deadlines in 2024.
Reaching out to a tax professional can also help you stay compliant, understand any personalized deadlines, and ensure you don’t overlook important dates impacting your 2024 tax filing and payments.