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Important 2024 Tax Deadlines: Know Every Tax Deadline 2024 & Tax Season Update for IRS & Income Tax Taxpayers for the 2023 Tax Return Year

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2024 Tax Deadlines: Essential IRS Federal Tax Deadlines For the 2023 Tax Year

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The 2024 tax season, covering the 2023 tax year brings its own set of deadlines and requirements for taxpayers. This detailed guide will explore key dates for tax returns, extensions, and IRS interactions, providing valuable insights for both individual and business tax filers. Ideal for anyone seeking to understand their tax obligations for 2023, this article is a must-read to stay informed and avoid penalties. 

HSA Forms Information
Entity Type Filing Deadline Extension Deadline
Individual Filers April 15, 2024 October 15, 2024
Self-Employed Filers April 15, 2024 October 15, 2024
S Corp March 15, 2024 September 16, 2024
C Corp April 15, 2024 October 15, 2024
Partnerships March 15, 2024 September 16, 2024
Single-Member LLCs April 15, 2024 October 15, 2024
Multi-Member LLCs March 15, 2024 September 16, 2024
Non-Profits May 15, 2024 November 15, 2024

Know When Are Taxes Due in 2024: Important Tax Deadlines for the 2023 Tax Year

For the 2023 tax year, the primary deadline for filing federal income tax returns is April 15, 2024. This crucial date applies to most taxpayers, including those with tax liabilities for 2023. However, if April 15 falls on a weekend or holiday, the deadline may be extended to the following business day. Taxpayers can also request an extension to file their returns, which can give them an additional six months to submit their tax forms. It's important to note that while an extension to file may be granted, any taxes owed must still be paid by the original deadline of April 15 to avoid penalties and interest.

Additionally, the deadline to make any contributions to individual retirement accounts (IRAs) for the 2023 tax year is also April 15, 2024.
Taxpayers should be aware of these key dates and plan accordingly to ensure they meet their filing obligations and avoid any potential penalties or interest charges. It's also advisable to start gathering necessary tax documents and information well in advance of the deadline to avoid any last-minute stress or complications. 

If an extension was requested, October 15th, 2024 is the deadline for the extended individual tax returns. By October 15, 2024, extended individual tax returns must be filed if an extension was requested. 

The April 15, 2024, Tax Returns Due Date: What Does It Mean for You?

April 15, 2024, is the due date for filing individual income tax returns and making tax payments for the 2023 tax year. If you require more time to file, you can request an extension, but remember that this does not extend the time to pay any tax due. The deadline for submitting personal income tax returns and paying taxes for the 2023 tax year is April 15, 2024. If you need extra time to file, you can ask for an extension, but keep in mind that it does not extend the deadline for paying any taxes owed.  Please remember that failing to file and pay your taxes on time can result in penalties and interest, so it's important to plan ahead and ensure you meet the April 15 deadline. If you anticipate that you will owe taxes but are unable to pay the full amount by the deadline, you should still file your return and pay as much as you can to minimize any penalties and interest.

Key Due Dates for Filing 1099 IRS Forms in the 2024 Tax Season

For the 2024 tax year, which pertains to the 2023 financial year, there are specific deadlines for filing 1099 forms. The 1099 forms are used to report various types of income other than wages, salaries, and tips. Here are the key deadlines:

  1. January 31, 2024: This is the deadline for filing most 1099 forms, including 1099-NEC (Nonemployee Compensation). This form is used to report payments to independent contractors and must be filed with the IRS and sent to the payee by this date. It's important to note that the 1099-NEC replaced the 1099-MISC for reporting nonemployee compensation starting with the 2020 tax year.

  2. February 28, 2024: If you are filing 1099 forms on paper (other than 1099-NEC), this is the deadline for filing them with the IRS.

  3. March 31, 2024: For those who choose to file 1099 forms electronically (other than 1099-NEC), this is the deadline for filing them with the IRS.

Remember, the deadlines for sending copies of the 1099 forms to the recipients are typically earlier than the deadlines for filing them with the IRS. For most types of 1099s, including 1099-MISC for rents, royalties, and other types of income, and 1099-DIV for dividends and distributions, the recipient copy must usually be sent by January 31 as well.

Always verify these dates as they can change due to weekends or holidays, and the IRS may update filing requirements or deadlines. It's also a good practice to consult with a tax professional or refer to the IRS's official website for the most current information.

Consequences of Missing the Tax Deadline: Navigating Late Tax Filings in 2024

As April 15th, 2024 approaches, taxpayers must understand the consequences of not meeting this key deadline for filing their 2023 tax returns. Missing the April 15th deadline can lead to various penalties and additional charges, depending on individual circumstances.

Penalties for Late Filing and Payment

If you miss the deadline without filing for an extension, the IRS imposes a failure-to-file penalty. This penalty is usually 5% of the unpaid taxes for each month or part of a month that a tax return is late. However, this penalty will not exceed 25% of your unpaid taxes. If you file more than 60 days after the due date, the minimum penalty is either $435 or 100% of the unpaid tax, whichever is less.

There's also a failure-to-pay penalty if you don’t pay the taxes you owe by April 15th. This penalty is generally 0.5% of your unpaid taxes for each month or part of a month after the due date. Like the failure-to-file penalty, this can accrue up to a maximum of 25% of your unpaid taxes.

Interest on Unpaid Taxes

In addition to penalties, interest accrues on any unpaid tax from the due date of the return until the date of payment. The interest rate is determined quarterly and is typically around 3% to 5%.

Options If You Can't Pay in Full

If you can't pay the full amount owed by April 15th, it's still important to file your return or an extension to avoid the failure-to-file penalty. The IRS offers payment plans and installment agreements that can help manage your tax liability. These plans allow you to pay over time, although penalties and interest will still accrue on the unpaid balance.

Importance of Filing for an Extension

To avoid penalties, if you know you can't meet the April 15th deadline, it’s advisable to file for an extension using Form 4868. This will give you until October 15, 2024, to file your tax return. However, it's important to note that an extension to file is not an extension to pay. You should estimate and pay any owed taxes by the April 15th deadline to minimize interest and penalties.

Do You Need to File a Tax Return in April 2024? Understanding Your Obligations

Filing requirements vary based on income, age, and filing status. The IRS provides criteria to help determine if you need to file a return for the 2023 tax year. Here are the general filing requirements for the 2023 tax year:

1. If your filing status is single and you are under 65, you must file a tax return if your gross income is at least $12,950.
2. If you are 65 or older, the filing requirement increases to $14,600 for single filers.
3. For married individuals filing jointly, both under 65, the filing requirement is $25,900. If one spouse is 65 or older, the requirement is $27,300, and if both spouses are 65 or older, the requirement is $28,700.
4. If you are filing as head of household and under 65, you must file a tax return if your gross income is at least $19,900. If you are 65 or older, the requirement increases to $21,500.

These are just general guidelines, and there are additional factors that may affect your filing requirement, such as self-employment income, investment income, or other special circumstances. It's always best to consult with a tax professional or use the IRS guidelines to determine if you need to file a tax return for the 2023 tax year. 

Navigating the Tax Extension Deadline for 2023 Taxes: Due April 15 (Tax Day 2024)

If you're unable to file by April 15, 2024, you can request an extension, extending your filing deadline to October 15, 2024. However, this extension does not apply to any taxes owed. To request an extension, you will need to fill out Form 4868 and submit it to the IRS by the original filing deadline, April 15, 2024. Keep in mind that while an extension gives you more time to file your tax return, it does not give you more time to pay any taxes owed. Any taxes not paid by the original filing deadline will be subject to penalties and interest.

It's important to estimate the amount of taxes you owe and pay as much as possible by the original deadline to minimize any potential penalties and interest. If you are unable to pay the full amount, you can still file for an extension and explore payment options with the IRS, such as a payment plan or an offer in compromise.

It's always best to file your tax return on time and pay any taxes owed to avoid potential penalties and interest. If you are unable to meet the April 15 deadline, be sure to file for an extension and explore your options for paying any taxes owed. 

Managing Estimated Tax Payments: Tax Due for Independent Contractors and Businesses Ready to File Taxes

For those who are self-employed or own a business, estimated tax payments may be required throughout the year. These payments help cover your tax liability and avoid underpayment penalties. To determine if you need to make estimated tax payments, you should consider if you expect to owe at least $1,000 in taxes after subtracting your withholding and refundable credits, and if your withholding and refundable credits are expected to be less than 90% of your current year's tax liability or 100% of the prior year's tax liability (110% if your adjusted gross income is over $150,000).

If you need to make estimated tax payments, you can use Form 1040-ES to calculate and pay them. The deadlines for estimated tax payments are typically

  • April 15,
  • June 15,
  • September 15, and
  • January 15 of the following year.

It's important to accurately estimate your tax liability and make timely payments to avoid penalties and interest. Consulting with a tax professional can help ensure you are meeting your obligations and managing your tax payments effectively. 

State-Specific Tax Filing in 2024: 2024 Tax Day Deadlines and Requirements

State tax filing deadlines and requirements may differ from federal ones. It's important to know your state's specific tax deadlines, especially if they diverge from the federal dates. Some common state tax filing deadlines and requirements to be aware of include:

1. Filing deadline: While the federal tax filing deadline is typically April 15th, some states may have different deadlines. For example, some states have a deadline of April 30th or May 1st. It's important to check the specific deadline for your state.
2. Extension deadlines: If you need to file for an extension, the deadline for filing a state tax extension may be different from the federal deadline. Make sure to check your state's specific requirements for filing an extension.
3. State-specific forms and credits: Some states have their own specific tax forms and may offer unique tax credits or deductions that differ from federal tax laws. Be sure to familiarize yourself with your state's specific requirements and potential tax benefits.
4. Electronic filing options: Many states offer electronic filing options, so be sure to check if this is available in your state and what the requirements are for electronically filing your state taxes.
5. State-specific tax laws: State tax laws can vary widely, so it's important to understand how your state’s tax laws may differ from federal tax laws. This includes understanding any state-specific deductions, exemptions, or credits that may be available to you.

It's important to stay informed about your state's specific tax deadlines and requirements to avoid any potential penalties or late fees. Check with your state's Department of Revenue or taxation agency to get the most accurate and up-to-date information on state tax filing requirements. 

Business Tax Deadlines 2024: Partnerships, C Corporations, S Corporations, Sole Proprietorships, Single-Member LLCs, Non-Profits

1. Sole Proprietorships and Single-Member LLCs

  • Tax Form: Schedule C (Form 1040)
  • Original Deadline: April 15, 2024
  • Extension Deadline: October 15, 2024
  • These entities can file for an extension using Form 4868, which extends the time to file their personal tax return, including the Schedule C.

2. Partnerships and Multi-Member LLCs

  • Tax Form: Form 1065
  • Original Deadline: March 15, 2024
  • Extension Deadline: September 16, 2024
  • Partnerships and multi-member LLCs can request an extension using Form 7004, which gives an additional six months to file their returns.

3. S Corporations, S Corp

  • Tax Form: Form 1120S
  • Original Deadline: March 15, 2024
  • Extension Deadline: September 16, 2024
  • S Corporations can also use Form 7004 to request a six-month extension for filing their tax returns.

4. C Corporations, C Corp

  • Tax Form: Form 1120
  • Original Deadline: April 15, 2024 (for calendar year corporations)
  • Extension Deadline: October 15, 2024 (for calendar year corporations)
  • For fiscal year corporations, the extension deadline is the 15th day of the tenth month following the end of their fiscal year.
  • C Corporations use Form 7004 to request a six-month extension for filing their corporate tax returns.

5. Tax-Exempt Organizations

  • Tax Form: Form 990
  • Original Deadline: May 15, 2024 (for calendar year organizations)
  • Extension Deadline: November 15, 2024 (for calendar year organizations)
  • For organizations with a fiscal year, the extension deadline is the 15th day of the eleventh month after the end of their fiscal year.
  • Tax-exempt organizations request an extension using Form 8868, providing an additional six months to file.

Remember, while these extensions grant additional time to file the tax returns, they do not extend the time to pay any taxes due. Taxes owed are still due by the original deadline to avoid interest and penalties. For specific situations, or if the business has a unique fiscal year, it's always advisable to consult with a tax professional or accountant. Additionally, staying updated with the IRS or relevant state tax authorities is crucial for the most current information on filing dates and requirements.

Key Takeaways

  • April 15, 2024: Main deadline for filing federal taxes for the 2023 tax year.
  • Extension Option: October 15, 2024, is the extended deadline for those filing late.
  • Follow IRS Rules: Adherence to IRS guidelines is crucial for accurate filing.
  • State Tax Awareness: Be mindful of your state's tax deadlines and regulations.

This comprehensive guide aims to demystify the 2024 tax season, helping taxpayers navigate important deadlines, adhere to IRS regulations, and prepare effectively for their 2023 tax obligations.

Conclusion

Tax season is an important time for individuals and businesses to review their finances and ensure compliance with the law. To avoid penalties and interest charges, it is crucial to stay informed about important tax deadlines, such as tax day and estimated tax payment due dates. Understanding one's tax situation is essential for financial planning, whether it is getting a tax refund or making a federal tax return. Proper tax preparation, including accurate tax withholding and timely filing, can help individuals and businesses avoid potential issues with the IRS.

As we approach the end of tax year 2023, it is also important to be aware of any changes in tax laws that may impact one's tax situation. Being proactive in managing one's taxes, including making estimated tax payments when necessary, can help minimize stress and financial burden during tax season. Overall, staying on top of important tax matters can lead to a smoother tax season experience and ensure compliance with the law.

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published

November 13, 2023

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Richard Laviña, CPA

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