The countdown to Tax Day may seem distant, yet April has a way of catching even the most prepared taxpayers off guard. As we look ahead to 2024, there are several critical dates that individuals across the United States should take note of to ensure a smooth filing process.
Typically, the tax season kicks off in January, with the deadline for federal tax returns set for April 15. However, it’s essential to understand that this date may not apply to everyone. Here’s a comprehensive guide on the key filing dates and details you need for your taxes in 2024.
Essential Tax Deadlines for the 2023 Tax Year
For the majority of individual income tax filers, the due date for submitting tax returns for the 2023 tax year is April 15, 2024. Taxpayers are required to file a Form 1040 or Form 1040-SR (specifically for seniors) and ensure that any tax owed is paid by this date.
Tax Day typically falls around April 15 each year. However, if this date happens to land on a Saturday, Sunday, or a federal holiday, the deadline automatically shifts to the next business day. Notably, in 2023, Tax Day was affected by Emancipation Day, pushing the deadline to April 18. This year, April 15 is a Monday, meaning it serves as Tax Day for most individuals, while residents of Maine and Massachusetts will have until April 17 due to Patriots’ Day and Emancipation Day.
When Can You Begin Filing Your Taxes for 2024?
From a technical standpoint, you can begin preparing your taxes as soon as you have all necessary documents and information at hand. Leading tax preparation software, such as TurboTax and H&R Block, typically releases their platforms by November. Essential tax forms like the W-2 and 1099 series should be dispatched by employers by January 31.
However, the IRS has yet to announce the official start date for the 2024 tax filing season. If you attempt to file before this date, your tax preparer will retain your 2023 return until the IRS is ready to accept it. Based on previous years, the start of the tax season is often set for late January. For instance, in 2023, the IRS announced on January 12 that it would start accepting returns on January 23.
Opting to file your taxes early comes with numerous benefits. Primarily, submitting your return to the IRS sooner allows you to receive your refund more quickly. Additionally, filing early can help mitigate the risk of identity theft. Fraudsters often use stolen Social Security numbers to file fraudulent returns and claim refunds. By filing early, you can prevent them from doing so, as the IRS will reject any fraudulently submitted claims if they occur after your legitimate filing.
Understanding State Tax Deadlines
The information provided above primarily pertains to federal tax returns. It’s crucial to recognize that many states also impose income taxes that have their own unique deadlines.
In general, most states require taxpayers to file their state returns by the same due date as the federal deadline, which is April 15 for this year, or April 17 for residents of Massachusetts and Maine. However, there are various exceptions across different states.
For instance, in New Mexico, residents who e-file are granted an extended deadline until April 30. In Virginia, the state tax due date falls on May 1, while Louisiana sets its deadline for May 15. To avoid any surprises, check your state’s tax authority website for the specific 2024 filing deadlines.
Steps to Secure a Tax Extension
If you find yourself unprepared as the tax deadline approaches, obtaining an automatic extension from the IRS is a straightforward process:
- You can make a partial or full payment toward your tax bill and indicate that it is for an extension.
- Submit Form 4868 online, which can be done through IRS Free File regardless of your income level.
- Alternatively, you can mail a paper version of IRS Form 4868.
This process grants you an additional six months to file your federal taxes, extending the new deadline to October 15. Additionally, several states, including California and Colorado, also provide automatic six-month extensions for their state taxes.
It is common for taxpayers to seek additional time to file their taxes. In 2022, approximately 19 million taxpayers requested an extension from the IRS. However, it’s essential to note that while this extension gives you more time to submit your paperwork, it does not delay the payment deadline. You must estimate and pay any taxes owed by the original April 15 deadline to avoid penalties.
If you require guidance with your current or prior year taxes, consider consulting a tax professional. Reputable tax relief firms can assist you in navigating your options for filing back taxes and establishing a payment arrangement.
Expected Timeline for Receiving Your 2023 Tax Refund
The IRS typically issues the majority of tax refunds within 21 days of receiving your federal return, so you can anticipate a relatively swift turnaround once you file your taxes.
However, certain tax situations may lead to delays in your refund. By law, the IRS cannot issue refunds for returns claiming the Earned Income Tax Credit or additional child tax credits until mid-February. Additionally, refunds associated with paper or amended returns may also experience delays.
To expedite your tax refund, the IRS recommends e-filing and choosing direct deposit as your refund method. You can also track the status of your refund through the IRS’s Where’s My Refund? tool for real-time updates.
Frequently Asked Questions About Tax Deadlines
What is the Tax Day for 2024?
The final date to file your 2023 income taxes is April 15, 2024, unless you reside in Maine or Massachusetts, in which case it extends to April 17. Remember, this is the federal deadline, and your state taxes may have different due dates.
What is the latest date to file your 2023 taxes?
The conclusion of the tax season is April 15, but if you file for an extension, the IRS allows you until October 15 to submit your return (though payment is still due by April 15).
If you miss the tax deadline and owe money to the IRS, you could incur penalties and interest charges. Conversely, if you miss the deadline and are owed a refund, there are no penalties, but you must file your 2023 taxes by April 2027 to claim your refund, as the IRS generally provides a three-year window for tax refunds.
When do I need to pay quarterly taxes?
Quarterly estimated taxes are usually paid by individuals who are self-employed, independent contractors, or partners in a business. These taxpayers must make estimated tax payments if they expect to owe more than $1,000 when they file their federal return, or if their withholding and credits are less than 90% of their current tax liability (or 100% of the previous year’s tax).
These estimated tax payments are distributed across four quarters, typically due on April 15, June 15, September 15, and January 15 each year. If any of these dates fall on a weekend or holiday, the deadline is usually moved to the next business day.
For the 2024 tax year, the due dates for estimated tax payments are April 15, June 17, September 16, and January 15, 2025.
