Every year, taxpayers must meet specific deadlines to file their tax returns and pay any taxes owed. Missing these deadlines can result in penalties, interest charges, and other financial consequences. Understanding when taxes are due in 2024 is essential for staying compliant with the Internal Revenue Service (IRS) and state tax authorities. Let’s go over when are taxes due 2024 season.
This article will cover the federal tax filing deadline, extension options, state tax due dates, and important considerations for 2024 taxpayers.
Federal Tax Deadline for 2024
The federal tax deadline for filing 2023 income tax returns is April 15, 2024. This means that all individuals and businesses required to file a tax return must submit their documents to the IRS or request an extension by this date.
The deadline applies to:
- Individual taxpayers filing Form 1040
- Self-employed individuals reporting income on Schedule C
- Partnerships, LLCs, and S-Corporations filing business tax returns
- Those who owe additional taxes for investments, side income, or gig work
If April 15 falls on a weekend or a federal holiday, the tax deadline may be moved to the next business day. However, for 2024, April 15 falls on a Monday, meaning no changes to the standard deadline.
What Happens If You Miss the Tax Deadline?
Failing to file taxes on time can lead to significant financial penalties:
- Failure-to-File Penalty – The IRS charges 5% of unpaid taxes per month for not filing, up to a maximum of 25% of the total tax bill.
- Failure-to-Pay Penalty – If taxes are owed and not paid, an additional 0.5% penalty per month is charged until the full amount is paid.
- Interest Charges – Interest accumulates on unpaid taxes starting from April 16, 2024, and continues until the balance is paid in full.
To avoid these penalties, taxpayers should file on time, even if they cannot pay the full amount owed. Setting up an IRS payment plan (IRS Payment Options) can help manage outstanding tax balances without facing severe financial consequences.
Requesting a Tax Filing Extension
If taxpayers are unable to file their returns by April 15, 2024, they can request an extension by submitting Form 4868. This grants an additional six months to file, pushing the new deadline to October 15, 2024.
However, a tax extension does not extend the deadline for paying taxes owed. Any outstanding tax balance must still be paid by April 15 to avoid penalties and interest. Those requesting an extension should estimate their total tax liability and make a payment to minimize additional charges.
State Tax Deadlines in 2024
In addition to federal taxes, many states require taxpayers to file a state income tax return. While most states align their tax deadlines with the federal due date of April 15, some states have different deadlines.
For example:
- California typically extends the deadline for taxpayers affected by natural disasters.
- Maine and Massachusetts often have later deadlines due to local holidays.
- Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not have state income taxes.
Taxpayers should check with their state’s tax agency (Federation of Tax Administrators) to confirm state-specific due dates and filing requirements.
Quarterly Estimated Tax Deadlines for 2024
Self-employed individuals, freelancers, and business owners who do not have taxes withheld from their income must pay estimated taxes throughout the year. The IRS requires these taxpayers to make quarterly tax payments to avoid underpayment penalties.
The estimated tax payment deadlines for 2024 are:
- April 15, 2024 – First-quarter payment (January 1 – March 31 income)
- June 17, 2024 – Second-quarter payment (April 1 – May 31 income)
- September 16, 2024 – Third-quarter payment (June 1 – August 31 income)
- January 15, 2025 – Fourth-quarter payment (September 1 – December 31, 2024, income)
Failing to make these payments may result in IRS penalties and interest. To calculate estimated taxes accurately, taxpayers can use Form 1040-ES (IRS Estimated Taxes], or consult a tax professional for guidance.
How to Prepare for the 2024 Tax Filing Season
Taxpayers can avoid last-minute stress by preparing for tax season early. Key steps include:
- Organizing tax documents – Gathering W-2s, 1099s, bank statements, and receipts for deductions in advance.
- Checking for tax law changes – Tax laws can change each year, so staying informed about updates can help maximize deductions and credits.
- Choosing a filing method – Whether filing electronically through the IRS Free File Program (IRS Free File), using tax software, or working with a professional, deciding early can streamline the process.
- Reviewing tax deductions and credits – Taxpayers should ensure they claim all eligible deductions and credits, such as the Child Tax Credit, Earned Income Tax Credit, and American Opportunity Tax Credit.
By preparing early and filing on time, individuals can minimize stress, avoid penalties, and ensure a smooth tax filing experience.
Conclusion
The April 15, 2024, deadline is the key date for filing 2023 income tax returns and making tax payments to the IRS. Taxpayers who need more time can request an extension, but they must still pay any taxes owed by the deadline to avoid penalties. State tax deadlines and estimated tax payments also require attention to ensure compliance with tax laws.
Being proactive about tax preparation, keeping track of deadlines, and using IRS resources can help taxpayers navigate the filing process efficiently. For expert tax assistance and financial planning, visit ELVT Financial to ensure you meet all tax deadlines and maximize potential refunds.
