Tax season can sneak up on you if you’re not prepared. With 2024 fast approaching, it’s crucial to know the key dates to ensure you’re not caught off guard. Missing deadlines can lead to penalties and added stress, so let’s get ahead of the game.
In this article, I’ll break down the important tax due dates for 2024, including when federal and state taxes need to be filed. Whether you’re a seasoned taxpayer or a first-timer, understanding these deadlines will help you plan better and avoid last-minute rushes. Stay tuned to keep your finances in check and make tax season a breeze.
Unable to file by the April 15 deadline?
Missing the April 15 tax deadline can happen despite the best intentions. If you’re unable to file on time, requesting an extension offers six additional months, moving the deadline to October 15. However, this extension doesn’t delay tax payments; any owed taxes must still be paid by April 15 to avoid interest and penalties.
How To Request An Extension
Requesting an extension involves submitting Form 4868. This form can be filed electronically through the IRS e-file system or by mail. Ensure it’s done by the April 15 deadline. Filing Form 4868 gives you until October 15 to file your tax return, but it doesn’t extend the payment deadline.
Penalties For Late Payment
Not paying owed taxes by April 15 results in a failure-to-pay penalty. The IRS charges 0.5% of the unpaid taxes for each month, up to 25%, until fully paid. Interest on unpaid taxes also accrues, currently at an annual rate of 3% plus the federal short-term rate. Avoiding these penalties requires paying estimated taxes by April 15 even if filing an extension.
State Tax Extensions
State tax filing deadlines may differ from federal deadlines. Some states automatically grant extensions when a federal extension is approved; others require separate requests. Check specific state tax authority websites for accurate information.
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When are taxes due in 2024?
Understanding key tax deadlines is crucial for avoiding penalties and maximizing financial planning. The 2024 tax season includes several important dates.
January 2024 Return
Form 1099 and W-2 must be sent to taxpayers by January 31, 2024. Other forms relevant to self-employed individuals also follow this deadline. These forms provide the income information required to file tax returns accurately.
When is the Last Day to File Taxes?
The last day to file federal income taxes is April 15, 2024. If this day falls on a weekend or holiday, the deadline extends to the next business day. Filing by this date is essential to avoid late penalties and interest on unpaid taxes.
What if I Owe More Than I Can Pay?
If owing more than you can pay, file your return by the due date and pay as much as possible to minimize penalties. Consider setting up an installment agreement with the IRS, which allows monthly payments. The IRS Online Payment Agreement tool simplifies this process.
Ridgewise offers tailored bookkeeping services for individuals and businesses, ensuring accurate financial management and timely tax filing. Let Ridgewise handle the complexities of tax season, so you can focus on what matters most.
What if I didn’t make the 2024 tax deadline?
Missing the 2024 tax deadline can lead to fines and interest charges. The IRS imposes a Failure to File penalty, which is 5% of unpaid taxes per month, capping at 25%. They also charge interest on unpaid taxes, which compounds daily. If you file over 60 days late, the minimum penalty becomes $210 or 100% of unpaid tax, whichever is less.
Filing Options After Missing the Deadline
Even if the deadline is missed, filing as soon as possible reduces penalties. E-filing remains available after April 15. If eligible, consider applying for an installment agreement to manage payments. Regardless of the amount owed, it’s crucial to file, as it minimizes penalties.
Potential Impact on Future Refunds
Unfiled taxes could delay future refunds. The IRS holds refunds if prior year taxes remain unpaid. To ensure smooth refunds, address past due taxes promptly. The agency provides online tools to check the status of previous filings.
Ridgewise Can Help
Ridgewise offers tailored bookkeeping services to manage late filings efficiently. Our team ensures compliance with changing tax laws, minimizing penalties. Whether for individuals or businesses, Ridgewise streamlines bookkeeping, making tax season less stressful.
By understanding the implications of missing the 2024 deadline and acting quickly, taxpayers can mitigate financial consequences and remain compliant. If direct assistance is needed, Ridgewise’s expert services provide the support required.
When are state taxes due in 2024?
State tax deadlines in 2024 vary by state. Unlike federal taxes, which are due on April 15, state tax deadlines can differ significantly.
Common State Tax Deadlines in 2024
- California: April 15, 2024.
- New York: April 15, 2024.
- Texas: No state income tax.
Extensions and Late Filing
Many states provide extensions similar to the federal IRS extension. If you request an extension for your federal income taxes using Form 4868, confirm if your state accepts this. Most extensions grant an additional six months to file, moving the deadline to October 15, 2024.
Penalties and Interest
Missing state tax deadlines may result in penalties and interest. For example, California imposes a 5% penalty for unpaid taxes by the due date, plus 0.5% per month on the remaining balance.
How Ridgewise Can Help
Ridgewise offers tailored bookkeeping services to help individuals and businesses manage state tax deadlines efficiently. Through our services, clients stay compliant with changing tax laws, minimizing penalties and stress during tax season.
What are the other 2024 tax deadlines to know?
Estimated Tax Payment Deadlines
For those who pay estimated taxes quarterly, the IRS has set specific deadlines for 2024:
- January 16, 2024: Fourth quarter 2023 payment
- April 15, 2024: First quarter 2024 payment
- June 17, 2024: Second quarter 2024 payment
- September 16, 2024: Third quarter 2024 payment
Corporate Tax Deadlines
Corporations must be aware of several critical deadlines:
- March 15, 2024: S-corporations and partnerships file Form 1120-S or Form 1065, respectively.
- April 15, 2024: C-corporations file Form 1120.
Tax-Exempt Organizations
Nonprofits and other tax-exempt entities have their own filing deadlines:
- May 15, 2024: File Form 990 or request an automatic extension using Form 8868.
IRA and HSA Contributions
Contributions to IRAs and HSAs for 2023 must be made by April 15, 2024, to count for the previous tax year.
Foreign Bank Account Reporting (FBAR)
Those with foreign accounts exceeding $10,000 must file their FBAR by April 15, 2024, with an automatic extension to October 15, 2024, if necessary.
State Tax Deadlines
State tax deadlines often coincide with federal deadlines but verify based on your specific jurisdiction. States like California and New York align with the federal date—April 15, 2024, while others may vary.
To ensure you’re meeting all these deadlines without hassle, consider using Ridgewise. My services help both individuals and businesses manage bookkeeping efficiently, staying compliant with tax laws and avoiding penalties during tax season.
When will I get my refund?
Refund timing depends on how and when you file your tax return. E-filing generally leads to quicker processing times. According to the IRS, if you e-file with direct deposit, expect a refund within 21 days. Paper filing can take up to six weeks for processing.
Check your refund status through the IRS “Where’s My Refund?” tool. You’ll need your Social Security number, filing status, and exact refund amount. This tool updates every 24 hours, making it convenient for tracking your refund.
Refund delays can occur if errors exist in your tax return or if the IRS needs additional information. Ensure accuracy while filing to avoid delays. Also, keep in mind, that claiming certain credits like the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) may result in your refund being held until mid-February due to additional scrutiny.
While awaiting your refund, it’s crucial to maintain accurate records and stay organized. Ridgewise’s bookkeeping services can help individuals and businesses manage their financial documentation efficiently, ensuring a seamless tax filing experience.
Feel free to reach out to Ridgewise for support with all your bookkeeping and tax preparation needs.
Key Takeaways
- Understanding Key Tax Deadlines: Federal tax returns for 2024 are due by April 15, 2024, with significant penalties for late payment. State tax deadlines may vary.
- Requesting Extensions: If unable to file by April 15, you can request a six-month extension using Form 4868. Note that this does not extend the payment deadline.
- Penalties for Late Payment: Missing payment deadlines incurs penalties and interest, including a 0.5% monthly penalty on unpaid taxes, up to 25%, and interest at an annual rate of 3% plus the federal short-term rate.
- State Tax Deadlines: State tax deadlines often align with federal deadlines, but some states may differ. Check specific state requirements to ensure compliance.
- Refund Expectations: E-filing typically results in quicker refunds, usually within 21 days. Use the IRS “Where’s My Refund?” tool for status updates.
- Ridgewise Assistance: Ridgewise offers expert bookkeeping services to help individuals and businesses manage tax deadlines, file accurately, and minimize penalties.
When are 2024 tax extensions due?
Understanding the 2024 tax deadlines is crucial for staying compliant and avoiding penalties. If you need more time to file, remember that you can request an extension using Form 4868, which grants you an additional six months. However, an extension to file isn’t an extension to pay; you must estimate and pay any taxes owed by April 15, 2024, to avoid penalties.
For those expecting a refund, e-filing with direct deposit is the fastest route, typically resulting in a refund within 21 days. Keep track of your refund status using the IRS “Where’s My Refund?” tool. Accurate record-keeping is essential, and services like Ridgewise can help manage your bookkeeping efficiently during the tax season. Stay informed and prepared to ensure a smooth tax filing experience in 2024.