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Navigating Tax Deadlines in 2024: A Comprehensive Guide

Introduction

Whether you’re an early planner or someone who thrives on the last-minute hustle, the looming question remains the same: “When are taxes due this year?” To provide clarity on this, here’s an all-encompassing guide to the significant tax deadlines in 2024, ranging from federal income tax returns to essential dates for estimated tax payments.

When are taxes due in 2024?

April 15, 2024, marks Tax Day, the deadline for filing federal income tax returns. However, residents of Maine and Massachusetts gain a brief extension until April 17, 2024, due to state holidays. Additionally, filing an extension using Form 4868 by April 15 allows taxpayers to move the deadline to October 15, 2024.

For those who embrace the last-minute dash, the IRS deems a paper return on time if adequately addressed, sufficiently postmarked, and sent by the due date. E-filers have their return timelines determined by the date and time in their respective time zones.

When are state income taxes due?

When it comes to state income tax due dates, they usually coincide with the federal deadline, but there are exceptions. Virginia residents, for example, typically enjoy an extended deadline until May 1 for filing state returns. The procedures for requesting a state tax extension differ, with states such as Illinois and Ohio automatically extending the deadline upon approval of federal extensions. For accurate details on deadlines and extension processes, it’s recommended to check with your state’s tax department—information that can be valuable for anyone looking to blog about finance.

2024 Tax Deadlines to Know:

Here are critical tax deadlines for 2024, offering a broader perspective beyond IRS engagements:

  1. January 12:

Free File opens a program where the IRS collaborates with software companies to provide free tax-prep and filing software for eligible taxpayers.

  1. January 29:

Tax filing season begins with the IRS accepting and processing federal tax returns. However, certain credits may delay refund issuance until at least mid-February.

  1. January 16:

Estimated tax payments for the fourth quarter are due, covering income earned from September 1, 2023, through December 31, 2023. This deadline typically applies to self-employed individuals and taxpayers whose withholding doesn’t cover sufficient tax liability.

  1. January 31:

Employers must provide W-2 forms to employees for the 2023 tax year. Information returns like 1099-NEC, 1099-K, and 1099-INT are also due by this date.

  1. February 15:

The Deadline for filing Form W-4 for tax-exempt status if you were exempt from tax withholding in 2023. Certain 1099 informational returns must also be sent to recipients by this date.

  1. April 15:

Tax Day – Federal tax filing deadline and the deadline for filing tax extensions. Also, the last day to contribute to Health Savings Accounts (HSA) and Individual Retirement Accounts (IRA) for the 2023 tax year.

  1. June 17:

Estimated taxes for the second quarter are due, covering income earned from April 1, 2024, through May 31, 2024—the tax deadline for Americans living abroad.

  1. Mid-July:

Deadline to claim 2020 tax refunds for those who still need to file.

  1. September 16:

Estimated taxes for the third quarter are due, covering income earned from June 1, 2024, through August 31, 2024.

  1. October 15:

Tax extension deadline. Filing for an extension by April 15 gives you until October 15 to finalize your returns. SEP and Simple IRA, Solo 401(k) contribution deadline.

  1. December 31:

Deadline for 401(k) contributions and Required Minimum Distributions (RMDs)—also, the last day to make charitable donations for the 2024 tax year.

Navigating October Tax Deadlines:

If you requested a tax extension by April 15, your federal tax return is due by October 15, 2024. Filing Form 4868 by tax day is essential for eligibility. While the extension provides more time to file, it doesn’t extend the time to pay taxes owed. Interest and penalties accumulate for tax bills unpaid after April 15.

3 Moves Before Tax Day:

  1. Contribute to or open an IRA by the tax deadline:

Contributions to a traditional IRA can be tax-deductible. You have until April 15, 2024, to contribute to an IRA for the 2023 tax year. Maximum contribution limits for 2023 are $6,500 ($7,500 if age 50 or older), increasing to $7,000 ($8,000 if age 50 or older) for 2024.

  1. Contribute to your health savings account:

Available to those with high-deductible health plans, Health Savings Accounts (HSAs) provide a tax-saving method for covering out-of-pocket costs. Contributions for the 2023 tax year are due by April 15, 2024, with limits set at $3,850 for an individual and $7,750 for a family. For 2024, the limits rise to $4,150 for individuals and $8,300 for families.

  1. Plan: Check on your 401(k) contributions:

Contributions to a traditional 401(k) reduce taxable income for the year. While it’s too late to contribute for the 2023 tax year, planning for the current year is crucial. In 2024, you can donate up to $23,000 (or $30,500 if 50 or older) by December 31.

Conclusion:

Understanding tax deadlines is vital for effective financial planning. Whether it’s filing federal returns, managing state taxes, or maximizing contributions to retirement accounts, staying informed and taking proactive steps ensures a smoother tax season. By adhering to key dates and implementing strategic moves, individuals can navigate the tax landscape with confidence and financial prudence.

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