As tax season approaches, both individuals and businesses must mark their calendars with crucial deadlines to avoid penalties and ensure compliance with the Internal Revenue Service (IRS). For the year 2024, understanding these deadlines is key to a smooth tax filing process.
Individual taxpayers have until April 15, 2024, to file their 2023 returns. However, those needing more time can request an extension using Form 4868, granting them until October 15, 2024, to submit their returns. It’s important to note that while the extension pushes back the filing deadline, any owed taxes must still be paid by April 15. Additionally, contributions to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) for the 2023 tax year are also due by April 15, 2024.
For businesses, the deadlines vary by entity type. Partnerships and S corporations are on the clock to file by March 15, 2024. C corporations have a bit more time, with a deadline of April 15, 2024. Those needing extra time can apply for an extension, which extends the filing deadline to September 16, 2024, for partnerships and S corporations, and to October 15, 2024, for C corporations.
Quarterly estimated tax payments for both individuals and businesses are due throughout the year, with the first payment of 2024 due on April 15, followed by additional payments on June 17, September 16, 2024, and January 15, 2025.
Missing these deadlines can lead to penalties and interest charges. However, taxpayers owed a refund have up to three years to file and claim it. For those who owe taxes, it’s crucial to file as soon as possible to set up a payment plan and minimize additional charges.
With the option of electronic filing and direct deposit for refunds, the IRS encourages taxpayers to take advantage of these methods for faster processing and receipt of tax returns. Staying ahead of these deadlines is essential for a hassle-free tax season.
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