Tax Day is looming, and for those who thrive under the pressure of a deadline, here’s a comprehensive guide to help you keep track of the key dates on your calendar.
Filing Deadline for 2024: The primary deadline for filing your taxes in 2024 is April 15, which conveniently falls on a Monday. However, if you anticipate not being able to meet this deadline, you can opt for a six-month extension.
Consequences of Missing the Tax Deadline: Failing to file your federal tax return on time can result in a substantial penalty. The standard penalty is 5% of any tax due for each month the return is overdue, with a cap of 25% of the unpaid balance. In cases where you file a return but don’t pay the owed taxes, or if you obtain an extension, the penalty is a more modest 0.5% of the unpaid amount per month.
Exceptions to the April 15 Tax Deadline: Certain circumstances warrant an extension of the tax deadline. The IRS accommodates taxpayers residing in areas affected by disasters and individuals in states observing local holidays. Residents of Massachusetts and Maine, due to state holidays, have until April 17 to file their federal tax returns.
Tennessee Tax Deadline Extension: Parts of Tennessee impacted by severe storms and tornadoes starting on December 9 have been granted an extension until June 17 to file their taxes.
Tax Deadline for Victims of Israel Terrorist Attacks: In the aftermath of recent terrorist attacks in Israel, those affected now have until October 7 to file their taxes.
Extension Deadline for Income Tax Returns: Individuals opting for an extension will have until October 15 to file their return. It’s crucial to note that while this provides additional time to complete tax forms, it does not extend the deadline for tax payments. Any amount due must still be paid promptly to avoid penalties.
1099 Deadline for Freelancers and Independent Contractors: If you fall under the category of freelancers, independent contractors, or individuals earning income from non-traditional sources, you should have received a 1099 tax form by February 15. Employers are generally required to send out these forms by the end of January.
W-2 Deadline from Employers: Similarly, employers are obligated to provide employees with a W-2 by January 31, outlining their income and tax-related information.
Quarterly Tax Due Dates for 2024: For individuals earning income not subject to withholding taxes, quarterly estimated tax payments to the IRS are a requisite. The due dates for these payments in 2024 are as follows:
- First payment: April 15.
- Second payment: June 17.
- Third payment: September 16.
- Fourth payment: January 15, 2025.
These deadlines are pivotal for individuals and businesses alike, ensuring compliance with tax regulations and minimizing the risk of penalties. Staying informed about these dates allows for effective financial planning and ensures a smoother tax-filing process.