When is the Deadline to File Your 2023 Taxes? And Make Quarterly Payments in 2024? Request an Extension?
This article will cover everything you need to know. Many tax deadlines are fast approaching. This article will cover key dates small business owners need to know to file their 2023 taxes, make quarterly payments during 2024, and/or request an extension for filing.
Last Day to File Your 2023 Taxes or Request an Extension
The last day to file your 2023 federal and state taxes is April 15, 2024. That’s also the last day you can request an extension for filing taxes. If you need an extension, submit Form 4868 by this date. This is also the deadline for individuals to make IRA and HSA contributions for 2023.
If you request an extension for filing your federal taxes, you must file them by October 15, 2024.
State Tax Extensions
While the IRS requires you to file Form 4868 in order to request a tax extension, each state has its own requirements for obtaining a similar extension. Some states, such as Wisconsin, Alabama, and California, offer automatic extensions to all taxpayers, while other states require you to file a specific form by the original due date of the return. Reach out to your state tax authority to confirm which steps you will need to follow.
What If I Owe Money but Requested an Extension?
An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties, such as interest due on the payment amount.
Important Dates for Quarterly Tax Payments
The 4th Quarter 2023 Estimated Tax Payment was due January 16, 2024.
For anyone self-employed or who has other income without any tax withholding, and makes quarterly estimated tax payments, this is the final due date to submit a quarterly payment for the 2023 tax year. It covers the time period from September 1 through December 31, 2023
Here are the dates for 2024 estimated quarterly payments:
April 15, 2024 – for the period January 1 through March 31
June 17, 2024 – for the period April 1 through May 31
September 16, 2024 – for the period June 1 through August 31
January 16, 2025 – for the period September 1 through December 31, 2024
Tax Deadlines for Various Business Types
Partnerships, multi-member LLCs and S Corps
Partnerships, multi-member LLCs, and S-Corporations must file Form 1065 or 1120S by March 15th, 2024, if their business is based on a calendar year. If a fiscal year is used, the tax return should be submitted by the 15th of the third month after the end of the tax year. Whichever date is used, that will be the same deadline date for requesting an extension (IRS Form 7004).
For C-Corporations
Corporations must complete and file Form 1120 to calculate the income subject to the flat corporate rate (21%). When taxes are due depends on whether the corporation follows a fiscal year or a calendar year.
For a C Corp that follows a calendar year, the due date for Form 1120 is April 15th, 2024.
For a C Corp that follows a fiscal year, Form 1120 must be filed by the 15th day of the fourth month following the last day of their tax year. In other words, for a fiscal year ending May 31, the form 1120 is due by September 15.
Whether a C Corp uses the calendar year or a fiscal year, the corporation can request a 6-month extension (IRS Form 7004). The extension request must be filed by the original tax filing deadline.
Important 2024 Dates
| Date | Description |
|---|---|
| Jan 31, 2024 | Employers Must Send W-2 Forms to Employees |
| Jan 31, 2024 | Certain 1099 Forms Are Sent |
| Mar 15, 2024 | Taxes Due for Partnerships, Multi-Member LLCs, and S-Corps |
| Apr 15, 2024 | Tax Day, Deadlines to File Federal Income Tax Return and Request Extension |
| Apr 15, 2024 | First Quarter 2023 Estimated Tax Payments and Calendar Year C-Corporation Taxes Due |
| Jun 17, 2024 | Second Quarter 2023 Estimated Tax Payment Due |
| Sep 16, 2024 | Third Quarter 2023 Estimated Tax Payment Due and Deadline for Fiscal Year C-Corps |
| Oct 15, 2024 | Deadline to File Extended 2022 Tax Returns |
| Jan 15, 2025 | Fourth Quarter 2024 Estimated Tax Payment Due |
Things to Do Before a Tax Deadline
As the tax deadline approaches, there are a few key things you can do to prepare and ensure a stress-free filing process. Here are five things to do before the tax deadline:
- Gather your documents and records. Collect all the needed documentation, including W-2 forms, 1099s, receipts, and other relevant records. Having everything in one place will make it easier to prepare your return.
- Review the tax code for changes. There may have been changes to the tax code since you last filed, so it’s important to review any updates that could impact your return.
- Choose the right filing status. There are different filing statuses available, so make sure to choose the one that best applies to your situation. This can affect your tax liability and refund amount.
- Calculate your deductions and credits. There are many deductions and credits available that can lower your tax bill. Take the time to calculate which ones you’re eligible for so you can maximize your savings.
- File electronically for a faster refund. Filing electronically is the quickest way to get your refund, so be sure to take advantage of this option if you’re expecting a refund from the IRS.
Tax Filing Resources
Tax filing can be a daunting task, especially when dealing with changing rules and regulations. Thankfully, there are a variety of resources available to help make the process simpler and less stressful. Let’s take a look at some tax filing resources that are invaluable in helping you stay informed and equipped to make the right decisions concerning your taxes.
Tax preparation services
If you’re not confident about your ability to file taxes on your own, you may want to consider using a professional tax preparation services. These services provide knowledgeable and experienced staff to help you understand the complexities of filing taxes and make sure your return is done accurately.
Sole Proprietors and the Standard Deduction
Taking the standard deduction can be a great way to reduce your taxable income. Sole proprietors should add up all their possible deductions, such as utilities, mileage, advertising costs, etc., to see if that total is more or less than the standard deduction.
The standard deduction amounts for 2024 are as follows:
Married couples filing jointly: $29,200
Single taxpayers and married individuals filing separately: $14,600
Heads of households: $21,9002.
For taxpayers aged 65 and older, the additional standard deduction for 2024 is $1,550 (or $1,950 if unmarried and not a surviving spouse). Eligible taxpayers can add this extra deduction to their regular standard deduction for their filing status.
Free tax advice
If you’re not sure about certain aspects of tax filing, free advice is often available from certified public accountants or other qualified professionals. There are also IRS-sponsored programs that offer free tax advice. It’s important to seek out credible sources of information like this when it comes to tax filing so that you can make the right decisions.
Income tax brackets
Knowing the current income tax brackets can be a valuable tool when it comes to filing your taxes. It’s important to be aware of these brackets so that you can calculate your tax liability accurately and make sure you’re getting the best deal possible.
Best tax software for the self-employed
Researching the Best Tax Software for Self-Employed People is a great way to make sure you’re getting the most out of your filing process. Different software programs offer a variety of features and tools to help you maximize your tax savings.
How to file self-employment taxes
Filing self-employment taxes can be a complicated process. It’s important to understand the rules and regulations so that you can learn how to file self-employment taxes accurately and on time. Make sure to research how to file taxes as a self-employed individual so that you can make the most of your deductions and credits.
Home office deductions
For those who frequently work from home, there are a variety of deductions available. It’s important to understand how to properly calculate these deductions so that you can maximize your savings. Here’s a guide on Last Minute Tax Advice for Home Office Deductions.
IRS Free File
With IRS Free File, you can easily and securely prepare and file your federal individual income tax returns with the help of guided tax preparation software. The process is absolutely free of charge, convenient, and safe, and you don’t have to worry about any hidden costs.
What Happens if You Miss the Tax Deadline?
If you miss the tax deadline, you may be subject to penalties and interest fees. The IRS may also garnish your wages or seize your property to satisfy the unpaid tax debt. To avoid these consequences, it’s important to file your return and make any necessary payments as soon as possible.
If you are owed a refund, there is no penalty for filing your federal tax return late. However, if you failed to file and owe taxes, you should file a return as soon as possible and pay as much of the tax owed as possible to reduce penalties and interest. The IRS will process your return and send your tax refund once they have received it.
What if I owe more than I can pay?
If you owe more taxes than you can pay, the situation may seem overwhelming, but it’s essential not to ignore the situation. The IRS offers various solutions to help taxpayers who can’t afford the tax they owe. Keep in mind, though, that while the IRS does provide these options, you may still be subject to interest and penalties. Here’s more detailed information:
Installment Agreement: This is a payment plan where you can make monthly payments towards your tax debt. To use this option, you must file all required tax returns. There are different types of installment agreements, such as guaranteed installment agreements, streamlined installment agreements, and non-streamlined installment agreements.
Offer in Compromise: This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. This is generally an option when payment in full will create financial hardship.
Temporarily Delay the Collection Process: If you’re facing significant financial hardship, the IRS may temporarily delay collection until your financial condition improves. But remember, the tax debt usually increases because penalties and interest are charged until you pay the full amount.
Filing an Extension: If you need more time to pay, you can apply for an additional 120 to 180 days to pay your account in full with the “Full Payment” agreement. No setup fee is required, but the late payment penalty and interest will continue to add up until the account is fully paid.
Using a Credit Card or a Loan: If possible, paying your tax liability in full with a credit card or a loan may reduce the amount of interest and penalties you’ll pay the IRS.
Here are the potential consequences of owing taxes:
Interest: Generally, interest starts accruing from the due date of the return until the entire amount is paid in full.
Late payment penalty: The penalty is usually 0.5% of the tax owed for each month, or part of a month, that your tax remains unpaid after the due date, up to 25%.
Tax lien: The IRS may file a federal tax lien to protect its claim against your assets.
Levy: If you don’t arrange to pay, the IRS has the right to levy, seize, and sell any type of personal or real property that you own or have an interest in.
If you find yourself unable to pay the taxes you owe, it’s crucial to take immediate action. Consult with a tax professional to understand your options and choose the best course of action based on your financial situation.
What’s the fastest way to file my tax return?
Electronic filing is the fastest and safest way to receive your refund. It takes only 24 hours for electronic returns to be processed, compared to weeks for paper returns. Even if you file a paper return, you can still select direct deposit as your refund method.
What happens to my tax deadlines if I live in an area impacted by a natural disaster?
The IRS may grant you extra time to file tax returns and make payments if you live in an area affected by a natural disaster, such as a hurricane or earthquake. For more information, visit the IRS website or contact your local IRS office.
What if I made a mistake and need to re-file my taxes?
To make changes to your existing tax return, use Form 1040-X (Amended U.S. Individual Income Tax Return) and follow the instructions included. It may be necessary to amend your return if you previously reported the wrong filing status, dependents, total income, deductions, or credits. Be sure to double-check all information on your amended form before submitting it to ensure accuracy.
When are the state income taxes due in 2024?
The deadline to file your federal income taxes is April 15, 2024, and most states usually have their tax deadlines following the same calendar. It’s likely that your state income tax return will also be due on this date, but it’s important to check with your state government website for specific filing requirements.
What is the tax extension deadline for the 2023 tax year?
April 15, 2024, is the deadline to submit Form 4868 and request an extension on your federal taxes. If you are unable to file by this date, filing for an extension will give you until October 15, 2024, to complete and submit your tax return.
When can you file taxes for 2023 in 2024?
The IRS will typically start accepting tax returns at the end of January, with an official announcement coming sometime in the middle of the month.
When does the tax season start?
Tax season usually begins during the last week of January each year. It’s important to file your taxes with the IRS during this time and claim any applicable credits or refunds you’re due. If you need more time, an extension may be requested with no penalty by filing Form 4868 by tax day at the latest.
When is tax day?
Tax Day for the 2023 tax year falls on April 15th, 2024. This deadline applies to any individual or small business seeking to file their taxes with the IRS. If you need an extension, make sure to file Form 4868 no later than tax day. Failing to do so will result in hefty fines and penalties by the IRS.
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