Understanding and meeting tax deadlines is a fundamental aspect of financial responsibility, and it's essential for both individuals and businesses. In this blog, we'll provide you with a detailed overview of various important tax deadlines, their significance, and the steps you can take to ensure you avoid penalties and stay on the right side of tax regulations. Whether you're a seasoned taxpayer or new to the process, our aim is to simplify the complexities of tax deadlines, making it easier for you to manage your financial obligations efficiently and effectively.
The Federal Emergency Management Agency (FEMA) declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to the disasters caused by recent storms. Victims of these storms in Georgia and Alabama have until October 16, 2023, and the majority of California residents have until November 16, 2023, to file various individual and business tax returns and make certain tax payments.
• Individual income tax returns are typically due April 15, unless the date falls on a weekend or holiday or you file Form 4868 seeking an extension until October 15. • Independent contractors, gig workers, and self-employed people usually have to make quarterly estimated tax payments are pre-set dates throughout the year. • Partnerships (including multi-member LLCs) and S-Corps filing deadlines are typically March 15 unless they operate on a fiscal year. A six-month extension to September 15 (or five months after the original deadline) can be requested using Form 7004.
When are 2023 taxes due?
The due date for filing your tax return is typically April 15 if you’re a calendar year filer. Generally, most individuals are calendar year filers.
For individuals, the last day to file your 2023 taxes without an extension is April 15, 2024, unless extended because of a state holiday. You could have submitted Form 4868 to request an extension to file later during the year.
If you have a business that operates on a fiscal year basis, your return is typically due on or before the 15th day of the third or fourth month (depending on the type of business entity) after the close of your fiscal year. In instances where this due date falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day.
The last day to do taxes isn’t the only important tax deadline to know, however. There are several other important tax deadlines you should know for 2023. If you're wondering, "When are taxes due, anyway?" Here are the important dates at a glance.
Important Tax Deadlines and Dates
Individual Filers - including employees, retirees, self-employed individuals, independent contractors, and gig workers.
January 16, 2024 - 4th Quarter 2023 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2023 tax year.
January 23, 2024 - 2023 Tax season begins. This marks the first day the IRS will begin accepting and processing 2023 federal tax returns.
January 31, 2024 - Due date for employers to send W-2 forms. To ensure you’re able to complete your tax return on time, the IRS requires all employers to send you a W-2 no later than January 31 following the close of the tax year. Generally, this means W-2s get sent by January 31, but you won’t necessarily receive your form by this date.
January 31, 2024 - Certain 1099 forms are sent. Various 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K are used to report payments that typically don’t come from an employer, such as if you work as an independent contractor, gig worker, or self-employed person or if you receive income such as interest, dividends, prize winnings, rents, royalties, or brokerage account transactions. If January 31 falls on a weekend or holiday, these forms are due to be sent the following business day.
February 15, 2024 - Reclaim your exemption from withholding. If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You will file this exemption request if you anticipate having no tax liability this year and had none in the previous year.
April 1, 2024 - Required minimum distribution due if you turned 73 in 2023. If you turned 73 in 2023, you have until April 1, 2024, to take your 2023 required minimum distribution (your first required distribution) from your retirement account. After passage of the SECURE Act 2.0 in 2022, if you turned 73 years old on or after 2022, you don’t need to take RMDs until you reach age 73.
April 15, 2024 - Tax Day (unless extended due to local state holiday). The tax deadline typically falls on April 15 each year but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.
April 15, 2024 - Deadline to File Form 4868 and request an extension. The Tax Day deadline is also the last day to file Form 4868 requesting an extension to file your individual income tax return. If you won’t be ready to file your tax return by Tax Day, make sure you instead complete an extension request, granting you the ability to delay filing a completed return until October 16, 2023. But remember, even if you choose to file an extension, you are still required to pay any taxes you may owe by the April deadline.
April 15, 2024 - Deadline to make IRA and HSA contributions for 2023 tax year. For individual income tax return filers, this also marks the final day to make contributions to your IRA or HSA for the 2023 tax year. After this date, you generally can’t make contributions for the previous tax year.
April 15, 2024 - First quarter 2024 estimated tax payment due. Making estimated tax payments means that you need to estimate how much income you’re likely to make for the year and determine how much you will owe to the IRS for income taxes. You can use IRS Form 1040-ES to calculate how much tax liability you'll have for the year. IRS Publication 505 contains all the rules and details you might need to know about how to calculate this amount. If you overestimated how much tax liability you’d owe for a year and are due a refund, you can choose to receive that money now or apply the overage to the following year’s quarterly tax payments.
June 17, 2024 - Second quarter 2024 estimated tax payment due. Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
September 16, 2024 - Third quarter 2024 estimated tax payment due.
October 15, 2024 - Deadline to file your extended 2023 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
December 31, 2024 - Required minimum distributions must be taken for individuals aged 73 or older by the end of 2024. After taking your first RMD (for 2023) by April 1, 2024, if you turned 73 in 2023, you also need to take your 2024 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2024.
January 15, 2025 - Fourth quarter 2025 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2024. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2024 individual tax return by the April 2025 deadline.
Staying informed about tax deadlines is not just a matter of financial responsibility; it's a crucial step in ensuring your financial well-being. By meeting these deadlines, you avoid unnecessary penalties and maintain compliance with tax regulations. Whether you're an individual or a business owner, understanding and managing tax deadlines is vital.
At Butler Squared Consulting, we specialize in providing expert tax and accounting services to make your financial journey as smooth as possible. Don't let the stress of taxes weigh you down – take action today. Schedule a consultation with us to discuss your specific tax and accounting needs. Our team of professionals is here to guide you through the process and help you achieve financial success. Make the wise choice and secure your financial future with Butler Squared Consulting.