When Are Personal Income Taxes Due? Tax Deadlines in 2024
The Internal Revenue Service (IRS) announced Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
The IRS expects more than 128 million individual tax returns to be filed by the April 15, 2024, tax deadline.
Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they’re using software companies or tax professionals. For example, most software companies accept electronic submissions and then hold them until the IRS is ready to begin processing later this month.
If you’re a business owner or are self-employed, then you must make quarterly estimated payments toward your tax bill throughout the year. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
For most taxpayers, the deadline to file their personal federal tax return (Form 1040), pay any tax owed or request an extension to file is Monday, April 15, 2024.
If you choose to file an extension on Tax Day, then you have six additional months to file your federal tax return. In this case, the extended filing deadline is October 15, 2024.
The most common taxable income for many people is earned income. However, some people are surprised that income from unemployment, Social Security, and other retirement benefits can also be taxable.
Many different factors can affect the timing of a refund after the IRS receives a return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. The easiest way to check a refund’s status is by using Where’s My Refund? on IRS.gov or the IRS2Go app.
The earlier you file your tax return, the more likely you are to avoid tax-related identity theft, a crime that has been on the rise. Plus, if you expect a refund, you’ll get it sooner. Also, if you ever take out a loan or have financial problems, having filed your taxes can be the difference between getting the certifications and support you need or not.
We strongly suggest that you e-file several hours or better days before the deadline to ensure a timely filing.
- Standard Due Date: April 15th
- Form 4868 Extends Filing Deadline by: 6 months.
- 2024 Filing Season Extended Return Deadline: Tuesday, October 15, 2024
If you need help with your tax return, at My Accounting Now we have a team of accounting specialists, call us at (+1) 786-228-8689 or send us an email at info@myaccountingnow.com