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Planning for the new tax season is upon us, especially now that 2024 is just right around the corner.
Although tax preparation is an annual task, most people still struggle to track the deadlines of the Internal Revenue Service (IRS). To help you avoid last-minute submissions, we’ve created a list of all the important dates you need to remember.
In this blog, we’ve created a comprehensive guide on the 2024 tax filing deadlines. It will explore the different timetables for individual filers and businesses.
Join us as we discuss how you can file your taxes ahead of time and what you need to do to extend your filing deadlines.
2024 Tax Filing Deadlines for Individuals & Businesses
Individual filers and businesses have different deadlines. If you’re a regular employee or an independent contractor, here are the dates you must remember for the coming tax season:
DATE | DEADLINE | ADDITIONAL DETAILS |
| January 16, 2024 | Deadline for 4th Quarter 2023 Estimated Tax Payments | Individuals making quarterly estimated tax payments must make their final quarterly contribution for the 2023 tax year on January 16. |
| Early 2024 | 2023 Tax Season Begins | The IRS will start accepting and processing federal tax returns for the 2023 tax year. |
| January 29, 2024 | Start Date for Filing Individual Tax Returns | ~ |
| January 31, 2024 | Deadline for Employers to Submit W-2 Forms | The IRS requires all employers to send their employees their W-2 forms no later than January 31 after the end of the tax year. |
| January 31, 2024 | Deadline for Submission of 1099 Forms | Independent contractors or self-employed individuals must report any income they receive from interests, dividends, or royalties on a 1099 form. They must submit these forms on January 31, but if the date falls on a weekend or a holiday, the deadline will be moved to the following business day. |
| February 15, 2024 | Deadline for Reclaiming Exemptions From Tax Withholding | Individuals who want to claim an exemption in their tax withholding from their employers for the previous tax year must file a Form W-4 on February 15. |
| April 1, 2024 | Deadline for Individuals Who Turned 73 to Take Required Minimum Distributions | According to the SECURE Act 2.0 of 2022, individuals who turned 73 this year have until April 1, 2024, to get their Required Minimum Distribution (RMD) from their retirement accounts. |
| April 15, 2024 | Tax Filing Deadline | April 15 is the annual tax deadline for individual filers. However, the date could be moved if it falls on a weekend or holiday. |
| April 15, 2024 | Deadline for Submission of IRA & HSA Contributions for the 2023 Tax Year | Individual income tax return filers should also make final contributions to their IRAs or HSAs for the 2023 tax year on April 15. Any contributions for the previous tax year made after this date will no longer be accepted. |
| April 15, 2024 | Deadline for the First 2024 Quarterly Estimated Tax Payment | ~ |
| June 17, 2024 | Deadline for the Second 2023 Quarterly Estimated Tax Payment | ~ |
| September 16, 2024 | Deadline for the 2024 Third Quarterly Estimated Tax Payment | ~ |
| December 31, 2024 | Deadline for Individuals Who Turned 73 to Take Required Minimum Distributions | Those who took their first RMD on April 1 also have to get their 2024 RMD by the end of the year. |
| January 15, 2025 | Deadline for the 2024 Fourth Quarterly Estimated Tax Payment | ~ |
For businesses, tax filing deadlines vary depending on their registered entity.
| DATE | DEADLINE | ADDITIONAL DETAILS |
| January 15, 2024 | Deadline for The 2023 4th Quarterly Estimated Tax Payment | Businesses should make their final quarterly estimated tax payment for the 2023 tax year on this date. |
| Early 2024 | Beginning of 2023 Tax Season | ~ |
| January 31, 2024 | Deadline for Employers to Submit W-2 Forms to Employees | ~ |
| January 31, 2024 | Deadline for 1099 Forms | ~ |
| March 15, 2024 | Tax Filing Deadline for Partnerships, Multi-member LLCs, and S-Corporations | Businesses established as partnerships, multi-member LLCs, and S-corps who follow a calendar year business must file their Form 1065 or 1120S by this date. However, if they use a fiscal year, they must file their tax returns by the 15th day of the third month after the end of the 2023 year. For instance, if your LLC’s tax year is from April 1 to March 31, your deadline will be June 15 instead of March 15. |
| April 15, 2024 | Tax Filing Deadline for C-Corporations | Calendar-year businesses established as C-corporations must file their Form 1120s by April 15. On the other hand, corporations that use a fiscal year must submit their tax filings on the 15th day of the third month following the end of their tax year |
| April 15, 2024 | Deadline for the First 2024 Quarterly Estimated Tax Payment | ~ |
| June 17, 2024 | Deadline for the Second 2023 Quarterly Estimated Tax Payment | ~ |
| September 16, 2024 | Deadline for the 2024 Third Quarterly Estimated Tax Payment | ~ |
| January 15, 2025 | Deadline for the 2024 Fourth Quarterly Estimated Tax Payment | ~ |
Ways to File Your Taxes
Paper Filing
Traditional paper filing involves filling out physical tax forms, such as the 1040 series for individuals or various forms for businesses, and mailing them to the IRS. While this method is straightforward, it can be time-consuming and prone to errors.
Electronic Filing (E-Filing)
The IRS offers Free File, a program that provides free tax preparation software for eligible taxpayers with an adjusted gross income (AGI) of $79,000 or less. You can access the software through the IRS website and file federal tax returns for free.
Tax Preparation Assistance Programs
Organizations like Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) provide free tax preparation assistance to eligible individuals, including low-income taxpayers, elderly individuals, persons with disabilities, and limited English proficient taxpayers.
Paid Tax Preparation Services
Taxpayers can opt to hire professional tax preparers, such as certified public accountants (CPAs) or tax attorneys, to handle their tax returns. These professionals have expertise in tax laws and can ensure compliance while maximizing deductions and credits.
How to Extend Your Filing Deadline For Business Tax Returns
If you need more time to complete your paperwork for your tax returns, you can get a tax extension from the IRS for free.
Here’s what you need to do to request a tax extension:
Find Your Form
The first step to getting a tax extension is determining which form to use. There are two types of tax extension forms: the Form 4868 and the Form 7004.
Form 4868 is for individual filers and businesses like sole proprietorships and single-member LLCs. Form 7004 is for corporations, multi-member LLCs, and other types of businesses.
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Submit Your Request Before The Deadline
Once you figure out which tax extension form to use, you must submit it on or before your original tax filing deadline. For example, if your initial tax day is April 15, 2024, you must file your request on or before that date.
You can file your forms via mail or online through the Modernized e-File Program of an approved provider. We recommend the Authorized IRS e-file Provider database to find a vendor within your area.
Once the IRS grants you an extension, you have at least six months to submit your tax returns. Here are the filing deadlines for extended 2023 tax returns:
- October 15, 2024 – Deadline for Individual 2023 Tax Returns
- September 16, 2024 – Deadline for Partnerships & Sole Proprietorship 2023 Tax Returns
- October 15, 2024 – Deadline for C-corporation 2023 Tax Return
It’s worth noting that you can only file for an extension once. The IRS will no longer allow you to get additional extensions beyond your first request. You must file your returns before your new deadline ends or face penalties for late filings.
FAQs About Tax Filing Deadlines
What if I miss a tax filing deadline and owe taxes?
If you miss the tax filing deadline and owe taxes, you may face penalties and interest on the unpaid taxes. The penalty for filing late is usually 5% of the unpaid monthly taxes, up to 25% of your unpaid taxes. There is also a penalty for paying late, which is 0.5% of the unpaid monthly taxes, which is capped at 25% of the outstanding amount.
How about in the case of being owed a refund?
There aren’t any penalties for late filing if you’re due a refund and miss the tax filing deadline. However, filing at once is advisable to receive your refund promptly. Note that you have a limited window to claim your refund—usually three years from the return’s original due date.
Let’s assume I owe more than I can pay. What now?
You can request an installment agreement with the IRS to pay your tax debt in monthly installments. Additionally, you may qualify for an offer in compromise, which allows you to settle your tax debt for less than the full amount owed if you meet certain criteria.
If I live in an area prone to natural disasters, what happens to my tax deadlines?
The IRS often provides tax relief for taxpayers affected by natural disasters. This relief may include extended tax deadlines, waived penalties, and other accommodations to help affected individuals and businesses recover. Visit their website or contact them for more information.
Can I re-file my taxes if I made a mistake?
Absolutely! You can file an amended tax return using Form 1040-X. However, bear in mind that you have only about three years from the original filing deadline or the date you filed your original return, whichever is later, to amend your return.
Stay on Top of Your Taxes
Knowing your deadlines is vital to a stress-free tax season. By taking the time to mark important dates, you can establish a proactive approach to managing your tax liabilities.
This simple yet effective approach will help you keep your finances organized and prevent you from overlooking any requirement.
If you need assistance with your tax prep, look no further than NCH. NCH’s tax experts will guide you through your filings, ensuring they’re filed accurately and on time. More importantly, they’ll teach you how to maximize your tax credits and deductions.
With our help, you can say goodbye to late penalties and hello to more tax savings. Start your tax prep and contact NCH.
To learn more about our services, visit our website here or call us at 1-800-508-1729.
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.