While everyone knows that federal income tax returns are due on April 15 yearly, the Internal Revenue Service (IRS) imposes several other deadlines throughout the year. For example, there are quarterly payment deadlines, extension deadlines, retirement-related deadlines, and various others. Be aware of these dates to avoid penalties — and take advantage of the savings opportunities that might be available.
Here are the tax deadlines you should know for 2024:
January 29
The IRS begins accepting 2023 tax returns on January 29. However, you must wait until you’ve received your W2 or 1099 before you can file. Usually, employers must send these forms out by January 31 — but some brokerage firms have until February 15 to send 1099s.
March 15
For many small businesses, taxes are due on April 15. However, taxes are due for some business on March 15, including corporations, partnerships, multi-member LLCs, and S-Corps. March 15 is also the date by which any extensions must be filed by corporations, partnerships, multi-member LLCs, and S-Corps. Still, obtaining an extension doesn’t change the deadline by which you have to pay your taxes. To avoid late penalties, you still have to pay the estimated amount owed by March 15.
April 15
While April 15 is widely known as the deadline to file a tax return with the IRS. April 15th is also the date by which any extensions must be filed. Still, obtaining an extension doesn’t change the deadline by which you have to pay your taxes. To avoid late penalties, you still have to pay the estimated amount owed by April 15.
Quarterly Payment Due Dates
If you are responsible for paying your own income tax throughout the year, you will need to make quarterly payments to the IRS based on the following schedule:
- April 15, 2024 — First payment
- June 17, 2024 — Second payment
- September 16, 2024 — Third payment
- January 15, 2024 — Fourth payment
If you do not pay enough tax by the due date, you may be charged a penalty — even if you are owed a refund when you file your income tax return at the end of the tax year.
September 15
If you choose to file an extension request for your corporations, partnerships, multi-member LLCs, and S-Corps, your tax return must be filed by September 15.
October 15
If you choose to file an extension request to give you more time to file your 2023 taxes, your tax return must be filed by October 15.
Tax Filing Deadlines for Those Outside the Country
The tax filing deadline for U.S. citizens who are living and working outside the U.S., resident aliens, and military members on duty is June 15. However, filing Form 4868 can give you four more months to file. You might also extend your tax due date further if you are a servicemember on activity duty in a combat zone.
IRA Contributions Deadlines
April 15 is the last day you can set up an IRA or contribute to your IRA for the tax year unless you obtain an extension. This deadline is not to be confused with the October 1 deadline for setting up a simple IRA. October 15 is the last day an IRA contribution can be recharacterized if your tax return was filed timely. Roth IRA conversions for tax years 2018 through 2025 cannot be recharacterized as traditional IRAs.
Contact an Experienced New York Tax Attorney
Understanding the tax deadlines can be confusing. Whether you’re a business owner or an individual taxpayer, it’s best to have a skillful tax attorney on your side who can help you remain compliant with your tax obligations. Offering reliable representation to taxpayers, businesses, entrepreneurs, and corporations, Brinen & Associates represents clients for a broad range of tax matters at both the state and federal levels. Call (212) 330-8151 or send us a message to learn more about how we can assist you.