Checklist for tax deadlines 2024: what you should keep in mind

Important Tax Deadlines and Dates

For individuals who need to file their taxes, this includes employees, retirees, self-employed individuals, independent contractors, and gig workers.

• February 15, 2024 - Reclaim your exemption from withholding. If you opted to claim an exemption from withholding taxes on your paycheck last year by submitting a Form W-4, it is important to note that you must renew your filing by this date. This exemption request is applicable if you expect to have 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 the 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 is usually set for April 15 each year, but it may be postponed if it falls on a weekend or holiday. Failing to meet the tax deadline can result in penalties and interest, which can have serious consequences.
• 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 the 2023 tax year. For individuals filing their income tax returns, this is also the last opportunity to make contributions to your IRA or HSA for the 2023 tax year. Please note that after this date, you typically cannot make contributions for the previous tax year.
• April 15, 2024 - First quarter 2024 estimated tax payment due. To estimate your income for the year and determine your tax liability, use IRS Form 1040-ES. For detailed rules and calculations, refer to IRS Publication 505. If you overestimate your tax liability and are due a refund, you can choose to receive it now or apply it to future 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 have opted to file an extension request on your tax return, this is the deadline for submitting your tax return.
• December 31, 2024 - Required minimum distributions have to be taken for individuals age 73 or older by the end of 2024. If you turned 73 in 2023 and have already taken your first RMD (for 2023) by April 1, 2024, it's important to note that you must also take your 2024 RMD by the end of the year. This deadline applies to anyone who is required to take an RMD for 2024.
• January 15, 2025 - Fourth quarter 2025 estimated tax payment due. This marks the last quarterly estimated tax payment for 2024. If you decide to pay 100% of your previous year's tax liability, any outstanding taxes will need to be paid when you file your 2024 individual tax return by the April 2025 deadline.

Businesses - Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

• January 31, 2024 - Employers send W-2 forms to employees
• January 31, 2024 - Send certain 1099 forms
• March 15, 2024 - Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Partnerships, including multi-member LLCs, and S-Corporations should submit Form 1065 or 1120S by March 15, 2024, if they operate on a calendar year. If your business follows a fiscal year, you must file your tax return by the 15th day of the third month after the end of your tax year. For instance, if your business has a tax year from April 1 to March 31, your business tax return would be due on June 15 instead of March 15.
• April 15, 2024 - Taxes for C-Corporations are due. If your business is organized as a C-Corporation and operates on a calendar year, the deadline to file form 1120 is April 15, 2024. However, if your business follows a fiscal year, you must file your tax return by the 15th day of the third month after the end of your tax year. For instance, if your business has an April 1 - March 31 tax year, your business tax return would be due on June 15 instead of April.
• September 16, 2024 - Deadline for extended partnership and S-corporation returns
• October 15, 2024 - Deadline for extended C-corporation returns
• January 15, 2025 - Fourth quarter 2024 estimated tax payment due.

Frequently Asked Questions on Tax Deadlines

What happens if I miss a tax deadline?

If you missed one of these tax deadlines, you have options. Those options depend on the deadline you missed and whether you owe money or should receive a refund. However, your CPA should be aware of these calendar dates to avoid problems due to non-compliance.

What happens if I miss the tax filing deadline and owe taxes?

If you happen to miss a tax filing deadline and owe money to the IRS, it is crucial to file your tax return promptly. The IRS typically imposes interest charges, as well as penalties for failure to file and failure to pay, for each day your tax return remains delinquent. These penalties will continue to accrue until you file your return and settle the outstanding balance.

What should I do if I owe more than I can pay?

Don't delay filing your tax return simply because you may not have the funds to pay the full amount due. The IRS begins charging penalties and interest on the day the return is due, regardless of when you file. To minimize failure-to-file penalties, it is best to file as soon as possible, pay as much as you can when you file, and consider setting up an installment plan for any remaining balance.

What's the fastest way to file my tax return?

The most efficient and accurate method to submit your tax return is by electronically filing it.

By e-filing your tax return with the IRS, you can ensure enhanced security compared to paper filing. Since the tax return is transmitted electronically to the IRS, there is no need to worry about it getting misplaced in the mail or arriving late. Additionally, you will receive immediate confirmation that the IRS has received your return and has commenced processing it.

What is the last day to file taxes?

The deadline for filing individual federal income tax returns is typically April 15, unless it falls on a Saturday, Sunday, or official holiday. Certain state-level holidays may extend the tax deadline by one day. If needed, you can request a six-month extension by submitting Form 4868. This extension would make your last day to file individual income taxes October 15, or the next business day if it falls on a weekend or holiday.

For those who also file taxes for their small business as a partnership or S corporation, the deadline to file taxes is March 15 or April 15 for C-corporations, unless those days fall on a weekend or official holiday. If your business operates on a non-calendar tax year, your federal tax return is generally due by the 15th day of the third month following the end of your company's fiscal year.

How We Can Help You

At H&CO, our experienced team of tax professionals understands the complexities of income tax preparation and is dedicated to guiding you through the process. With offices in Miami, Coral Gables, Aventura, Tampa, and Fort Lauderdale, our CPAs are readily available to assist you with all your income tax planning and tax preparation needs.

To learn more about our accounting firm services take a look at our individual tax services, business tax services, international tax services, expatriate tax services, SAP Business One, entity management, human capital, and audit and assurance services.