Federal tax deadlines to know for 2024

Tax Day is fast approaching and the sooner you can put tax documents together, the better prepared you’ll be to meet the federal income tax due date. As you get ready, taking note of key IRS due dates and deadlines can help prevent refund delays or penalties and get you on track to receiving a potential refund as soon as possible.

When is tax season?

The IRS starts accepting and processing new returns on January 29, 2024. Remember, you’re filing taxes for income earned in 2023, even though you’re filing forms in 2024. Tax experts refer to 2023 as the tax year and 2024 as the filing year.

When is the tax deadline?

The last day to file 2023 taxes is Monday, April 15, 2024. To ensure your tax return is filed on time, the envelope must be properly addressed, postmarked, and deposited in the mail by the due date. There are a few exceptions that can extend the deadline to allow more time to submit a tax return.

• If you apply for a filing extension, you have until October 15, 2024, to file.
• Taxpayers in Maine and Massachusetts don’t have to file until April 17, because those states celebrate Patriot’s Day on April 15 and Emancipation Day on April 16.
• If you’re a taxpayer affected by recent natural disasters, such as the December 2023 tornadoes in Tennessee, you have until June 17, 2024, to file your federal tax returns.

What is the timeline for filing taxes?

To ensure you meet important tax deadlines, here is the IRS filing breakdown of key dates to add your calendar.

January 12, 2024

IRS Free File service opens to prepare the tax year 2023 returns.

January 16, 2024

Fourth-quarter 2023 Estimated Tax payments are due. The 1040-ES form must be postmarked by January 16, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline. 2023 tax returns can be filed by January 31 if the entire balance due is paid with the return.

January 29, 2024

IRS begins processing 2023 tax returns.

February 15, 2024

The deadline for reclaiming income tax withholding in 2023. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

March 9, 2024

Due date for farmers and fishermen to file their 2023 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. If the 2023 estimated tax was paid by January 17, 2023, farmers and fishermen have until April 15 to file. (April 17 if you live in Maine or Massachusetts).

April 15, 2024

April 15 is the due date for three separate filings:

• The due date for filing an individual 2023 tax return and making tax payments is April 15, using form 1040. A return will need to be submitted via e-file or postmarked by midnight. If that deadline cannot be made, you can apply for a six-month extension.
• April 15 is also the due date for the first quarter of 2024 Estimated Tax payments. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by April 15, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.
• April 15 is the last day to make a 2023 contribution to a traditional and/or Roth IRA.

April 17, 2024

Due date for taxpayers in Maine and Massachusetts.

June 17, 2024

Second-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by June 17, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.

September 16, 2024

Third-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by September 16, 2024, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

October 15, 2024

For those who received a 6-month filing extension on their 2023 individual tax return, it must be completed and postmarked by October 15, 2024.

January 16, 2025

Fourth-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by January 16, 2025, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.

What happens if I miss the tax deadline?

For those who miss a deadline, there is a late-filing penalty is 5% of the tax due for each month (or part of a month) the return is late. For returns more than 60 days late, the minimum penalty is $435, or the balance of the tax due on the return, whichever is smaller. The maximum penalty is 25%.

Get taxes in order early

With 2023 behind us, it’s a good idea to get ready for tax due dates as soon as possible. For individuals who are self-employed and pay estimated taxes, many states require estimated tax payments as well, so it’s important to look at your state Department of Revenue for those dates. To be better prepared for tax season:

• Double check your W-2 form has been received from your employer
• Download tax forms in advance and fill them out as early as possible

When will I get my tax refund?

If a tax return is submitted and there are no errors, payment can be expected within 21 days of an electronic filing if a refund is owed. Linking an e-filing with direct deposit helps speed up the refund process.

How can I get tax help?

Some taxpayers would like assistance during tax time or need additional time to pay their taxes in full. An installment agreement can be set up with the IRS to pay the debt over time. To see if you qualify, you can apply online and the IRS will inform you if your application is approved.

To help get taxes organized and filed correctly, many people choose to hire an accountant. With their assistance, you may be able to save time, avoid mistakes, maximize tax benefits, and help boost tax knowledge.

North American Company for Life and Health Insurance does not give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor for your individual circumstances.

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