Navigating 2024 Tax Filing: Essential Deadlines & Key Insights

The 2023 tax year for the average filer is coming to a close, and tax season is encroaching. We’ve compiled some of the most important information and dates to have you ready to file in 2024, including filing for individuals and businesses, filing tips and troubleshooting, and late filing deadlines.

Table of Contents

- What is the due date for 2023 taxes?
- What is tax day?
- How to get help with your taxes
- Important Dates for Individual Filers
- Important Dates for Businesses
- How do I make taxes easier for my organization?
- What if I miss a tax deadline?
- What happens if you miss the tax filing deadline and are owed a refund?
- What happens if you miss the tax filing deadline and owe taxes?
- What happens if you miss an estimated tax payment deadline?
- What if I owe more than I can pay?
- What's the fastest way to file my tax return?
- What if I need more time?
- What happens to my tax deadlines if I live in an area impacted by a natural disaster?
- What if I made a mistake and need to re-file my taxes?
- What is the last day to file taxes?
- Will the IRS extend the tax deadline for 2023 returns?

Key Takeaways

Taxpayers can file as early as January, with the due date for most individual filers on Tax Day, April 15th, 2024 (April 17th for Maine/Massachusetts due to holidays).Fiscal year filers have specific deadlines based on their fiscal year closing.Individuals can request a 6-month extension; businesses use Form 7004.Amend return with Form 1040-X for changes in filing status, income, deductions, credits, or tax liability.

What is the due date for 2023 taxes?

Taxpayers can file their 2023 returns as early as January, but for most individual filers filing on a calendar year, the due date for filing 2023 taxes is on Tax Day, Monday, April 15th, 2024. Note that taxpayers living in Maine or Massachusetts have until April 17th, 2024, due to the Patriot's Day and Emancipation Day holidays.Those utilizing a fiscal year must file their taxes by the 15th day of the 4th month after the closing day of their fiscal year (or the 15th day of the 3rd month under certain circumstances). [1]

What is Tax Day?

Tax Day refers to the day on which federal individual tax filing and payment is due. Tax Day was first introduced in 1913 after the Sixteenth Amendment was ratified, but it has typically fallen on April 15th or the following business day since 1955. The date changes if it lands on a weekend or public holiday and will typically fall on the Monday or Tuesday after. Tax day will also be delayed in cases of natural disasters or public health emergencies, as it had during the most recent COVID-19 pandemic. It's important to note that if you need more time to file your taxes, you can request an extension, but any taxes owed are still generally due on Tax Day.

How to get help with your taxes

Depending on the level of assistance you require, there are a variety of places you can look for tax help. Those who qualify for Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) may receive free tax help from IRS-certified volunteers. If you are ineligible or in need of more extensive advice or services, you should seek the counsel of a tax preparer. Depending on your needs, a tax preparer may come in the form of an enrolled agent (EA), certified public accountant (CPA), or attorney. The IRS has created a handy IRS Directory of Preparers should you need assistance. 

However, if all you need is filing services, you may consider an IRS-provided Free File service or any other similar filing software. These programs will usually offer limited but guided tax prep as well as online filing.

If this is already starting to feel a little overwhelming, talk to our tax experts to get a better understanding of what your business might need.

Important Dates for Individual Filers

This category is for individuals who file as employees, retirees, self-employed individuals, independent contractors, or gig workers. 

• January 16, 2024 - 4th quarter 2023 tax payment due
• January 31, 2024 - W-2 and some 1099 forms must be distributed by this date
• February 15, 2024 - Reclaim income tax withholding exemption by this date
• April 15, 2024 - Tax Day! This date marks the last date to file, pay,  and/or request an extension on your return for those filing with the calendar year.*
• June 17, 2024 - Filing deadline for expats 
• October 16, 2024 - Due date for those who filed for an extension (both residents and expats)

2023 Quarterly estimated tax payments are due by these dates

• April 15, 2024 - 1st quarter tax payment due
• June 17, 2024 - 2nd quarter tax payment due
• September 16, 2024 - 3rd quarter tax payment due
• January 15, 2025 - 4th quarter tax payment due

Important Dates For Businesses:

This includes Partnerships (including LLCs), C-Corps (Form 1120), or S-Corps (Form 1120S).

• January 31, 2024 - W-2 and some 1099 forms must be distributed by this date
• March 15, 2024 - Taxes are due for partnerships, multi-member LLCs, and S-Corporations that file with the calendar year.* Businesses organized as partnerships, including multi-member LLCs, need to file Form 1065 while S Corps should file Form 1120S. 6-month extensions can be filed by this date with Form 7004
• April 15, 2024 - Taxes for C-Corporations are due for businesses that file with the calendar year. Businesses organized as C-Corporations need to file form 1120 by April 18, 2023, if they are a calendar year business.* 6-month extensions can be filed by this date with Form 7004
• September 16, 2024 - Deadline for return extensions of Partnerships and S-corporations
• October 15, 2024 - Deadline for return extensions of C-corporations

*Individuals and C-Corps that use a fiscal year need to file a tax return by the 15th day of the third month following the final day of your tax year. Partnerships and S-corps that use a fiscal year need to file a tax return by the 15th day of the third month following the final day of the tax year.

Deadlines are subject to change, and our list only covers the most common categories. Check IRS Publication 509 and supplemental publications applicable to you to see the full compendium of tax-calendar information. For a more in-depth exploration of taxes for businesses, check out Decimal’s “Top Tax Considerations for 2024” webinar. 

You can also monitor the latest tax season updates and general information pertinent to the 2023 tax season here. 

How do I make taxes easier for my organization?

With taxes famously stated as being one of life’s assurances, we feel it’s never too soon to get a head start on next year’s tax prep. One of the best ways to ensure future business taxes are as painless as possible is to keep accurate, detailed, and updated records. Consistently practicing good bookkeeping allows you to take advantage of all the deductions you may be entitled to and can mitigate the risk of audits. 

If accurate and detailed recordkeeping doesn’t sound painless, see how Decimal can help you keep your books in order. Decimal’s team of accounting experts will do the heavy lifting and keep your books tidy so that you or your tax preparer can better organize and prepare your business taxes for when the big day comes. 

What if I miss a tax deadline?

A missed tax deadline can result in a few different choices for the average taxpayer. These options differ depending on whether you owe the IRS money or the IRS owes you a refund. Partial payments, filing without paying, and paying without filing can also affect the outcome of missed deadlines.  

What happens if you miss the tax filing deadline and are owed a refund?

Under the current federal tax laws, there is no penalty for failing to file your tax return by the deadline, even without an extension. However, your refund will not be processed until the filing has been completed. In cases where a federal income tax return was not filed on time, the law provides most taxpayers three years after the initial tax deadline to file and claim their refund.

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

If you miss a tax filing deadline or the extended due date, you will incur a failure-to-file penalty of 5% of the unpaid taxes per month (not to exceed 25% of unpaid taxes) as well as daily interest. If failure-to-pay and failure-to-file penalties are both applicable, the combined penalty is 5%, 4.5% late filing, and 0.5% late payment, per month or part of a month that the tax return is late. Interest can accrue on any unpaid balance and compounds daily.

What happens if you miss an estimated tax payment deadline?

Missing a tax payment deadline will result in a failure-to-pay penalty of 0.5% of the tax owed after the due date for each month or part of a month the tax remains unpaid. This caps at 25%. The penalty may be waived if you can show a reasonable cause for the failure to pay on time. These could include unexpected financial hardship, serious illness, or other circumstances beyond your control.

What if I owe more than I can pay?

Even if you cannot pay the full amount at the time of filing, you should file your taxes on time and pay as much as you can. This can prevent failure-to-file penalties as well as minimize the interest that accrues with unpaid taxes. 

As long as you filed your taxes, you may be eligible to apply for a payment plan to pay off your balance over time. These include a short-term payment plan (paying in 180 days or less) or a long-term payment plan (installment agreement) paying monthly. 

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

Electronic filing, either through the IRS Free File program or another online tax preparation company, is the fastest way to file your taxes. The IRS also recommends combining e-filing with direct deposit to expedite your refund. An e-filing company may also provide prompts and/or error messages to ensure that your tax forms are not only expedient but accurate as well. 

Within 24 hours of filing a tax return electronically, taxpayers should be able to access the “Where’s My Refund?” tool to track the status of their refunds, including if it has been received, approved, and when to expect the return.

One other key tip is to make an IRS online account. Here, you can easily make, schedule, cancel,  and view payments. It’s also your ultimate source for setting up payment plans and accessing tax records from previous years. 

What if I need more time?

Individuals may request an automatic 6-month extension electronically with online filing services or by filing Form 4868 to extend the filing date to October 15th, 2024. Similarly, businesses can apply for a 6-month extension with Form 7004 with due dates varying depending on the type of company filed. These forms do not extend the due date of the initial taxes owed, only the time in which they can be filed. To avoid penalties and interest, it is recommended that you pay the estimated taxes owed with the filing of the respective extension form. 

What happens to my tax deadlines if I live in an area impacted by a natural disaster?

If you or your business is affected by a natural disaster, the IRS may deem you eligible for tax relief. Taxpayers who live or do business in federally declared disaster areas may have their filing and/or payment deadlines extended. Depending on the circumstances, individuals and businesses may be able to claim losses related to a disaster on the tax return for the previous year by submitting an amended return. 

What if I made a mistake and need to re-file my taxes?

Even with the most organized books, you may still discover an error in your tax filings. If you need to change your filing status, income, deductions, credits, or tax liability, you may need to amend your return. This can be done with Form 1040-X and should not be filed until after your initial return has been received. It should be noted that you do not have to amend your return due to math errors. The IRS will correct those mistakes. To claim a refund or tax credit from a previous year, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.

What is the last day to file taxes?

The last day to file your taxes or an extension for the 2023 calendar year will be Tuesday, April 15th, 2024 for most individuals.  

Will the IRS extend the tax deadline for 2023 returns? 

It is unlikely that the IRS will have a blanket extension of the 2023 tax deadline. However, deadlines may vary for disaster victims, combat zone taxpayers, and those taxpayers outside of the United States. If you do not fall under one of these categories and are in need of an extension, don’t forget to file a request for an automatic extension. 

How can I get help on this?

There is a lot to keep track of when it comes to taxes, so finding the right partner to help out is crucial. Decimal is now able to offer help with tax filings and can work with you to find more ways to increase write-offs and find different ways to help your business. Whether you need ongoing bookkeeping help throughout the year or need assistance with your tax filings, we are here to help! 

Talk to us to learn more about where we can best help you!