Remembering tax dates is essential if you want to stay in compliance with the IRS and prevent penalties. The deadline for single filers to file their 2023 tax returns is usually April 15, 2024. Form 4868 can be used to obtain an extension, yet, extending the deadline to October 15, 2024; taxes due still have to be paid by April 15.
Moreover, April 15, 2024 is the deadline for making donations to IRAs and HSAs for the 2023 tax year.
In 2024, when are business taxes due?
According to their fiscal year, collaborations, S corporations, and C corporations have different deadlines for owners of businesses.
Generally, S corporations and partnerships has till March 15, 2024, to file, and C corporations has till April 15, 2024.
When is the deadline for submitting a company tax extension?
For partnerships and S corporations, expansions are permitted until September 16, 2024; for C corporations, the extended date is October 15, 2024.
It is also essential for firms and individuals to make quarterly predicted tax payments. For the 2024 tax year, these installments are due on April 15, 2024, June 17, 2024, September 16, 2024, and January 15, 2025.
What occurs if a tax deadline is missed?
There may be choices available based on the specific circumstances, however skipping tax deadlines could end up in penalties and interest. If you believe you are owed a refund, file as soon as you can since you have up to 3 years from the date of the tax return to receive your refund.
If taxes are due, minimizing interest and penalties can be achieved by submitting on time and establishing an installment plan.
For efficiency and precision, electronic filing is advised, and direct deposit guarantees the quickest receipt of tax refunds. By using electronic filing techniques and keeping track of deadlines, taxpayers can minimize potential problems with the IRS and accelerate the tax filing procedure.