Introduction
As we welcome the new year, it’s important for taxpayers to be aware of the upcoming deadlines for filing their taxes. Keeping track of these deadlines can be a hassle, but it’s essential to avoid any penalties or interest charges. In this article, we will provide you with a comprehensive guide to the filing deadline calendar for 2024.
When is the deadline for filing taxes in 2024?
The deadline for filing taxes in 2024 is April 15th. This is the deadline for both federal and state taxes. However, if April 15th falls on a weekend or a holiday, the deadline will be extended to the next business day.
What happens if I miss the deadline?
If you miss the deadline for filing your taxes, you will be subject to penalties and interest charges. The penalty for not filing your taxes on time is usually 5% of the unpaid tax for each month that the return is late, up to a maximum of 25%. Interest charges are also added to any unpaid tax from the due date of the return until the date of payment.
What are the deadlines for estimated tax payments?
If you are self-employed, you are required to make estimated tax payments throughout the year. The deadlines for these payments are as follows:
- April 15th
- June 15th
- September 15th
- January 15th of the following year
What happens if I miss an estimated tax payment?
If you miss an estimated tax payment, you may be subject to penalties and interest charges. The penalty for underpayment of estimated tax is usually 3.398% of the underpayment for each month that it’s late.
What if I need more time to file my taxes?
If you need more time to file your taxes, you can request an extension. The deadline for requesting an extension is also April 15th. However, it’s important to note that an extension only gives you more time to file your return, not to pay any taxes owed. If you don’t pay your taxes by the original deadline, you will still be subject to penalties and interest charges.
How do I request an extension?
To request an extension, you must file Form 4868 with the IRS. This form can be filed electronically or by mail. If you file electronically, you will receive a confirmation that your extension has been approved. If you file by mail, you should send your form to the address listed on the form.
What if I can’t afford to pay my taxes?
If you can’t afford to pay your taxes by the deadline, you should still file your return on time to avoid penalties for late filing. You can then work with the IRS to set up a payment plan or negotiate a settlement. The IRS offers several options for payment plans, including an installment agreement and an offer in compromise.
What is an installment agreement?
An installment agreement is a payment plan that allows you to pay your taxes over time, instead of all at once. You will need to fill out Form 9465 to request an installment agreement. The IRS will review your request and let you know if it has been approved.
What is an offer in compromise?
An offer in compromise is a settlement that allows you to pay less than what you owe in taxes. To qualify for an offer in compromise, you must demonstrate that you are unable to pay your taxes in full and that it’s in the best interest of both you and the IRS to accept a settlement. You will need to fill out Form 656 to request an offer in compromise.
Conclusion
Keeping track of tax deadlines can be stressful, but it’s essential to avoid any penalties or interest charges. By following the guidelines outlined in this article, you can ensure that you file your taxes on time and avoid any unnecessary fees. If you have any questions or concerns about your tax filing, be sure to consult with a tax professional.
Question and Answer:
Q: What is the deadline for filing taxes in 2024?
A: The deadline for filing taxes in 2024 is April 15th.
Q: What happens if I miss the deadline for filing my taxes?
A: If you miss the deadline for filing your taxes, you will be subject to penalties and interest charges.
Q: Can I request an extension if I need more time to file my taxes?
A: Yes, you can request an extension by filing Form 4868 with the IRS.
Q: What if I can’t afford to pay my taxes by the deadline?
A: If you can’t afford to pay your taxes by the deadline, you should still file your return on time to avoid penalties for late filing. You can then work with the IRS to set up a payment plan or negotiate a settlement.