The federal tax deadline is quickly approaching. We're here to help.
Key points to remember:
- Apart from the well-known April 15 filing deadline, it's crucial to be aware of other significant tax-related dates to avoid penalties and capitalize on savings opportunities.
- If you receive income not subject to federal income tax withholding, you may be required to make quarterly estimated tax payments throughout the year.
- Contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) for the previous year can be made until April 15.
- If you file for a six-month extension, your tax return deadline will extend to October 15, but any owed taxes are still due by April 15.
- Individuals aged 73 and older may have to take required minimum distributions from their retirement savings annually.
Consider the following tax timeline to steer clear of penalties and optimize your savings:
January 29: IRS Opens for 2023 Returns
The IRS starts accepting tax year 2023 returns on January 29, 2024. It's advisable to wait until you receive all necessary forms reporting earnings before filing your taxes. Employers and payers usually send most of these forms by January 31, with brokerage firms having until February 15 for certain 1099 forms.
April 1: Initial Required Minimum Distribution in Most Years
Individuals aged 73 and older typically need to take required minimum distributions (RMDs) from their traditional IRAs, 401(k)s, and other tax-deferred retirement plans by December 31 each year. However, they can usually defer their first RMD until April 1 of the following year. But for the 2023 tax year, the rules were affected by the Secure 2.0 law, which raised the RMD age from 72 to 73. This change led to specific considerations for those turning 72 in 2022.
April 15: Federal Tax Returns Due
This year, federal income tax returns are due on April 15, except for residents of Maine or Massachusetts, who have until April 17 due to state holidays. Extensions can be filed using Form 4868, but remember, this doesn't extend the payment deadline.
April 15: Deadline for 2023 IRA and HSA Contributions
Contributions to an IRA for the previous year can be made until April 15, 2024. The same applies to Health Savings Accounts (HSAs). It's essential to explore your options regarding traditional IRAs, Roth IRAs, and spousal IRAs.
April 15: First Quarter Estimated Tax Payments Due
For those earning income not subject to federal tax withholding, such as from self-employment or investments, quarterly estimated tax payments for the first quarter of 2024 are due on April 15.
June 17: Second Quarter Estimated Tax Payments Due
The second estimated tax payment for 2024 is due on June 17, accounting for income earned from April 1 through May 31.
September 16: Third Quarter Estimated Taxes Due
The third estimated tax payment for 2024 is due on September 16, covering income earned from June 1 through August 31.
October 15: Extended Tax Returns Due for 2023
If an extension was filed, tax returns for 2023 are due on October 15. Remember to estimate your tax bill and make any necessary payments by April 15 to avoid penalties.
December 31: Required Minimum Distributions Due
Individuals must take required minimum distributions from tax-deferred retirement savings accounts, such as traditional IRAs and 401(k)s, every year starting at age 73.
December 31: 529 Contributions Due in Most States
Many states allow an income-tax deduction for contributions to a 529 college-savings plan. The deadline for contributions to count for the tax year varies by state.
January 15, 2025: Estimated Fourth Quarter Taxes Due
Quarterly estimated taxes are due by January 15, 2025, for income earned from September 1 to December 31, 2024. This deadline is particularly relevant for those who are self-employed or have income not subject to withholding.
Need help with taxes? We can help prep your financials and file tax returns with the appropriate authorities.