The tax season started on January 29, 2024, when the IRS started accepting federal income tax returns for the financial year 2023. It was reported that the IRS had handled over 163 million returns in 2023 and issued more than 105 million refunds. The average refund was around $3,200.
Even though it is customary to start filing last, it is smart to file taxes early, especially if you expect a refund.
Here are some tax due dates for 2024 that you need to know. It will help you save a ton of time for the upcoming tax season.
Tax Due Date 2024
There have been times when Tax Day has changed due to special circumstances, such as during the pandemic. Tax Day can also change if it falls on a weekend, moving to the following Monday.
For most people, the tax due date 2024 falls on Monday, April 15, 2024. However, people living in Maine or Massachusetts will get a few additional days due to Patriot’s Day on April 15 and Emancipation Day on April 16.
For these people, the tax due date 2024 is Wednesday, April 17. Those who live in areas declared disaster zones by FEMA, like parts of Connecticut, Maine, Rhode Island, and West Virginia, will have their tax due date on June 17, 2024.
Most states have their tax due date 2024 on 15 April 2024; however, some states have different deadlines. Massachusetts and Maine have their tax due date in 2024 on 17 April 2024. On the other hand, Hawaii has a tax due date of 22 April 2024.
On the other hand, New Mexico and Oklahoma have their tax due date on 30 April 2024 just for e-returns. Delaware and Iowa also have their tax due date on 30 April 2024, while Virginia and Louisiana have their deadlines on 1 May 2024 and 15 May 2024, respectively.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the states that do not collect taxes.
Federal taxes are automatically deducted from most employees’ paychecks, but those who are self-employed, independent contractors, or earn money from tips or investments need to make estimated tax payments throughout the year.
Other Important Tax Dates
The IRS usually sends payments for federal returns filed online within 21 days. Choosing direct deposit might speed up the process. However, it might take longer for people who have issues or who have filed their taxes by mail.
The tax extension deadline is April 15, 2024, which gives time until Oct. 15, 2024, to file the return. However, an estimated payment must be made by April 15. The IRS has been clear that extending the time to file returns gives less time to pay taxes.
To ask for an extension, one can fill out IRS Form 4868 online or on paper, pay some or all of what is owed, and show that it is for an extension.
Some states have their own rules concerning tax extensions. For example, California and Illinois don’t require an extension; they automatically give a six-month extension for state returns.
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