Tax Day 2024: When are taxes due? (2024)

FAQs

Tax Day 2024: When are taxes due? ›

The deadline for most taxpayers to file a federal tax return was Monday, April 15, 2024, at midnight local time. Because of the observances of Patriot's Day (April 15) and Emancipation Day (April 16), however, taxpayers living in Maine and Massachusetts had until Wednesday, April 17, 2024, to file federal returns.

Personal income tax. The due date to file your California state tax return and pay any balance due is April 15, 2024. However, California grants an automatic extension until October 15, 2024 to file your return, although your payment is still due by April 15, 2024.

Estimated taxes are “pay as you go,” according to the IRS, and are spread across four payments. For income earned in 2024, you'll make three payments in 2024—April 15, June 17 and Sept. 16—and one in 2025 by Jan. 15.

There are a few reasons why your federal refund may be delayed. One of the most common culprits is submitting a return that contains an error, such as the wrong Social Security number or incorrect direct deposit information. The IRS could also be holding up your refund if it requires additional review or is incomplete.

The penalty for filing taxes late is 0.5% per month (or a fraction thereof) of the unpaid tax until the tax is paid in full, plus interest, also with a maximum penalty of 25%. The IRS can collect back taxes for ten years from the date the taxes were assessed.

Free federal tax extension is now closed for tax year 2023. File an extension by April 15, 2024 and have until October 15, 2024 to finish your taxes.

For the 2024 tax year, individual tax filers will not have to pay any capital gains tax if their total taxable income is $47,025 or less. That's an increase from the income threshold of $44,625 in 2023.

For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don't pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return.

Estimated tax payment safe harbor details

The IRS will not charge you an underpayment penalty if: You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year, or. You owe less than $1,000 in tax after subtracting withholdings and credits.

Taxes are pay-as-you-go. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year. There are two ways to pay tax: Withholding from your pay, your pension or certain government payments, such as Social Security.

What is the IRS problem in 2024? ›

As of April 2024, the IRS was taking more than 22 months to resolve identity theft victims' assistance cases, plus several weeks to issue refunds, and it had approximately 500,000 unresolved cases in its inventory.

Taxpayers who don't owe tax or are owed a refund

There's no penalty for filing after the April 15 deadline if a refund is due. However, taxpayers due a refund should still consider filing as soon as possible.

TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. Many refunds are taking longer during the pandemic.

Additionally, you have to consider the state you live in. For example, if you live in California, they have a legal right to collect state taxes up to 20 years after the date of the assessment!

It's illegal.

The law requires you to file every year that you have a filing requirement. The government can hit you with civil and even criminal penalties for failing to file your return.

You can file for an extension. Filing an extension gives you an additional six months to October 15, 2024, to submit a complete return. If you believe you will owe taxes, you must estimate how much you owe and pay the amount due with your extension form . You can file a late return without an extension.

3 Reasons to file today if you missed the April tax deadline

If you owe, the failure to file penalty is typically 5% of your unpaid tax. And, the failure to pay penalty is 0.5% of your unpaid tax. Both penalties are assessed every month (or partial month) until you pay. On top of the penalties, you'll owe interest.

The last date to file ITR for individuals is 31st July of the relevant assessment year and 31st October for taxpayers whose accounts are subject to audit. What is an income tax audit?

If you're sure you can't make the tax deadline, file a tax extension. You can do this by filing IRS Form 4868. This will give you additional time to file—usually you have six additional months (until October 15) to file a return if you apply for extension by the original due date of the return.

Here are the breakdowns: Single filing status: ◾ $13,850 if younger than 65. ◾ $15,700 if 65 or older.