Harnessing Success: Your Complete Guide to Mastering US Tax Deadlines
Discover how to navigate and conquer the essential US tax deadlines with precision and ease in our comprehensive guide.
By knowing key tax dates, you can prepare for what you need to do, instead of leaving it until the last minute.
Let's explore the key tax dates in the US that everyone should know.
When does the US tax year run?
The tax year in the US in most cases is the same as the calendar year. The difference is:
- Calendar year - 12 consecutive months beginning January 1 and ending December 31.
- Fiscal year - 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month
January 17, 2024
If tax is automatically deducted by your employer, you probably don’t need to worry about this deadline.
However, if you didn't pay your income tax for the previous year through withholding (or didn't pay enough tax that way), you must use Form 1040ES.
January 24, 2024
The IRS E-file opens. Taxpayers can start filing returns through IRS Е-file partners; tax returns will be submitted to the IRS starting from January 24. Tax software businesses are also taking tax filings in advance.
January 24, 2024
The tax season for 2023 begins. Individual tax returns for the year 2023 start being accepted, and processing begins.
January 27, 2024
Earned Income Tax Credit Awareness Day is dedicated to raising awareness of the beneficial tax credits available to many people, including the possibility of qualifying using prior-year income.
January 31, 2024
If you didn't pay your last installment of estimated tax, you may choose (but aren't required) to file your income tax return (Form 1040 or Form 1040-NR) for 2022 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment.
All businesses give annual information statements to recipients of certain payments you made during 2023. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient on February 1, 2024.
Section 6071(c) requires you to file Form 1099-NEC on or before February 1, 2024, using either paper or electronic filing procedures.
February 15, 2024
Deadline for individuals.
If you claimed an exemption from income tax withholding last year on Form W4, Employee's Withholding Allowance Certificate, you must file a new Form W4 by this key tax date to continue your exemption for another year.
February 28, 2024
Deadline for businesses to submit any other 1099 forms (1099-MISC, 1099-B, 1099-DIV, 1099-INT, etc.) and 1096, if filing on paper. These documents relate to business transactions that aren’t covered by W2 (anything that falls outside of tips and wages). If filing electronically, the deadline is March 31.
March 15, 2024
Forms 1042-S, whether filed on paper or electronically, must be filed with the IRS by March 15, 2024. You also must furnish Form 1042-S to the recipient of the income by March 15, 2024.
March 31, 2024
Deadline for electronic filing of Forms 1097, 1098, 1099 (not including 1099-NEC), 3921, 3922, and W-2GS. This key tax date applies only if you file these forms electronically.
April 18, 2024
The last day to file an original or amended tax return from 2023 and claim a rebate unless you have an extension, then is October 15, 2024.
File a 2023 income tax return (Form 1040-NR) and pay any tax due.
Last day to contribute to an Individual Retirement or Health Savings Account (IRA/HSA) and have it considered retroactive to 2023. Finally, it’s the deadline for the first quarterly estimated tax payment of 2023.
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May 15, 2024
Deadline for non-profit organizations to submit details to the IRS or request an extension. These organizations are required to submit a Form 990 or information return so the IRS can evaluate their operations and ensure they’re exempt from federal tax.
June 15, 2024
Second-quarter estimated payments are due on this key tax date.
Tax returns from taxpayers staying outside the US on the 15th of April can be filed with an automatic extension by the 15th of June.
September 15, 2024
Third-quarter estimated tax payments are due. If an extension was requested on corporate, trust income, or partnership tax returns for the year 2023, this is the final deadline for filing.
October 1, 2024
If you’re self-employed or a small business owner, this is your last chance to set up a SIMPLE IRA for the year 2023. SIMPLE IRAs (Savings Incentive Match Plan for Employees Individual Retirement Account) are Individual Retirement Accounts for small companies and their employees and are designed to be cheaper and easier to maintain than their more corporate counterparts.
Оctober 17, 2024
Deadline for filing a tax return if you filed an extension on the 4828 form before the 15th of April and FBAR (if applicable).
Оctober 17, 2024
For individuals asking for an extension on their 2023 tax returns, this is the deadline to file.
December 31, 2024
Last day to make any tax moves for the year.
Note: If any deadline falls on a weekend or bank holiday, the due date will be the next working day.
Planning your income and expenses year by year is a really useful method of managing your income tax effectively. By incurring expenses a year early (‘accelerating’ expenses) or delaying them until the following year, you can make significant changes to your tax values!
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US Tax Tips
Unlock invaluable insights and strategies with our expert US Tax Tips, designed to optimize your tax planning and filing processes for maximum efficiency and savings.
1. Don’t miss the tax filing deadline
When you work in the US, you’ll be taxed on your income and if you earn over a certain amount, you must file a tax return. The deadline for filing your 2023 tax return is April 15, 2024. You must prepare it and post it to the IRS.
2. Keep your W2 form
You’ll need your W2 form or final cumulative payslip to file a tax return. This will state your total earnings and can help you get a refund of any overpaid tax. It's also important that you tell us your Social Security Number (SSN) or Individual Identification Number (ITIN). You cannot work in the US without one of these.
If you need an ITIN, you can apply for one here.
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Key Takeaways for Tax Success
As you embark on your journey to financial prosperity, remember that mastering US tax deadlines is not just about compliance but about strategically positioning yourself for success.
By staying informed, organized, and proactive, you can navigate the intricate landscape of tax filing with confidence.
From maximizing deductions to leveraging tax-saving opportunities, each deadline presents a chance to optimize your financial outcomes.
With the knowledge gained from this guide, seize control of your taxes and pave the way for a brighter financial future.
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