The countdown to Tax Day 2024 has already begun, and whether you’re a seasoned taxpayer or a newcomer to the annual ritual, staying informed about crucial dates is key. As we dig into the complexnesses of the upcoming taxes season, here’s your definitive guide to understand the deadlines and ensure a smooth filing process.
Since January is just around the corner, the curtains rise on the tax season for 2024. This marks the commencement of the annual fiscal dance, and taxpayers across the nation prepare to take center stage in fulfilling their obligations to Uncle Sam.
Tax Season 2024 Is Coming: Know Your Dates
The grand finale of this fiscal spectacle is scheduled for April 15, 2024. However, it’s essential to note that this deadline isn’t universal. Stay with us as we unravel the nuances of when and how different segments of the population need to play their part.
For the majority, the stroke of midnight on April 15 signifies the moment of truth. Individual income tax returns for the 2023 tax year must waltz into the arms of the IRS by this date. The prescribed dance partners? Form 1040, or for those seasoned in the art of taxation, Form 1040-SR.
If this date falls on a weekend or holiday, the performance extends to the next business day. An additional twist exists for years when national disasters or emergencies take center stage, as the IRS may extend the deadline, a subplot in the larger tax narrative.
When Can I File My 2023 Taxes?
At the moment you gather all necessary information and essential tax documents, you’re technically poised to embark on the tax-filing adventure (so much fun!!!). Major players in tax preparation software, such as TurboTax and H&R Block, typically unveil their tools around November. Key tax forms, such as the W-2, 1099-MISC, and 1099-NEC, are expected to be dispatched by January 31.
However, the IRS has yet to disclose the official kick-off date for the 2024 tax filing season. Filing before the season officially commences means your tax preparer will safeguard your 2023 return until the IRS begins accepting it.
For those eager to gauge when the 2024 tax season might commence, late January appears to be a reasonable estimate. In 2023, the agency announced on January 12 that it would start accepting and processing returns on January 23. In 2022, the IRS communicated on January 10 that tax season would open its doors on January 24.
When Are State Taxes Due? Don’t Miss the Deadline
While most states with income taxes align their filing deadlines with the federal due date, exceptions exist. This year, the federal deadline is April 15, or April 17 for residents of Massachusetts or Maine.
Diverging from the norm, New Mexico extends an additional grace period for e-filers. Individuals in the Land of Enchantment have until April 30 to submit their state returns. Virginia follows suit with a state tax deadline of May 1, offering a later timeline for taxpayers in the Old Dominion. Louisiana, on the other hand, sets its deadline for both tax returns and payments on May 15.
To ascertain your specific 2024 tax filing deadline, it’s advisable to consult your state’s revenue department website. Each state may have unique regulations, and staying informed ensures a timely and accurate submission of your state tax return.