When Are Taxes Due?

Disclaimer: We are not qualified tax professionals and are not giving advice. Always speak with a qualified professional before making any legal or financial decisions.

Tax season brings its share of deadlines and responsibilities, and it's crucial to know exactly when your taxes are due. Whether you're an individual filer, a business owner, or facing unique circumstances, understanding your tax deadline can save you from unnecessary stress and penalties.

In this comprehensive guide, we'll walk you through the essential dates for the 2024 tax season, offer insights on extensions, and provide tips for managing your taxes efficiently. Stay ahead of the curve with our expert advice.

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What is a tax return?

A tax return is a document that taxpayers file with the IRS that reports their income, deductions, and taxes owed for a given tax year. Taxpayers use tax returns to calculate their taxes due and file them with the government either through e file or through the mail.

You are required to file a tax return if your taxable income is above a certain threshold set by the IRS. The threshold varies depending on your filing status (single, married, head of household, etc.) and whether you are claimed as a dependent on someone else's return.

Every individual and business in the US is required to file a tax return annually, regardless of whether they owe taxes or not. Filing a tax return is the only way to ensure that you comply with US tax laws.  Uncovering hidden deductions can significantly increase the potential of your refund.

Tax Season

Tax season generally refers to the time of year when people file their income tax returns. For most people in the United States, this is from January to April. The term "tax season" can also refer to the amount of time a person has to file their taxes, which is typically about three months.

The purpose of tax season is to ensure that everyone pays their fair share of taxes. Income taxes fund many important government programs, such as education, infrastructure, and social welfare programs.

If you know any tax professional, it's the time of year they work around the clock preparing tax returns for people and businesses.

Your Tax Return Payment

Your tax return payment is the amount of money you receive from the government after filing your taxes. Tax return money is typically a refund of any taxes you overpaid during the tax year.

There are a few things to keep in mind when it comes to your tax payments. First, if you're expecting a tax refund, it's important to know that the IRS issues most tax refunds within 21 days of receiving your tax return being filed. However, if you're owed a large tax refund or if you filed your tax returns electronically, you may receive your tax refund more quickly via direct deposit.

Additionally, if you have a tax bill or tax due to the IRS, you should try to pay as much of the balance as possible when you file your income tax return. This will help reduce any interest and late payment penalty that may be assessed on the outstanding balance of any unpaid taxes.

If you can't pay the full amount of the tax bill, be sure to contact the IRS to discuss payment options - they may be able to work out some type of payment arrangement.

How long does it take to do your taxes?

Did you know that the average person spends 13 hours completing their tax return? Many people dread tax season, but it doesn't have to be so stressful. With a little organization and preparation, you can make filing your taxes a breeze.

One of the most important things to do when preparing for taxes is to make sure you have all the necessary documents up to date. This includes things like your W-2, 1099 forms, bank account statements, and receipts for any deductions or credits you plan to claim. Getting everything together before you start will make the process go much smoother.

Learn more by reading Why You Should Consider Filing Your Taxes Early This Year

What's the best way to organize yourself so taxes are easy to figure out each year?

There are a few key things you can do to make sure your taxes are easy to file each year. The most important thing is to stay organized. Tax deadlines are way easier when all your files are neatly kept.

First, keep good records throughout the year of all your income and expenses. This will make it much easier to prepare your tax return when the time comes.

Second, take advantage of any tax software or online filing tools that can help make the process easier. And finally, if you have any questions or need help, don't hesitate to reach out to a tax professional. By following these simple tips, you can make tax time a breeze!

The key to easy tax preparation is staying organized throughout the year.

Here are some tips:

• Create digital and physical folders to sort tax documents as you receive them. For example, have folders for income statements, mortgage interest, property taxes, charitable donations, etc.
• Use a spreadsheet to track all income, deductions, and credits. This makes it easy to see what you have when it's time to file.
• Take pictures of receipts and important documents in case originals get misplaced.
• Sign up for an IRS online account to easily access prior year tax returns.
• Consult a tax preparer if you have questions to avoid mistakes.
  

Types of Income to Report

You must report all taxable income when filing your tax return. Types of income documentation to gather and amounts.

It Includes: 

• W-2 forms for wages earned at jobs
• 1099-MISC/1099-NEC forms for self-employment, side jobs, and gig work
• 1099-INT/1099-DIV forms for interest and dividends from investments
• 1099-R forms for pensions, annuities, retirement plans
• SSA-1099 for Social Security benefits received
• 1099-G for unemployment income, state/local tax refunds
• 1099-B for income from the sale of stocks or other assets
• 1099-C for canceled debts
• 1099-S for income from the sale of real estate
• 1099-K for income from third-party networks like Uber
• 1098 forms showing mortgage interest and taxes you paid
• Records of alimony received
• Summaries of all other taxable income like tips, prizes, awards, scholarships, gambling winnings, etc.

Having complete and accurate records of all income ensures you report everything required.

Common Tax Mistakes to Avoid

Filing your taxes accurately is important to avoid penalties and extra fees from the IRS. 

Here are some common mistakes to watch out for when preparing your tax return:

• Forgetting to report all income sources - You must report all income you received during the tax year, including wages, dividends, interest, rental income, capital gains, side jobs, freelance work, crowdfunding proceeds, virtual currencies, bartering income, etc. The IRS gets copies of many of these forms, so don't forget a source.
• Taking credits/deductions you don't qualify for - Only take tax credits like the child tax credit and deductions like the home office deduction that you are eligible for based on your specific situation. Claiming something incorrectly can lead to an IRS audit and potential penalties.
• Not keeping adequate records - Be sure to keep receipts, bank statements, canceled checks, mileage logs, and any other documentation to prove deductions, credits, business expenses, charitable donations, etc. if you are audited. Lacking evidence makes it harder to justify claims.
• Not double checking your return - It's important to thoroughly review your completed tax return for errors and omissions before submitting it to the IRS. Failing to catch a mistake means you'll have to later file an amended tax return, delaying your refund.
• Filing an incorrect status - Choose your filing status carefully based on your circumstances. Wrongly claiming Head of Household or Married Filing Jointly can invalidate your return.
• Entering incorrect Social Security numbers - Double-check all SSNs, especially for dependents. Even one wrong digit can delay your refund significantly.
• Not signing and dating - An unsigned tax return is invalid. And if married, both spouses must sign.

When are taxes due and what's the tax deadline?

Until a successful extension can be granted the payment deadline will remain the same. The penalty for owing taxes on time is about 5%. Whatever you do when filing for taxes, the process pays off when you file correctly.

Generally, the IRS is considered to be preparing your return for filing by mail as soon as you send your return by email or by postal. If you do not want the IRS to send out an email before midnight on taxable days you should send an email back. When you are a freelancer, your business may pay the tax in four different amounts over the year and not just one.

In the United States, federal taxes are due on April 15 each year. However, if you cannot file your taxes by that date, you can request an extension from the IRS. The tax deadline for extensions is October 15. So, if you file for an extension, your taxes will be due on October 15 rather than April 15. Keep in mind that even if you file for an extension, you will still owe interest on any taxes that are not paid by April 15. 

Therefore, it is generally best to pay your taxes by the original deadline if at all possible.

You can file your taxes online or through the mail

You can file your taxes online or through the mail. I usually file my taxes online because it is more convenient for me. I like to know that my taxes are filed correctly, so I always use a tax preparer to file my taxes but it depends on what you are most comfortable with and what works best for your schedule.

The IRS provides both electronic and paper filing options. You can e-file your federal tax return for free through the IRS Free File program if your adjusted gross income is $66,000 or less. If you don't qualify for free filing, you can still file electronically at a cost of up to $14.95.

You can also file a paper return, which costs about $6 to mail depending on the form and the state you live in. Forms are available on the IRS website or at most post offices and libraries.

You will need to gather your W-2, 1099, and other tax documents

There are a variety of documents you may need to figure out your taxes. For starters, you'll need your W-2 form from your employer, which will indicate how much money you made last year and the amount of taxes that were withheld from your paychecks.

You'll also need to gather information about any income you earned outside of your job, such as capital gains or interest income. Additionally, you'll need to provide information about any deductions or credits for which you may be eligible.

Finally, if you're self-employed, you'll need to provide documentation about your business expenses.

For more information, consult the IRS website or speak with a tax preparer.

What happens if I miss the tax deadline?

If your taxes haven't passed the deadline, they should be taken into consideration immediately. There will be another free extension from October 14th until October 30th. This will help you get the tax return filed quicker as you will remain obligated to pay any taxes by April 18. If the taxpayer doesn't have to pay taxes, the IRS doesn't charge any penalties.

The IRS does NOT penalize people whose taxes are unpaid. Interest charges apply for nonpayment. Late payment penalties are capped at 0.55% monthly and a maximum of 25% due in full. In addition to being subject to penalties, a new extension can be applied as soon as a quarter of an hour.

Learn more by reading What is the penalty for filing taxes late?

What to Do If You Can't Pay Your Taxes

If you owe taxes but cannot afford to pay the full amount due, you have options to avoid penalties:

• Short-term payment plans - The IRS may approve a payment plan that allows you to pay what you owe in 60 to 120 days. This avoids late fees.
• Long-term installment agreements - For balances owed over time, you can set up a monthly payment plan with set terms to pay off your tax debt.
• Offers in compromise - If you have severe financial hardship, you may qualify to settle your tax debt for less than what you owe.

Apply for currently not collectible status - If your financial situation is dire, you can request the IRS suspend collection efforts until you are able to pay again.

Do I need a tax filing extension?

If you are applying or wish to file for an extension, you need IRS Form 4868. This includes an automatic 6-month extension for filing 1040NR. Many taxpayers mistakenly file pending extensions for taxes because they are not making the required taxes.

It is possible that such a policy may be affected and possibly have consequences for you in the future. If you can't get tax refunds in cash or check in full at first, the tax authority offers several payment options that will help you reduce taxes. The tax exclusions can be filed in many ways.

When are 2022 tax extensions due?

The tax extension for taxes due can be applied until your last tax season. The IRS says it can continue to provide tax extensions until April 18, 2020, as long as you have filed the application. The same applies to businesses: The S Corps and Partnerships will have an extended period until March 15. The last time C Corps can request an extension is April 18.

The deadline to file your taxes for the 2021 tax year is April 15, 2022. However, you can get an extension by filing Form 4868 with the IRS. This will give you until October 15, 2022, to file your return. However, you will still need to pay any taxes owed by April 15, 2022, or you will accrue interest and penalties.

Do federal and state taxes have the same due dates?

The states must determine a tax filing deadline. Typically states will comply with IRS regulations to the maximum extent and their deadline is reflected in the state. Similarly, in tax years 2020, there were 35 states which also approved extending the deadline to July 27, 2019. Maryland is the only state in the country to extend its application to July 15, 2021.

The Hawaiians, however, have chosen to keep their filing date unchanged. Find out how far back the 2022 filing period has come. Find companies that offer state income taxes for 2022 in our guide.

There are many deductions you may be able to claim on your taxes

There are some different deductions that you can claim on your taxes, depending on your circumstances. Some common deductions include those for medical expenses, charitable donations, and home office expenses.

To learn more about what deductions you can claim, speak to a tax professional or consult the IRS website.

Do I need to do my taxes if I still owe last year's tax returns?

Yes, you need to do your taxes even if you still owe tax returns from the previous year. If you don't pay your taxes, you may be subject to penalties and interest charges. Therefore, it's important to stay on top of your tax obligations and submit your return as soon as possible.

In some states, you are required to file a return even if you owe money from a previous year. In other cases, the state may waive the penalty if you agree to pay the debt in full within a certain period. You should consult with an accountant or tax specialist to determine what is required of you in your specific situation.

Where can I get help with my taxes?

Taxes are filed through e file tax services or by mail to the IRS if they are filed. The IRS has available forms for people with incomes below $7000 who can easily complete their taxes. A voluntary tax assistance program is available to all eligible taxpayers.

Many people need help preparing their taxes and need to hire tax professionals. In such cases using tax software is advisable and the professional income tax preparation service can be of great benefit. Some personal tax filing agencies like H&R Block or Jackson Hewitt have software that can help you complete the tax forms.

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