Have you ever found yourself scrambling to meet up with tax due dates or unsure when to submit forms? The U.S. tax season has its own share of deadlines and obligations to track. Knowing these timelines could save you stress and penalties. Tax preparation services can help simplify this process and ensure you meet all legal requirements.
Here, we list the key tax dates and deadlines for 2024-25, month by month. If you are a person, a small business proprietor, or part of a bigger business, these insights will enable you to get ready for tax season confidently.
January 2024: The Start of Tax Season
It is officially tax season in January. It's also the month that the books on the prior year go into close.
- Jan 16: In case you're self-employed or receive earnings without tax withholding, your fourth quarter (Q4) estimated tax payment is due.
- 29 January: The tax season has just begun, and so start filing your federal tax return.
- 31 January: By this particular date, employers have to mail W-2 Forms to workers. Some 1099 forms are also mailed out, for example those for contract workers.
Pro Tip: Get organizing with financial documents beginning very early in January. So you can file once tax season begins.
February 2024: A Quick Check In
There is one huge deadline in February:
- Feb 15: In case you're exempt from tax withholding, you must file Form W 4 before this time to the employer.
Make use of this month to double check your records and also ensure you have the correct forms W-2s and 1099s in hand. Tax preparation services might help you review your documentation and stay away from expensive mistakes.
March 2024: Deadlines for Business Taxes.
For businesses, March means tax filing responsibilities.
- 15 March: With regard to partnerships, multi-member S-Corporations and LLCs, tax is applicable. Complete all relevant documents, like Form 1065 or 1120 S, on time.
In case you operate a business, outsource accounting services to deal with your tax filings, deductions and payroll.
April 2024: The Busiest Month
April is tax season, and several deadlines impact both people and companies.
1 April: In case you are 73, you must take your first RMD from your retirement accounts by this particular date.
April 15:
- The state and federal income tax filing deadline for many folks.
- Last day to contribute to an IRA or Health Savings Account (HSA) for the tax season.
- The projected tax payment for Q1 2024 is due.
- C-Corporation tax filings are due.
- For a 6 month filing extension (note: Use Form 4868): This does not extend the deadline for owing taxes.
Tax preparation services can offer expert advice to enable you to meet these deadlines and stay away from penalties. If you run short, file for an extension - but keep in mind, payment deadlines are firm.
June 2024: Mid-Year Deadlines
It is a big month for taxpayers making estimated payments and military personnel overseas in June.
- June 17: You owe an estimated tax payment for Q2 2024.
Military personnel from outside the U.S. have to file their tax return or complete Form 4868 for a four month extension (note: this doesn't pertain to military personnel from the U.S. Extensions don't apply to tax payments.
In case you feel weighed down with the specifics of tax compliance, offshore accounting services will enable you to keep on course with your finances.
September 2024: Extension Deadlines
For businesses and people that applied for extension earlier in the year, September marks key deadlines:
- September 16: The projected tax payment for Q3 2024 is due.
Extended returns for partnerships and S-Corporations must be submitted.
November 2024: Final Extended Deadlines
In case you were given an extension, October is the final month to complete up your tax filings.
October 15:
- Deadline to file extended individual tax returns.
- Extended returns for C-Corporations are due as well.
Most taxpayers now are done with the year. In case you still have questions about your tax situation, tax preparation services will help finish your taxes.
December 2024: Year-End Wrap Up
The year ends with one key requirement for those 73 and older.
- 31 December: Take Required Minimum Distributions (RMDs) for 2024 by this date.
Use this month to review your finances and prepare for the subsequent tax season.
January 2025: The Cycle Restarts
Be prepared for the 2025 tax season with these early deadlines:
January 15:
- The projected tax payment for Q4 2024 is due.
- Some taxpayers also owe an estimated tax payment for Q4 2025.
How State Tax Deadlines Vary
Even though most American states meet the federal April 15 deadline, many have various timelines :
- Delaware: April 30
- Hawaii: April 22
- Louisiana: May 15
- Virginia: May 1
In case you reside in a place declared a disaster area by FEMA, the IRS might extend your deadline. The most disaster affected areas will have until June 17 to file.
Tips for a Happy Tax Season
Tax season need not be a stressful affair. Practical tips:
- Use a Good Recordkeeper: Devote a physical or digital space to your tax documents.
- Use Technology: Use tax preparation software for fast calculations and accuracy.
- Stay Updated: Monitor tax law changes that could impact your filings.
- Expand Your Resources: Outsourced accounting solutions can alleviate some workload pressures, particularly for small businesses.
- E-file Your Taxes: Electronic filing through the IRS Free File program or state tax sites expedites processing and reduces errors.
Read Also | Stress-Free Tax Season for U.S. Businesses with Tax Preparation Outsourcing
Final Thoughts
Tax season need not be stressful. Keeping organized, monitoring essential deadlines and calling in professional help when necessary will enable you to deal with the tax season. Tax preparation services are helpful for both businesses and individuals and offer assistance in filing.
For personalized tax help, count on the Fino Partners to be with you every step of the way. Reach out today for a successful tax season.
