It’s that time of the year again, when taxpayers start preparing for the upcoming tax season. The federal tax return calendar for 2024 has been released, and it’s important to know the key dates to ensure that you file your taxes on time. Here’s all you need to know about the federal tax return calendar 2024:
When is the Federal Tax Return Due Date for 2024?
The due date for filing federal tax returns for the year 2024 is April 15, 2025. This means that all taxpayers must file their tax returns or request an extension by this date. However, if April 15 falls on a weekend or a holiday, the due date will be extended to the next business day.
Can You File Your Taxes Earlier Than the Due Date?
Yes, you can file your taxes earlier than the due date. In fact, filing your taxes early is a good idea, especially if you are expecting a refund. The earlier you file, the earlier you will receive your refund. However, if you owe taxes, you can wait until the due date to file your taxes.
What Happens If You Miss the Federal Tax Return Due Date?
If you miss the federal tax return due date, you may be subject to penalties and interest. The penalty for late filing is usually 5% of the unpaid taxes for each month that the return is late, up to a maximum of 25%. Additionally, interest will accrue on any unpaid taxes until they are paid in full.
What If You Cannot File Your Taxes by the Due Date?
If you cannot file your taxes by the due date, you can request an extension by filing Form 4868. This will give you an additional six months to file your tax return. However, it’s important to note that an extension to file is not an extension to pay. You must still pay any taxes owed by the original due date to avoid penalties and interest.
What Are the Key Dates for the Federal Tax Return Calendar 2024?
Here are the key dates for the federal tax return calendar 2024:
- January 15, 2024 – Fourth quarter estimated tax payments due
- April 15, 2025 – Federal tax return due date and first quarter estimated tax payments due
- June 15, 2025 – Second quarter estimated tax payments due
- September 15, 2025 – Third quarter estimated tax payments due
- January 15, 2026 – Fourth quarter estimated tax payments due
What Are Estimated Tax Payments?
Estimated tax payments are quarterly payments made by taxpayers who do not have taxes withheld from their income. This includes self-employed individuals, freelancers, and those with investment income. Estimated tax payments are used to pay income tax, self-employment tax, and any other taxes that may be owed.
What If You Need Help Filing Your Taxes?
If you need help filing your taxes, there are several options available. You can hire a tax professional, such as an accountant or tax preparer, to help you file your taxes. You can also use tax preparation software, which will guide you through the process of filing your taxes. Additionally, the IRS offers free tax assistance to taxpayers who meet certain income requirements.
Conclusion
Knowing the federal tax return calendar for 2024 is important to ensure that you file your taxes on time and avoid penalties and interest. Remember to file your taxes early if you are expecting a refund, and request an extension if you cannot file your taxes by the due date. If you need help filing your taxes, there are several options available, including hiring a tax professional, using tax preparation software, or seeking free tax assistance from the IRS.