In preparing for the 2024 tax filing season, it’s essential for individuals, sole proprietors, and corporations to be aware of the key deadlines and resources available to assist with the process. The IRS has set several deadlines and offers a range of tools to facilitate a smoother filing experience. Here’s an overview based on the latest IRS guidelines and expert advice:
For Individuals:
Tax Filing Deadline: April 15, 2024, is the primary deadline for individuals to file their personal federal tax returns, pay any owed tax, or request an extension. For taxpayers in Maine or Massachusetts, the deadline extends to April 17, 2024, due to holidays. The IRS encourages electronic filing with direct deposit to expedite refunds and reduce processing delays.
For Businesses:
S Corporations and Partnerships: The deadline for S corporation tax returns (Form 1120-S) and partnership tax returns (Form 1065) is March 15, 2024. These entities should plan to distribute Schedule K-1 to partners or shareholders in a timely manner.
C Corporations: C corporation tax returns (Form 1120) are due by April 15, 2024. If the corporation operates on a fiscal year different from the calendar year, the deadline may vary.
Filing Extensions:
If you need more time to prepare your tax return, the IRS allows you to request an extension, which extends the filing deadline to October 15, 2024. To avoid penalties, ensure you pay any estimated tax owed by the original filing deadline. Extensions can be requested via IRS Free File or by submitting Form 4868 for individuals and Form 7004 for businesses.
Quarterly Estimated Tax Payments:
For those who make estimated tax payments, the first quarter payment for 2024 is due on April 15, 2024, with subsequent payments due on June 15, 2024, September 15, 2024, and January 15, 2025.
With the IRS setting specific deadlines for different types of submissions, and with various tools and resources available to assist taxpayers, navigating the complexities of tax season can be challenging. Whether you’re dealing with personal federal tax returns, S corporation, partnership, or C corporation filings, ensuring compliance and optimizing your tax situation requires careful planning and knowledge.To navigate the complexities of the 2024 tax season successfully, consider reaching out to one of our tax experts. Our professionals are equipped to help you ensure compliance with all IRS requirements, avoid common pitfalls, and potentially identify opportunities to reduce your tax liability. By partnering with a knowledgeable tax advisor, you can gain peace of mind and focus on what matters most to you and your business. Don’t let the stress of tax season overwhelm you. Contact us today to schedule a consultation with one of our tax experts. Together, we can tackle the 2024 tax season with confidence and strategic insight.