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Tax Day 2024: Your Guide to Deadlines, Extensions, and Essential Tips

As the tax season approaches its climax, with the deadline to file taxes looming just over three weeks away, it's worth noting some key deadlines for filing your tax return or requesting an extension:

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• Individual tax returns are due by April 15th, unless you file for an extension.
• If you need more time, you can request an extension until October 15th, but remember that this extension applies only to filing your return, not to paying any taxes owed.
• Businesses filing as corporations have a different deadline. For most corporations, the deadline is the 15th day of the fourth month after the close of their fiscal year.

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These deadlines are crucial to keep in mind to avoid potential penalties or late fees.

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When is the last day to file taxes in 2024?

The deadline for filing taxes with the IRS in 2024 is Monday, April 15th, for most Americans. If you anticipate not being able to meet this deadline, you have the option to request a six-month extension before Tax Day to prevent incurring penalties and interest.

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What is the deadline to file an extension?

The deadline to file an extension is April 15th. However, if you reside in certain disaster areas as designated by the IRS, you may qualify for an extension without needing to submit a request electronically or on paper.

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When is the deadline if I file an extension?

Filing for a tax return extension grants you until October 15, 2024, to complete and submit your taxes.

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What happens if I miss the tax deadline?

If you fail to meet the tax deadline, you may incur penalties. The standard penalty is 5% of any tax owed for each month the return is late, up to a maximum of 25% of the unpaid balance. However, if you file a return but do not pay the taxes owed, or if you receive an extension but do not pay (remember, an extension to file does not extend the deadline for paying), you usually face a smaller monthly penalty of 0.5% of the unpaid amount.

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Does every state have to file taxes by April 15?

Some Americans have a different tax deadline than the typical April 15.

• Individuals and businesses in Tennessee harmed by December's devastating storms and tornadoes have until June 17 to file their taxes.

• Residents in Massachusetts and Maine have until April 17 to file their federal taxes due to state vacations.

• Individuals and businesses affected by Hamas assaults in Israel have until October 7 to file their tax returns.

• Other states have later filing deadlines, including Michigan, Connecticut, Rhode Island, and Maine. For a complete list of disaster-related tax breaks, go here.

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How to request an extension for a tax return?

To request an extension for your tax return, you can do so through the IRS at no cost. You'll need to provide essential details such as your name, address, Social Security number, estimated tax amount, and any payment if there's a balance owed.

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Individual taxpayers, regardless of income, have the option to electronically request an extension using IRS Free File. Alternatively, if you prefer to submit a paper form, known as Form 4868, ensure it's mailed with a postmark no later than April 15th.

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If you request and extension, you'll have until Oct. 15 to file your return.

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Utilizing Vincere Tax, you'll be paired with a tax expert who will handle your taxes from beginning to end, tailored to your specific circumstances.

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I hope this information was helpful! If you have any questions, feel free to reach out to us here. I’d be happy to chat with you.

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Vincere Tax can help you with the tax implications of business taxes, stocks, bonds, ETFs, cryptocurrency, rental property income, and other investments.

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Being audited is comparable to being struck by lightning. You don't want to practice pole vaulting in a thunderstorm just because it's unlikely. Making sure your books are accurate and your taxes are filed on time is one of the best ways to keep your head down during tax season. Check out Vincere's take on tax season!

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This post is just for informational purposes and is not meant to be legal, business, or tax advice. Regarding the matters discussed in this post, each individual should consult his or her own attorney, business advisor, or tax advisor. Vincere accepts no responsibility for actions taken in reliance on the information contained in this document.