Staying on top of tax deadlines can feel overwhelming, but it doesn’t have to be. This guide will walk you through key tax filing dates for individuals and employers in April 2024, helping you avoid penalties and ensure a smooth tax season.
For Employees Who Earn Tips (April 10th)
If you received more than $20 in tips during March, you’re required to report them to your employer on IRS Form 4070 by April 10th. This allows your employer to withhold FICA taxes and income tax from your regular wages.
For U.S. Citizens with Foreign Financial Interests (April 15th)
U.S. citizens or residents with foreign financial accounts exceeding $10,000 in value at any point in 2023 need to file Form FinCEN 114 electronically by April 15th, 2024. This form reports financial activity in foreign bank accounts, securities, and other accounts.
Individual Tax Return Filing (April 15th, with Exceptions)
The standard due date to file your 2023 federal income tax return (Form 1040 or 1040-SR) and pay any tax owed is April 15th. However, residents of Maine and Massachusetts have an automatic extension until April 17th.
Important Considerations Regarding Extensions:
- While an extension grants you more time to file your return (until October 15th, 2024), it does not extend the deadline for tax payments. Late payments incur penalties and interest.
- If you owe taxes, it’s best to file on time and pay as much as possible to minimize these charges.
Thinking about an Extension? We Can Help!
If you’re unable to file by the deadline, our office can assist you in obtaining an extension and navigating the process.
Household Employer Responsibilities (April 15th)
If you paid a household employee cash wages of $2,600 or more in 2023, you’re required to file Schedule H with your federal income tax return. This schedule reports household employment taxes, including federal unemployment tax (FUTA) and income tax withheld.
Estimated Tax Payments for Individuals (April 15th)
The first estimated tax payment for the 2023 tax year is due on April 15th. Estimated tax payments are quarterly installments for self-employed individuals and those with income not subject to withholding.
Avoiding the Underpayment Penalty
Failing to prepay a sufficient amount of estimated tax can result in an underpayment penalty. We can help you calculate your estimated tax liability and ensure you’re making adequate payments to avoid penalties.
Safe Harbor Rules Explained
Federal tax law provides “safe harbor” rules to avoid the underpayment penalty. These rules allow for prepayment exceptions based on a percentage of your current year’s or prior year’s tax liability.
Need Help Calculating Safe Harbor Estimates?
Our team can assist you in determining your safe harbor amount and ensure you’re making timely estimated tax payments to avoid penalties.
State Tax Deadlines and Safe Harbor Rules May Vary
Important Note: Be aware that some states have different deadlines, safe harbor rules, and de minimis amounts (the minimum amount of tax owed before a penalty applies) for estimated tax payments. We recommend contacting our office to learn more about specific state regulations.
Traditional and Roth IRA Contribution Deadline (April 15th)
The last day to contribute to Traditional and Roth IRAs for tax year 2023 is April 15th.
Weekends, Holidays, and Disaster Relief
If a due date falls on a weekend, holiday, or legal holiday, it automatically extends to the next business day. Additionally, if you reside in a federally declared disaster area, tax deadlines may be extended.
Stay Informed!
- Check the Federal Emergency Management Agency (FEMA) website for disaster declarations.
- Visit the IRS website for tax relief information specific to disaster areas.
By familiarizing yourself with these key tax deadlines and seeking professional guidance when necessary, you can ensure a smooth and stress-free tax season. We’re here to help! Contact our office today for personalized tax advice and assistance.
