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Tax Day 2024: Filing due, special considerations and key deadlines; Everything you need to know
Tax Day is approaching, and it is important to have a clear understanding of what to expect. Here's a breakdown of filing due dates, special considerations, and important deadlines to remember.
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April 15 is the final date for filing individual federal tax returns and making payments
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Individuals needing more time for their returns can request an extension adding more six months
Tax Day, the crucial deadline for individual federal tax returns and payments, is approaching quickly. Tax Day is traditionally observed on April 15 in the United States. This year, the deadline for filing your taxes is April 15. Remember, if April 15 falls on a weekend or holiday, the deadline is pushed to the next business day, as per Investopedia.
Most states follow the federal deadline, so residents frequently have the same due date for filing state income taxes. The US tax season, which runs from January 1 to April 15, is the time to file and pay taxes for the previous year.
Understanding Tax Day
Tax Day is significant for individual federal income tax returns and payments. For most taxpayers, this means filing returns with the Internal Revenue Service (IRS) by April 15. If you operate on a fiscal year, your filing deadline is moved to the 15th day of the fourth month after the fiscal year ends.
Who has to file? Anyone earning an income, including those with employers who deduct taxes from their paychecks, self-employed individuals, and small business owners. Even retirees must file to report income from Social Security, pensions, investments, and retirement account withdrawals.
Special considerations and extensions
If you find that you need more time to prepare your return, you can request an extension. This gives you an extra six months to file, but remember that your tax payment is still due on Tax Day.
To request an extension, use the IRS Free File tool to fill out an extension form and include your estimated payment. Make sure to submit the form on or before your original tax payment due date.
What about the holidays? If Tax Day falls on a weekend or legal holiday, the deadline is pushed to the next business day. Keep an eye out for state-specific holidays, as they may impact your filing deadline.
Navigating Tax Day in 2024
Taxpayers have previously received deadline extensions, especially during difficult times. For example, in 2020 and 2021, the IRS postponed tax filing and payment deadlines due to the COVID-19 pandemic, giving people more time to manage their money.
There are several options available to those looking for help with tax preparation. Many people consult with tax professionals or use tax preparation software. The IRS also offers the Free File Program, which provides free tax preparation services to individuals with adjusted gross incomes (AGIs) of $79,000 or less.
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