Key Tax Filing Deadlines: Dates to Remember

Overview

Tax filing deadlines are important dates that taxpayers must adhere to in order to avoid penalties and interest on unpaid taxes. Understanding the key tax filing deadlines for individual taxpayers, self-employed individuals, and businesses can help you plan ahead, avoid last-minute stress, and ensure timely compliance with your tax obligations. In this article, we’ll outline the key tax filing deadlines for federal and state income taxes, payroll taxes, and other tax-related deadlines to help you stay organized and compliant with your tax obligations.

Individual Tax Filing Deadlines

Federal Income Tax

• Tax Year 2022:
  • Tax Return Due Date: April 18, 2023 (extended due to Emancipation Day)
  • Extension Deadline: October 15, 2023
• Tax Year 2023:
  • Tax Return Due Date: April 15, 2024
  • Extension Deadline: October 15, 2024

State Income Tax

State income tax filing deadlines vary by state but generally follow the federal income tax filing deadlines. Check with your state’s taxing authority for specific deadlines.

Self-Employed and Small Business Tax Filing Deadlines

Self-Employed Individuals

• Estimated Quarterly Taxes:
  • Q1: April 15, 2024
  • Q2: June 15, 2024
  • Q3: September 15, 2024
  • Q4: January 15, 2025

Small Businesses (Sole Proprietors, Partnerships, and S-Corporations)

• Business Tax Return (Form 1040):
  • Tax Year 2022: April 18, 2023
  • Tax Year 2023: March 15, 2024 (Partnerships and S-Corporations)
• Estimated Quarterly Taxes:
  • Q1: April 15, 2024
  • Q2: June 15, 2024
  • Q3: September 15, 2024
  • Q4: January 15, 2025
• Employment Taxes (Form 941):
  • Q1: April 30, 2024
  • Q2: July 31, 2024
  • Q3: October 31, 2024
  • Q4: January 31, 2025

Other Tax Filing Deadlines

Estate and Trust Taxes

• Estate Tax Return (Form 706):
  • Due Date: Nine months after the decedent’s date of death
• Trust Tax Return (Form 1041):
  • Due Date: April 18, 2023 (for Tax Year 2022)
  • Due Date: April 15, 2024 (for Tax Year 2023)

Gift Taxes

• Annual Gift Tax Exclusion:
  • Annual Limit: $15,000 per recipient
  • Due Date: April 15 of the following year

Excise Taxes

• Quarterly Excise Tax Return:
  • Q1: April 30, 2024
  • Q2: July 31, 2024
  • Q3: October 31, 2024
  • Q4: January 31, 2025

Conclusion

Key tax filing deadlines are important dates that taxpayers must remember to ensure timely compliance with their tax obligations and avoid penalties and interest on unpaid taxes. By understanding the key tax filing deadlines for federal and state income taxes, self-employed individuals, small businesses, and other tax-related deadlines, you can plan ahead, avoid last-minute stress, and ensure timely compliance with your tax obligations. Mark these dates on your calendar, set reminders, and consult with a tax professional to ensure that you meet all of your tax filing deadlines and stay organized throughout the year. In future articles, we’ll delve deeper into specific tax topics, tax planning strategies, and tips for optimizing your tax situation to help you achieve compliance and minimize your tax liability.