(RepublicanNews.org) – With 2024 underway, tax season is coming up fast. You might think that you have until April 15th to worry about filing, which is when income taxes are due, but there are other important dates that you might want to pay attention to – some of which have changed or might impact you for the first time. Some key tax deadlines happen in January, but there are many to keep an eye on, depending on your financial arrangements.
For one, if you’re an independent contractor or you receive income that does not have financial withholding, your 2023 4th quarter taxes are due on January 16th. If you’re an employer, you must submit 2023 W-2s for your employees on January 31st.
February 15th marks the deadline to file a Form W-4, which gives you an exemption from tax withholding for 2024. You file this form if you believe you’ll have no tax liability in 2024 and you had no liability in 2023.
The 1st of April is an important deadline if you turned 73 in 2023, because you are required to take your first minimum distribution from your retirement accounts. If you turn 73 in 2024, you must take your first distribution by December 31, 2024.
Maybe you’re not worried about filing your taxes on April 15th, because you plan to file for an extension to October 15th. Just keep in mind that an extension is not an extension to pay your taxes, only to file your return. If you owe money, it’s due on April 15th, otherwise you will be penalized, with interest accruing until you pay. There are also other important deadlines on April 15th, including: the deadline for making contributions to IRA and HAS accounts for 2023.
If you’re self-employed, your first quarter tax payment is also due. The other dates for self employed quarterly tax payments are June 17th and September 16th.
Then, on October 15th, if you filed an extension to file, don’t forget: this is your deadline to file your return.
Copyright 2024, RepublicanNews.org
