When Are Taxes Due? Tax Deadlines to Know for 2024

Here’s the short answer to the question “When are 2023 taxes due?” – April 15, 2024. That’s when taxes for 2023 taxes are due for individuals.

But unfortunately, things are rarely easy in the convoluted world of taxes. There are other deadlines and rules that individual taxpayers, business owners and others need to keep in mind when it comes time for Tax Day.

When Are 2023 Taxes Due?

Tax day is Monday, April 15, 2024. Unless you request an extension, it’s the deadline to file your 2023 tax returns. While that is usually the date when taxes are due, it can vary due to weekends, holidays or other circumstances.

Individual Tax Deadlines for 2023 Taxes

While individual taxes are due April 15, there are many other sub-categories or deadlines for different types of employees. For instance, if you’re self-employed or earn income outside of your W-2 job, you must make a tax payment on a quarterly basis. You’ll need to submit your taxes by January 15, April 15, June 17 and September 16 based on your income for each quarter.

Also, it’s important to note that certain holidays, such as Patriots’ Day and Emancipation Day, do not extend the deadline for estimated tax payments for self-employed taxpayers.

Other deadlines include:

• January 10: This is the date employees who work for tips must file, and these returns are required monthly.
• February 15: If you claimed exemption from income tax withholding last year on the W-4 you gave your employer, you must file a new W-4 by this date to continue your exemption for another year.
• March 15: Taxpayers in a partnership must file a Form 1065 for their 2023 calendar year return.
• April 15: This is Tax Day (unless extended due for reasons detailed below), which means it is the last day to file Form 4868 requesting an extension to file your income tax return. If It’s also the date IRA and HSA contributions are due for 2023, and it’s the date first quarter estimated tax payments are due for 2024.
• October 15: This is the deadline to file your 2023 tax return if you submitted an extension request.

Business Tax Deadlines for 2023 Taxes

Taxpayers who report their business income with Form 1065 or Form 1120S must file by March 15. Sole proprietors must file their Form 1040 and Schedule C on April 15, as well as C-corps using Form 1120.

Exceptions to Tax Day

While tax deadlines are important, they may shift if certain exceptions apply. These changes occur on days including:

• When April 15 falls on a Saturday or Sunday: In this instance, Tax Day shifts to the following Monday.
• Emancipation Day: When this holiday occurs on Tax Day, the tax deadline shifts to the next business day.
• Patriots’ Day: When this holiday occurs on Tax Day, the tax deadline for residents of Maine and Massachusetts shifts to the next business day.
• Living abroad: People living and working in another country are still required to file taxes, but they receive an automatic 2-month deadline extension.

Natural Disaster Tax Relief

Your tax deadline may be extended by several months if you have been affected by a natural disaster such as a storm, tornado, flood or mudslide. The IRS typically announces specific extensions for affected regions, so taxpayers residing or conducting business in areas that have been declared disaster zones can request these extensions.

How to File Your Taxes

There are plenty of options to help you file your taxes efficiently, many of which are budget-friendly and don’t require you to leave your home or speak with an accountant. If you’re old school, you can file them on paper. But there are also ways to file your taxes online. Here are the best online tax filing options, and here are some tax documents for your accountant that will help create a painless — or less painful, anyway — tax experience.

How to File for an Extension

If you can’t make the tax deadline, you can file an extension request with the IRS’ Free File portal. Taxpayers can file Form 4868 for a 6-month extension, which would make October 15 their new deadline.

You can request a tax extension for any reason, but filing for an extension doesn’t mean you don’t have to pay your taxes by the April 15 deadline — you’ll still need to pay your estimated taxes when you file for an extension.

Tips on Preparing for Tax Day

The phrase “be kind to your future self” seems relevant when you consider what you have to do in order to file on Tax Day. In other words, you can take some easy steps to get ready for this deadline, including:

• Have documentation organized: Being organized and having your documentation in order before Tax Day can help streamline the filing process and ensure an accurate and timely submission. It can also help you maximize eligible deductions and credits, and it also saves time, reduces stress and empowers you to claim all applicable tax benefits.
• Max out your 401(k): If you have the option to contribute to your 401(k), then try to max it out by December 31. Taking this step means you can significantly reduce your taxable income because this is done pretax. That means that if you contribute the full $19,500, you can subtract that amount from your taxable income.
• Max out your individual retirement account (IRA): Also, make it a priority to max out your IRA by Tax Day. (You’ll have the choice between a Roth IRA and traditional IRA.) The maximum amount that you can contribute to these accounts is $6,000 for the year, and either is a great way to build your retirement savings in a tax-efficient way.
• File for an extension: If you cannot finish your taxes by Tax Day, file a Form 4868 for an automatic extension. This will give you some breathing room to collect your documents and correctly fill out your tax return. (As previously noted, you still need to make your estimated tax payment at the time of filing the extension.)
• Consider a Health Savings Account (HSA): An HSA can significantly impact your financial future, as the funds in your HSA are contributed from your pretax income. You can invest the funds and allow them to continue growing tax-free, and then you can take out the money without any penalties if you need the funds to cover a qualifying medical expense.

Tax Deadline FAQs

Filing taxes can be complicated, so you’re likely to have some questions. Here are answers to the some of the most common ones:

How Long Does It Take to Get My Tax Refund?

The time frame for receiving your tax refund typically ranges from a few weeks to a few months, depending on variable factors including how you file (electronically or by mail) and the IRS's processing speed. Generally, returns that are filed electronically tend to arrive more quickly, often within 3 weeks.

If you do get a refund, try to avoid spending the windfall on a shiny new object. Instead, take some sound financial advice and consider more prudent actions, like starting an emergency fund, paying off credit card debt, saving toward a big-ticket purchase (like a down payment on a home) or other more responsible ideas.

What Happens If I Miss the Tax Deadline?

If you miss the tax filing deadline, you will incur a penalty that equals a percentage of the taxes that you didn't pay on time. That penalty — known as the Failure to File penalty — is 5% of the unpaid taxes for each month, or part of a month, that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.

In other words: If you’re late, act fast and pay as much as you can to minimize penalties and get back on track.

When Are Taxes Due with an Extension?

An extension typically grants 6 months forgiveness, which means your taxes would be due by October 15 of that same year.

What If I Made an Error on My Taxes?

If you find make on your filed return, you have the option of making corrections through an amended return using Form 1040-X, the Amended U.S. Individual Income Tax Return. The IRS typically recommends amending your return if you inaccurately reported specific details like filing status, dependents, total income, deductions or credits in the original submission.

It should be noted, however, that mathematical mistakes are handled by the IRS and won't require an amended return.

What If I Owe Money on My Taxes?

It’s critical that you pay the amount owed by the deadline if you owe money on your taxes — otherwise, you will incur penalties and interest charges. Consider setting up a payment plan with the IRS if you're unable to pay the full amount immediately. Simply ignoring the debt can lead to greater complications down the road.

When Are Property Taxes Due?

Property taxes are imposed on all real estate within a locality’s border. Sometimes, property taxes are also collected on tangible personal property, like boats and cars. Thus, a property tax is typically based on the value of owned property.

Property taxes are typically due annually, with the actual deadlines varying by location. The due date is commonly at the beginning of the calendar year or distributed across quarterly installments.

How Can I Get Help Filing My Taxes?

If you need help with your taxes, you can seek assistance from various sources, including certified tax professionals or tax preparation software. Many organizations in local communities, as well as IRS-sponsored programs, offer free tax preparation help to eligible individuals.

What’s the Difference Between State and Federal Taxes?

State taxes are imposed by individual state governments, while federal taxes are collected by the federal government. They differ in many ways, including rates, brackets and purposes — for instance, state taxes fund state-specific services like education and infrastructure, while federal taxes contribute to national programs such as defense and health care. Each has its own sets of rules and regulations governing deductions, exemptions and filing procedures.

The Bottom Line

If you are an individual filing taxes, the date to remember is April 15. However, there are many other deadlines to keep in mind, which can make tax filing confusing — and stressful. That’s why we recommend consulting a certified and vetted tax professional to ensure everything is correct and legal before filing. Signing up for the Rocket Money℠ app can help you keep track of your budgeting and stay organized, which can make filing taxes much easier.