As another year comes to a close, it’s important to start preparing for tax season in 2024. Whether you are an individual or a business owner, keeping track of important tax deadlines is essential to avoid any penalties or missed opportunities. To help you stay on top of your taxes, here are five important tax deadlines to remember for 2024, brought to you by Resolution Tax Services.
1. Individual Income Tax Deadline: For individuals, the deadline for filing your income tax return is typically April 15th. However, in 2024, the deadline falls on April 17th due to the 15th falling on a Saturday and Emancipation Day in Washington D.C. falling on a Sunday. This deadline applies to both federal and state income tax returns. It’s crucial to file your tax return on time to avoid late filing penalties and interest charges.
2. Business Tax Deadline: Business owners should mark their calendars for the deadline to file their business tax returns. The due date for most business entities, including partnerships, S corporations, and C corporations, is typically March 15th. Make sure to gather all necessary financial documents and seek professional help from Resolution Tax Services if needed to ensure accurate and timely filing.
3. Estimated Tax Payments: If you are self-employed or earn income that is not subject to withholding, you may be required to make estimated tax payments throughout the year. The deadlines for these quarterly payments are April 15th, June 15th, September 15th, and January 15th of the following year. Failure to make these payments on time can result in penalties, so it’s important to mark these dates on your calendar.
4. Tax Extension Deadline: If you need more time to file your tax return, you can request an extension from the IRS. The deadline to file for an extension is typically October 15th. Keep in mind that an extension to file does not extend the deadline to pay any taxes owed. If you anticipate owing taxes, make estimated payments before the original deadline to avoid interest and penalties.
5. IRA Contribution Deadline: If you have an Individual Retirement Account (IRA), the deadline to make contributions for the 2023 tax year is typically April 15th. However, in 2024, the deadline will be April 17th. Making contributions to your IRA can help you save for retirement and potentially lower your tax bill. Be sure to consult with a financial advisor or tax professional at Resolution Tax Services to maximize your retirement savings.
In conclusion, staying informed about important tax deadlines is crucial for individuals and business owners alike. By marking these dates on your calendar and seeking professional assistance from Resolution Tax Services, you can ensure a smooth and stress-free tax season in 2024. Plan ahead, stay organized, and don’t hesitate to reach out for help to meet your tax obligations and maximize your financial well-being.
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