Thomas Edison once observed that “good fortune is what happens when opportunity meets with planning.” This wisdom can be applied to a variety of circumstances, including your financial well-being. For example, by planning in thoughtful and strategic ways, you can bend this tax year to your broader financial advantage. But, to be successful in your efforts, you need to observe key tax deadlines. If you wait too long to plan and too long to act, your tax liability specifically—and your broader finances more generally—could suffer unnecessarily.
In this article, the knowledgeable CPAs at Ferguson Timar discuss the key tax dates you should circle on your 2024 calendar. Observing these dates, you are in the strongest possible position to use the tax code to your advantage.
Tax Day
In 2023 most Americans living stateside were permitted to file their individual returns with the Internal Revenue Service (IRS) up to and until Tuesday, April 18. While Tax Day is traditionally April 15, the 2023 nationwide extension was observed both because April 15 was a Saturday last year and because the District of Columbia’s Emancipation Day on Monday, April 17 was a holiday for the IRS’s DC-based workforce.
In 2024 Tax Day returns to its traditional observation date: April 15. This means stateside taxpayers, save for residents of Massachusetts and Maine, are required to either submit their returns by this date or request a filing extension until October 15. Maine and Massachusetts residents are granted a two-day extension for the April deadline due to state holidays. Note that any amount you are liable to pay the IRS for the 2023 tax year remains due on April 15 or April 17, depending on where you live.
Additional Hard Filing Deadlines
If you are a US resident who resides outside the US and Puerto Rico, your individual tax return is due June 15. This two-month extension is granted automatically. If you want until October 15 to file your return, however, you must file a formal extension request.
Additionally, first-quarter estimated payments for businesses are due on Tax Day in April. Second-quarter estimated payments are due June 17. Third-quarter payments are due September 16. Fourth-quarter payments are due January 15, 2025.
Finally, individuals who are exempt from tax withholding must submit their recertification Form W-4 by February 15.
End-of-Year Deadlines
You’ll make numerous financial decisions throughout the year that will ultimately impact your 2024 tax year liability. As such, it’s important to keep in mind that December 31, 2024, is a hard deadline for three financial concerns of note.
First, any charitable giving you want reflected on your 2024 tax year return must be made by December 31 of this year. Although the IRS doesn’t start to accept tax returns until late January 2025 for the 2024 tax year, any charitable giving you engage in during early and mid-January 2025 will be reflected on that year’s tax return, not on your 2024 tax return.
Second, anyone who is required to take a required minimum distribution (RMD) during 2024 must do so by December 31, 2024.
Finally, any qualified contributions you want to make to an employer-sponsored retirement account, including 401(k) contributions, must be made by December 31. The maximum amount you are permitted to contribute during this tax year is $23,000 unless you’re age 50 or older. If you’re older, you can contribute a maximum of $30,500.
Ferguson Timar CPAs Can Help You Strategize for the Upcoming Tax Year
The tax filing season began on January 29, so if you haven’t started making strategic planning decisions related to your 2024 tax year and broader finances, it’s time to speak with the dedicated CPAs at Ferguson Timar. Contact our experienced team today at (714) 204-0100 for personalized tax guidance that will fit your unique personal and/or business needs. Our broad range of services can also maximize your financial approaches beyond taxation-related matters. We look forward to speaking with you.