When are taxes due in 2024? How early can you file them? What to know about Tax Day
It's time to get your finances in order because Tax Day is approaching.
Tax Day, the annual day when individual income tax returns are due to the federal government, is Monday, April 15.
But when is the earliest day you can file a return? When is the latest? How can you track your tax refund? Here's everything to know.
When is the tax deadline in 2024?
Tax Day is always on April 15 unless the day falls on a weekend or holiday. Tax Day this year will be Monday, April 15.
When does tax season start?
The IRS has not yet announced an official start date for tax season, per NorthJersey.com, but it typically begins in late January. The earliest date you could file your taxes in 2023 was Jan. 23.
How early can I file my 2023 taxes?
The IRS has not yet set a date for when it will begin accepting 2023 returns, but it will likely be in late January, USA Today reports.
What if my taxes aren't done by April 15?
If a taxpayer isn't able to file by the April 15 deadline, they can request an extension through form 4868. However, the IRS wants you to know that this extension to file is not an extension to pay taxes. Any owed taxes should be paid before the due date to avoid potential penalties and interest on the amount owed.
If you request a six-month extension to file taxes, you'll have until Oct. 15 to file your 2023 federal income tax return.
Victims in disaster areas designated by the Federal Emergency Management Agency may also have an automatic extension. Taxpayers in those affected areas do not need to file for an extension or call the IRS to qualify for the extended time.
To check if your area is included, visit the IRS webpage on tax relief in disaster situations.
When are state taxes due?
Most states have the same deadline as the federal government to file state taxes this year: Monday, April 15. It's a good idea to check your state's tax office website, where it will have the most up-to-date information and state tax filing deadlines.
For Greater Cincinnati taxpayers, Ohio and Indiana's state tax filing deadlines are all on April 15. In Kentucky, however, the state tax filing deadline is Thursday, April 18.
What happens if I don't file taxes?
If you don't file your taxes by April 15 this year (or the extended date of Oct. 15 if you qualify), you will receive a notice or letter from the IRS if you owe the Failure to File Penalty. The penalty you must pay is a percentage of the taxes you didn't pay on time.
According to the IRS, 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. It won't exceed 25% of your unpaid taxes. If your return is over 60 days late, the minimum Failure to File Penalty is $435 or 100% of the tax required to be shown on the return, whichever is less.
If you're able to show reasonable cause why you weren't able to meet your tax obligations, the IRS may be able to remove or reduce some penalties.
When can I expect my refund?
If you filed your taxes online, you can expect to receive a refund in a month or less, in most cases. The IRS says it issues most refunds within 21 calendar days. Paper returns, however, can take four weeks or more. Allow time for the refund check to reach your bank account or mailbox.
How can I check the status of my tax refund?
You can always check the status of your federal tax refund through the IRS website, www.irs.gov/refunds.
This article originally appeared on Cincinnati Enquirer: When are taxes due in 2024? What to know about this year's Tax Day
