Key Dates for the U.S. Tax Year 2023

We understand: filing your taxes can feel overwhelming. What if you can’t find the right form, you make a mistake, or you miss a deadline? And of course, tax season is only made more complicated by life events like changing jobs, family changes, or moving. Whether you’re filing as a small business owner or an individual, there are a lot of moving pieces to keep track of. But don’t worry, we’re here to help.

The first step in preparing for tax season is knowing what to expect. As of writing this article, the deadline to file your taxes is Monday, April 15, 2024, or Wednesday, April 17 for residents of Maine or Massachusetts. This date and several others are vital to know in order to avoid accruing penalties. Below are some important tax filing dates to keep an eye on for individuals and small business owners alike.

What are the Important Dates to Know in 2024?

Whether you’re filing taxes on behalf of a business or as an individual, tax season is upon us, and with it comes a variety of deadlines. We know keeping all your tax deadlines straight can be challenging, so we’re here to help.

For most people, the main deadline to remember is April 15, 2024, which is this year’s tax filing deadline. (Unless you live in Maine or Massachusetts — then it’s April 17.) That said, most tax deadlines and dates to know will depend on how you’re filing. Talk to your tax professional for details, but listed below are more key filing dates to add to your calendar to get started:

January 12

IRS Free File opens. Taxpayers can begin filing returns through IRS Free File partners; tax returns will be transmitted to the IRS starting January 29. Tax software companies also are accepting tax filings in advance.

January 16

Due date for tax year 2023 fourth quarter estimated tax payment.

January 26

Earned Income Tax Credit Awareness Day, which raises awareness of the valuable tax credits available to many people — including the option to use prior-year income to qualify.

January 29

Official start to the IRS 2024 tax filing season. Individual tax returns begin being accepted and processing begins.

January 31

1099 NEC for non-employee compensation must be filed with the IRS and furnished to contractors. W-2s must also be sent to employees.

March 15

File S Corporation or Partnership tax extension (Form 7004) by this date if you need additional time to file. Otherwise, this is the due date for filing.

April 15

Due date to file 2023 tax return (Form 1040), request an extension, and pay owed taxes.

Due date for first quarter 2024 estimated tax payments.

Due date for corporations to file a 2023 calendar year tax return (Form 1120).

April 17

Due date for 2023 tax return extensions for residents of Maine and Massachusetts as a result of Patriots’ Day and Emancipation Day.

June 17

Due date for second quarter 2024 estimated tax payments.

September 16

Due date to file for those who requested an extension on their 2023 S Corporation or Partnership tax returns.

Due date for third quarter 2024 estimated tax payments.

October 15

Due date to file for those who requested an extension on their 2023 tax returns.

December 16

Corporations must pay their fourth quarter estimated tax for 2024.

What Important Dates Have Changed?

Because of the nature of tax deadlines, the exact dates can change year to year. Notably, tax deadlines that fall on weekends or holidays are moved to the next business day. This applies to holidays in Washington, D.C., as well as federal holidays.

This year, tax deadlines in June, September, and December are affected by weekends and moved to the next business day. In addition, residents of Maine and Massachusetts may file their taxes by April 17 as a result of state holidays.

Penalties for Missing Important Tax Deadlines

No matter what your filing status is, it's important to be diligent about tax deadlines to avoid accruing penalties.

Missing tax deadlines leads to failure-to-file penalties, a charge on returns filed after the due date, or the extended due date. These failure-to-pay penalties are 5% of the unpaid taxes for each month or portion of a month that a tax return is late. Visit the official IRS website to see the full extent of these penalties. Consequences like these are a great motivation to keep an eye on tax deadlines and plan ahead.

Let KeyLin Sweat the Deadlines!

With dates fluctuating and guidelines changing on an annual basis, it’s more important than ever to know your filing and payment deadlines to avoid unnecessary penalties. Let our team of tax professionals sweat the deadlines while you focus on your business. Stay ahead of taxes by requesting a consultation today. Your first consultation is always free!