Tax Day is Coming: These are the Deadlines You Need to Know (2024)

FAQs

What is the deadline for filing taxes in 2024? ›

Tax Day was Monday, April 15, 2024, but some exceptions exist. If you requested an extension by April 15, your new deadline to file is Oct. 15, 2024.

The failure-to-file penalty hurts the most. It's generally 5% of the amount you owe for each month or part of a month that your return is late, with a maximum penalty of 25%. If your return is more than 60 days late, the minimum penalty is $435 or the balance of your taxes due, if less than that.

The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday.

"To avoid penalties and late fees, taxpayers who owe should pay either their full tax bill or at least what they can afford to pay by the April 15 deadline," the IRS said. There's also a fine if you don't file or ask for an extension by April 15.

Tax season began on Jan. 29, 2024, when the IRS started accepting and processing 2023 tax returns. As of the week ending March 8, the agency has processed about 62 million returns and issued more than 43 million refunds. To date, the average refund issued in 2024 is $3,145.

According to the IRS, is the agency cannot issue refunds involving the additional child tax credit (and the earned income tax credit) before mid-February. The agency, by law, is required to use the extra time to prevent fraudulent refunds.

If you owe, the failure to file penalty is typically 5% of your unpaid tax. And, the failure to pay penalty is 0.5% of your unpaid tax. Both penalties are assessed every month (or partial month) until you pay. On top of the penalties, you'll owe interest.

If you forgot or missed the deadline for another reason, the standard penalty is 5% of any tax due for every month the return is late, up to 25% of the unpaid balance.

The penalty for failure to file and pay is 5% of what you owe per month. If you are filing your tax return online at the last minute, double check that it's been accepted. "For those who file a return right up to the deadline, you'll want to watch to make sure you get confirmation that your return was accepted.

Penalties and interest apply to taxes owed after April 18 and interest is charged on tax and penalties until the balance is paid in full. Filing and paying as much as possible is key because the late-filing penalty and late-payment penalty add up quickly.

What is IRS filing deadline time? ›

To avoid penalties and late fees, taxpayers who owe should pay either their full tax bill or at least what they can afford to pay by the April 15 deadline. The IRS estimates 19 million taxpayers will file for an automatic extension.

The Tax Day deadline is upon us. Your 2023 income taxes are due by April 15 (unless you live in one of these states with automatic extensions). That means that your tax return or your tax extension must be either completed and submitted electronically or postmarked by midnight tonight.

If you owe tax and don't file on time, there's also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%.

The delay could be an automated message for taxpayers claiming the child tax credit or earned income tax credit sent because of additional fraud protection steps. Tax Topic 151 means your tax return is now under review by the IRS.

The child tax credit is a $2,000 benefit available to those with dependent children under 17. For the 2024 filing season, $1,600 of the credit was potentially refundable.

If you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), you can expect to get your refund by February 27 if: You file your return online.

The IRS will accept filed tax returns as early as Jan. 29, but the deadline is April 15. You may be eager to file your taxes early to get your refund sooner and potentially avoid falling victim to fraud. If you file too early in the season, you may have to amend your return due to receiving updated tax forms.