Despite happening every year, right around the same time, Tax Day still manages to sneak up on us. To help prepare you for this extremely important day, the Montgomery Financial Partners team has compiled all the answers to your deadline questions.
When are taxes due in 2024?
Monday, April 15, 2024, is Tax Day. This is the deadline for filing a federal income tax return for 2023.
The IRS will consider your paper return on time if you properly address it, provide sufficient postage, and postmark it by April 15th. If you file online, the date and time your return is transmitted in your time zone determine its timeliness. You will later receive an electronic acknowledgement that the IRS has accepted your electronically filed return, so be sure to keep this in your records.
If you leave with just one key takeaway from this post, let it be — file your taxes on time. The penalty for filing late is 5% of the unpaid taxes for each month your return is late. All of this to say, you lose money each day you are late to file your tax return.
What happens if I can’t make the deadline?
If you do not think you will be able to finish and file your tax return by April 15, you can request an extension. This six-month extension moves your deadline to Tuesday, October 15, 2024.
It is important to note that this is an extension to file your tax return, not an extension to pay your taxes. Even if you request an extension, you must pay your taxes owed by April 15.
There is no penalty for filing late with an extension, but it does mean you have to wait longer to get your money back.
When are state taxes due?
Typically, state income taxes follow the federal tax deadline of April 15. However, some exceptions exist, so it’s important to follow the guidelines set by your state’s tax department.
If you need an extension on your state taxes, the rules vary from state to state. If your federal tax extension is approved, some states automatically extend your state tax return deadline to October 15th. Other states require you to submit an additional form to request an extension.
When is the HSA and IRA contribution deadline?
Monday, April 15, 2024 is also the deadline to make contributions to your health savings account or a Roth/traditional individual retirement account for the tax year 2023. The limit for HSA contributions in 2023 is $3,850 for individuals and $7,750 for family coverage. The contribution limit for IRAs in 2023 is $6,500 ($7,500 if you’re 50 or older).
If you have any questions about filing your taxes, or how to request an extension, reach out to us today at [email protected] or 301.990.9170.
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