When Are My Taxes Due? Important Dates To Remember in 2024

The IRS will officially start accepting and processing 2023 tax year returns for the 2024 tax filing season on approximately Monday, January 18, 2024​

You can begin filing your taxes for the 2024 tax season as soon as you receive all of your necessary tax documents and statements. Typically, these documents start arriving in January, and you should have everything you need by early February. This includes forms like W-2s from employers, 1099s for other income, and documents related to deductions or credits you plan to claim.

Starting your tax filing process early as soon as you have all your documents has several advantages. It allows you to get ahead of the deadline, reduces the stress of last-minute filing, and can lead to quicker tax refunds. Moreover, early filing can also help protect against tax-related identity theft, as filing your return early can prevent someone else from fraudulently filing a return in your name.

The standard deduction for seniors has increased. For single seniors, it’s $14,700 and for married couples, it’s $28,700.

When you miss a quarterly estimated tax payment, several consequences can occur. First, the Internal Revenue Service (IRS) may impose penalties and interest on the unpaid amount. The penalty is calculated based on how much you should have paid and for how long it remains unpaid. Additionally, missing a payment can affect your future payments, requiring you to pay more in the subsequent quarters to make up for the shortfall.

To mitigate these consequences, it’s advisable to make the missed payment as soon as possible. You may also need to adjust your upcoming estimated tax payments to cover the missed amount. If you’re unable to pay the entire overdue amount, the IRS offers various payment plans and options.

It’s important to handle these tax obligations promptly to avoid further penalties and ensure your financial responsibilities are in order. For more detailed guidance and assistance with your specific situation, feel free to contact a tax professional or explore the resources available on our website.

For the 2023 tax year, the Child Tax Credit is worth up to $2,000 per qualifying dependent under the age of 17. However, it’s important to note that this credit is not fully refundable. Taxpayers may be eligible for a partial refund of up to $1,600 through the additional child tax credit when they file in 2024. The amount of the credit decreases if your modified adjusted gross income exceeds certain thresholds: $400,000 for those married filing jointly, or $200,000 for all other filers.

To qualify for the Child Tax Credit, there are several criteria that both the taxpayer and the child must meet. These include the child’s age (must be under the age of 17 at the end of 2023), the child’s relationship to the taxpayer (such as a son, daughter, stepchild, foster child, brother, sister, etc.), dependent status, and residency requirements. The child must have lived with the taxpayer for at least half of the year, and the taxpayer must have provided at least half of the child’s support during the year.

For additional information regarding the Child Tax Credit for the 2023 tax year, you can visit the IRS website  for comprehensive details.

The deadline for filing your taxes is typically April 15. However, it’s crucial to understand that while this date is the deadline for filing your tax return, you have the option to file for a 6-month extension. This extension allows you additional time to complete and file your tax return, but it does not extend the time to pay your taxes.

You are required to estimate the taxes you owe and pay them by the April 15 deadline. If you underestimate the amount, you will need to pay the remaining balance with interest. Therefore, it’s highly advisable to work with an accountant to accurately estimate your taxes. This approach helps in avoiding underpayment and the associated interest charges.

Keep in mind that while an extension grants more time to file your tax return, staying on top of your tax obligations and payments is crucial to avoid any penalties or interest. For assistance in estimating your taxes or filing an extension, consider consulting with a tax professional.

The contribution limit for Health Savings Accounts (HSA) is $3,850 (self-only coverage) and $7,750 (family coverage). For Flexible Spending Accounts (FSA), the limit is $3,050.

Capital Gains and Losses, the capital gains tax rates for 2023 are as follows:

1. 0% Tax Rate: Applies if your taxable income is less than or equal to $41,675 for single and married filing separately, $83,350 for married filing jointly or qualifying surviving spouse, or $55,800 for head of household.
2. 15% Tax Rate: Applies if your taxable income is more than $41,675 but less than or equal to $459,750 for single filers; more than $83,350 but less than or equal to $517,200 for married filing jointly or qualifying surviving spouse; more than $55,800 but less than or equal to $488,500 for head of household; or more than $41,675 but less than or equal to $258,600 for married filing separately.
3. 20% Tax Rate: Applies for taxable incomes above these thresholds.

This information pertains to the tax treatment of most net capital gains and does not include specific details for 2024 or adjustments for inflation. For the most comprehensive and up-to-date information, visit the IRS website directly, or speak with a tax professional​​.