IRS Tax Deadline 2024 – Last Date to File Return for Tax Year 2023!

The tax deadline for most taxpayers in the United States has arrived. This year, the deadline to file your 2023 federal income tax return or request an extension to file is Monday, April 15, 2024.

IRS Tax Deadline 2024

The 2024 tax filing deadline is fast approaching, with Monday, April 15, being the last day for most taxpayers to submit their returns. Over 100 million tax returns have already been filed with the IRS, and millions more are anticipated before the deadline. 

Taxpayers can use various resources and tools provided by the IRS to file their taxes, including the IRS Direct File pilot program, which allows for free federal tax filing.

Exceptions to the IRS Tax Deadline 2024

The April 15th IRS tax filing deadline applies to most taxpayers, but there are a few exceptions to be aware of:

State-Specific Extensions:

• IRAS Tax Refund
• State Pension Age Waspi Female Payout
• When will I get my tax refund?
• IRS2Go Refund Status
• federal PATH Act
• Facebook privacy settlement
• SSI Payment

• Maine and Massachusetts: Due to state holidays falling on April 15th and 16th (Patriot’s Day and Emancipation Day), residents of these states have an extended deadline to file their federal tax returns by April 17, 2024.

Federally Declared Disaster Areas:

• If you live in a federally declared disaster area, the IRS may automatically extend your tax filing deadline. 
• These extensions are typically announced on the IRS website and in press releases. 

Military Service:

• Members of the military serving in combat zones or hospitalized due to combat zone injuries may qualify for an extended deadline. 

Other Extensions:

• In some specific situations, the IRS may grant an extension for filing your tax return beyond the standard deadline. 

Eligibility for Filing IRS Tax 2024

There are two main aspects to consider regarding eligibility for filing taxes: tax filing requirements and filing benefits.

Tax Filing Requirement:

• Income Thresholds: Generally, you are required to file a federal tax return if your income exceeds a certain threshold for the tax year. These thresholds vary based on your age and filing status (single, married filing jointly, etc.). 
• Other Situations: Even if your income falls below the thresholds, you might still be required to file a return in specific situations. This could include:
  • You owe self-employment taxes
  • You received advance payments of the Earned Income Tax Credit (EITC)
  • You want to claim a refund of withheld taxes

Filing Benefit:

• Even if you aren’t required to file a tax return based on income, it might still be beneficial to do so. Here’s why:
  • Claiming Refunds: If you had taxes withheld from your income throughout the year and your total tax liability is lower than the amount withheld, you can receive a refund by filing a return.
  • Qualifying for Credits: You might be eligible for tax credits that can reduce your tax liability or even result in a refund.

Filing Your IRS Taxes Online

Filing your taxes electronically is the preferred method by the IRS and offers faster processing and fewer errors. The online filing process is:

• Before you begin, collect all your tax documents like W-2s, 1099s, receipts for deductions, and proof of income.
• Choose a Tax Software or Free File Option: The IRS offers a Free File program for qualified taxpayers with an Adjusted Gross Income (AGI) below a certain threshold. 
• You can find participating providers on the IRS website [IRS Free File]. Alternatively, you can choose a paid tax software program with features tailored to your needs.
• Create an Account: With your chosen software or Free File option, create an account and log in.
• The software will guide you through a series of steps where you’ll enter your personal information, income details, deductions, and credits.
• Carefully review your return for any errors or omissions. Once satisfied, submit your return electronically to the IRS. The software will typically handle the transmission process.
• Payment: If you owe taxes, you can make your payment electronically through the software using various options like direct debit, credit card (be aware of processing fees), or electronic funds transfer.

Consequences of missing the IRS Tax deadline

Missing the IRS tax deadline can lead to a couple of unpleasant consequences: penalties and interest. Here are a few things, that you might face:

Penalties: The IRS imposes two main penalties for missing the deadline:

• Failure-to-File Penalty: This penalty is assessed as a percentage of your unpaid taxes for each month (or part of a month) your return is late. It starts at 5% and can reach a maximum of 25% of your unpaid taxes.
• Failure-to-Pay Penalty: If you owe taxes and don’t pay by the deadline (including any extension), you’ll be charged this penalty. 
• It accrues monthly at a rate of 0.5% of the unpaid balance. This penalty can also jump to 1% after a final notice from the IRS.

Interest: 

• The IRS charges interest on any unpaid taxes from the original due date until the balance is paid in full. 
• The interest rate is adjusted quarterly, so you’ll be accruing additional charges on top of the penalties.

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