Important tax deadlines to know

Although Tax Day is a month away, it’s a good idea to get organized well before the federal income tax due date to make sure the information needed to file a tax return is in order. As part of the prep, knowing key IRS dates and deadlines can help speed up a tax refund while avoiding possible penalties and delays.

When does tax season start?

The IRS starts accepting and processing new returns on January 29, 2024. Remember, you’re filing taxes for income earned in 2023, even though you’re filing forms in 2024. Tax experts refer to 2023 as the tax year and 2024 as the filing year.

When are taxes due?

Monday, April 15, 2024 is the last day to file 2023 taxes. A tax return is considered filed on time if the envelope is properly addressed, postmarked, and deposited in the mail by the due date. There are some exceptions that may push that deadline back to allow more time to submit a tax return.

• Taxpayers in Maine and Massachusetts don’t have to file until April 17, because those states celebrate Patriot’s Day on April 15 and Emancipation Day on April 16.
• If you’re a taxpayer affected by recent natural disasters, such as the December 2023 tornadoes in Tennessee, you have until June 17, 2024, to file your federal tax returns.
• If you apply for a filing extension, you have until October 15, 2024, to file.

What is the timeline for filing taxes?

Here is the IRS filing breakdown in chronological order to help get a calendar up to date.

January 12, 2024

IRS Free File service opens to prepare the tax year 2023 returns.

January 16, 2024

Fourth-quarter 2023 Estimated Tax payments are due. The 1040-ES form must be postmarked by January 16, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline. 2023 tax returns can be filed by January 31 if the entire balance due is paid with the return.

January 29, 2024

IRS begins processing 2023 tax returns.

February 15, 2024

The deadline for reclaiming income tax withholding in 2023. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

March 9, 2024

Due date for farmers and fishermen to file their 2023 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. If the 2023 estimated tax was paid by January 17, 2023, farmers and fishermen have until April 15 to file. (April 17 if you live in Maine or Massachusetts).

April 15, 2024

April 15 is the due date for three separate filings:

• The due date for filing an individual 2023 tax return and making tax payments is April 15, using form 1040. A return will need to be submitted via e-file or postmarked by midnight. If that deadline cannot be made, you can apply for a six-month extension.
• April 15 is also the due date for the first quarter of 2024 Estimated Tax payments. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by April 15, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.
• April 15 is the last day to make a 2023 contribution to a traditional and/or Roth IRA.

April 17, 2024

Due date for taxpayers in Maine and Massachusetts.

June 17, 2024

Second-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by June 17, 2024, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.

September 16, 2024

Third-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by September 16, 2024, or filed online. If tax is automatically deducted by your employer, contact them about this deadline.

October 15, 2024

For those who received a 6-month filing extension on their 2023 individual tax return, it must be completed and postmarked by October 15, 2024.

January 16, 2025

Fourth-quarter 2024 Estimated Tax payments are due. For people who are self-employed and pay estimated taxes, Form 1040-ES must be postmarked by January 16, 2025, or filed online. If tax is automatically deducted by an employer, contact them about this deadline.

What happens if taxes are not filed on time?

If a deadline is missed, a 5% late-filing penalty of the tax due for each month (or part of a month) the return is late. For returns more than 60 days late, the minimum penalty is $435, or the balance of the tax due on the return, whichever is smaller. The maximum penalty is 25%.

Being proactive about taxes

Now that 2023 has ended, it can be a good idea to keep these important federal tax dates in mind. For those who are self-employed and pay estimated taxes, there are certain states that require estimated payments as well, so be sure to look up those dates at your state Department of Revenue. To be better prepared for tax season:

• Double check your W-2 form has been received from your employer
• Download tax forms in advance and fill them out as early as possible

When will I get my tax refund?

If a refund is owed and there aren’t any issues with the tax return, payment can be expected within 21 days of an electronic filing, according to the IRS. Linking an e-filing with direct deposit is the fastest way to get a refund.

How can I get help with my taxes?

If additional help is needed or extra time to pay taxes in full is required, an installment agreement can be set up with the IRS to pay the debt over time. Apply online to see if you qualify. The IRS will inform you whether or not your application is approved.

To help ensure finances are in order before taxes are submitted and to navigate any complex tax issues, hiring an accountant can explain the process, answer questions, and help filing go more smoothly.

Midland National Life Insurance Company does not give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor for your individual circumstances.

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