As a taxpayer, it’s essential to know when you need to file your taxes. The last thing you want is to miss a deadline and face penalties or interest charges. To help you stay on track, we have compiled this guide on key dates and deadlines for the upcoming tax season.
Important Dates to Remember:
Here are some important dates to remember for the 2021 tax year:
- January 15th: Fourth-quarter estimated tax payment due
- February 12th: The IRS begins processing returns
- April 15th: Deadline for filing individual tax returns (or requesting an extension)
- If you owe money, your payment is also due by this date.
- May 17th: A deadline extension has been granted until May for federal income taxes only. This does not extend state income tax deadlines.
- June 15th: Second-quarter estimated tax payment due if applicable
- For U.S citizens abroad/Expats who qualify under specific criteria; their deadline will be June instead of April.
In addition, keep in mind that these are general dates and may vary depending on your unique situation.
How Early Can You File Your Taxes?
If you’re eager to get your refund as soon as possible or just want to get ahead of the game, you may be wondering how early can you file your taxes?
The answer is typically mid-to-late January when the IRS starts accepting e-filed returns. However, some exceptions may apply; suppose there has been a delay with issuing W2s/1099-MISC forms or other relevant documents necessary for completion of federal income taxes return.
It’s always important not rush submitting claimed figures before Correctly comparing them with generated reports by banks at financial institutions from which they were obtained.
What Happens If You Miss the Deadline?
If you miss the filing deadline, you will face a late fee that is equal to 5% of your unpaid tax bill per month. That means if you owe $1,000 and file two months late, the penalty would be $100.
To avoid these penalties, it’s essential to file on time or request an extension by April 15th which allows additional time for submission but doesn’t waive any monetary payments required according to what is owed.
Don’t let missed deadlines result in loss of funds; Start organizing early so you can meet tax season head-on!
Remember always reach out directly with questions or concerns to your accountant or lawyer before making important decisions involving taxes.
FAQs
Here are three frequently asked questions about key dates and deadlines for tax season, along with answers:
When is the deadline to file my taxes?
The deadline to file your federal income tax return is April 15th of each year. However, if you cannot file by this date, you can request an extension until October 15th. It is important to note that while an extension provides more time to file your return, any taxes owed must still be paid by the April 15th deadline or penalties and interest may apply.
When can I start filing my taxes?
The IRS typically begins accepting tax returns in late January or early February of each year. The exact date varies from year to year due to changes in tax laws and system updates.
How long does it take for me to receive my refund after filing taxes?
If you e-file your tax return and choose direct deposit for your refund, you can generally expect to receive your refund within 21 days of the IRS accepting your return. However, if there are errors on the return or additional review is required, it may take longer for the refund to be processed and issued.
It’s worth noting that state-specific key dates and deadlines may vary depending on where you live – so it’s always a good idea double-check with local resources before filing!
FAQs
**H3: When is the 2024 tax filing season expected to start?**
Answer: Typically, the IRS opens tax season in late January or early February, so plan to file your taxes around then.
**H3: What is the deadline for filing taxes in 2024?**
Answer: Individuals usually have until April 15, 2025, to file their taxes, but remember that state deadlines may differ.
**H3: What is the difference between filing early and waiting for the extension?**
Answer: Filing early allows you to get your refund sooner and avoid potential last-minute rush, while extension grants extra time, but penalties & interest can apply