8 Important Dates You Need to Remember When You File Your Taxes For the Tax Year 2023
Filing your taxes can be overwhelming to the point that some people don’t pay attention or forget about tax season altogether. Nobody enjoys doing their taxes, but that doesn’t mean you get to abandon your responsibility and miss out on when your taxes are due. When you know and take note of tax filing dates, you can save a lot of time and money just by paying on schedule.
To help you map out your tax calendar for 2024, we’ve listed below some important tax payment dates you should remember.
8 Important Dates to Remember for Tax Year 2023
Aside from filing your tax returns on Tax Day, there are other notable tax filing dates you need to know.
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January 16, 2024
If you pay quarterly estimated taxes or are self-employed, the fourth and last installment of your 2022 estimated tax payment is due on this date. However, you don’t have to pay on the date itself. If you can’t make the deadline, you can pay your entire balance until January 31, 2024, together with your tax return.
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Jan. 31, 2024
If you’ve hired an independent contractor in the last year, this is the deadline to send them your 1099 forms or Non-Employee Compensation report. If you’re a freelancer, expect Form 1099 from your clients.
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March 15, 2024
On this day, partnerships and S corporations must file their Schedule K-1 or report of your shares. For partnerships, submit Form 1065. Meanwhile, S corps must file Form 1120-S. Additionally, March 15 is also the last day you can register your business as an S corporation for the year 2024. To do this, file Form 2553.
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April 15, 2024
The most awaited Tax Day falls on this date. It’s the day when your individual and corporate income tax returns and the first installment of your estimated tax payment are due. Form 5472 for sole proprietors and single-member limited liability companies (LLCs) is due on this day, as well. Any income tax liabilities for the preceding year are also due by this date.
The deadline for your Report of Foreign Bank and Financial Accounts (FBAR) filing is April 15. You file it separately from your tax return, but it has the same cutoff date.
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June 15, 2024
Expats get an automatic two-month individual tax return extension, and the deadline is on June 15. It’s important to note that this is an extension to file and not an extension to pay. The second installment for your estimated tax payment is also due on this day.
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September 15, 2024
If you filed for an extension on your Schedule K-1 submission for partnerships and S corps, this day is the final deadline. You should also pay your third installment of quarterly estimated taxes.
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October 15, 2024
October 15 is another big day for taxes, as most tax extensions are due on this date. You must file your taxes if you requested an extension for individual returns, corporate tax returns, and Form 5472. Your FinCEN Form 114 or FBAR has an automatic extension that’s due on this day, as well.
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January 16, 2024
You must pay your fourth installment of 2022 estimated tax payments on this day to wrap up your quarterly settlements.
Tax Payment FAQs
Taxes can be complicated for expats with the different documents to submit and dates to remember. When a deadline comes rolling in, you must know what to do in case you miss it. Here are some of the common questions about tax payments answered.
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What happens when I miss the tax deadline?
Everybody can make tax mistakes. If you owe the IRS money and missed a deadline or forgot to file an extension, you need to pay your taxes as soon as you can. Failure to pay leads to the IRS sending a letter stating that you owe them interest and penalties. Your other government documents can suffer when you ignore this letter, like license and passport suspension.
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Do I lose my tax refund when I miss the deadline?
No, the IRS won’t penalize you for filing a late return when they owe you a refund. For late returns filed with refunds, there aren’t any penalties. However, if you haven’t filed for a return, the IRS would hold on to your money, and you won’t be able to get your refund. You have up to three years from the filing deadline to complete your return and claim your money.
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I can’t make the tax payment deadline. What should I do?
You should still file for a return and pay as much and as soon as you can. The penalties for failing to file a return are substantially higher than failure-to-pay penalties; thus, it’s always wise at a minimum to file your tax return on or before the due date even if you are unable to pay. Tax filing for expats has an automatic two-month extension. It means that you don’t have to file for an extension request.
However, you’re only given more time to file for a return during the extension period, not to pay your taxes. You can incur interests and late payment penalties if you owe the IRS taxes beyond the deadline, even with an extension.
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What are the available options to help me pay taxes?
There are situations when paying taxes is challenging, such as calamities, a pandemic, or if you’re diagnosed with a life-threatening illness. If you can’t pay your taxes within the deadline due to such circumstances, the IRS can be forgiving. They offer tax relief options and payment plans to help you out.
You can request a short- or long-term installment payment plan when you submit your tax return. This will allow you to pay for your remaining balance over time in monthly installments.
Settle Your Tax Bill on Time
Doing your taxes is physically, mentally, and financially challenging. However, it’s even more stressful if you miss a deadline because you may have to deal with penalties. There are many ways to sort out your taxes, such as jotting down important tax filing dates, applying for a payment plan, or seeking the help of a tax resolution specialist.
Since 1997, Tax Samaritan has been providing industry-leading tax services for expats. If you need any assistance in meeting your tax deadlines and ensuring all your documents are flawless, Tax Samaritan’s expertise can help you out.
All About Randall Brody
Randall is the Founder of Tax Samaritan, a boutique firm specializing in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the other unique tax issues that apply to taxpayers. Here, they help taxpayers save money on their tax returns.