Tax Day 2024: When are taxes due? (2024)

FAQs

Tax Day 2024: When are taxes due? ›

The due date for filing your tax return is typically April 15 if you're a calendar year filer. Generally, most individuals are calendar year filers. For individuals, the last day to file your 2023 taxes without an extension is April 15, 2024, unless extended because of a state holiday.

The 2024 tax season begins on Monday, January 29, 2024, and the deadline to file is Monday, April 15, 2024. I have long advocated for the IRS to offer a direct, free filing option for taxpayers.

The IRS expects most EITC and ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 27, 2024, if the taxpayer chose direct deposit and there are no other issues with the tax return.

Taxpayers that owe on their tax return

IRS reminds people they can avoid paying interest and some penalties by filing their tax return and, if they have a balance due, paying the total amount due by the tax deadline of Monday, April 15.

As the 2024 tax deadline approaches, you may be in the position of expecting to owe money to the IRS. This may be the case if you made over $20,000 from a side hustle in 2023, you earn self-employment income (such as through a freelance gig), or you entered a new tax bracket.

For California taxes:

If your adjusted gross income last year was more than $150,000 (or $75,000 for those who are married and filing separate returns last year) then you will need to pay estimated tax of 90% of last year's taxes or 110% of the year before. You will use FTB Form 540-ES to work out your payments.

The child tax credit is a $2,000 benefit available to those with dependent children under 17. For the 2024 filing season, $1,600 of the credit was potentially refundable.

You may be in line for a smaller tax refund this year if your income rose in 2023. Earning a lot of interest in a bank account could also lead to a smaller refund. A smaller refund isn't necessarily terrible, since it means you got paid sooner rather than loaning the IRS money for no good reason.

The Tax Relief for American Families and Workers Act of 2024–a nonpartisan proposal introduced on January 16, 2024–plans to boost the maximum refundable amount per child in the upcoming tax years. The suggested increments are $1,800 for the 2023 tax year, $1,900 for the 2024 tax year, and $2,000 for the 2025 tax year.

How to get a $10,000 tax refund? ›

How do I get a 10,000 tax refund? You could end up with a $10,000 tax refund if you've paid significantly more tax payments than you owe at the end of the year.

So far in 2024, the average federal income tax refund is $2,850, an increase of 3.5% from 2023. It's not entirely unexpected: To adjust for inflation, the IRS raised both the standard deduction and tax brackets by about 7%.

Tax season began on Jan. 29, 2024, when the IRS started accepting and processing 2023 tax returns. Taxes were officially due on April 15, 2024, and millions of Americans are eagerly anticipating getting money back.

Penalties and interest apply to taxes owed after April 18 and interest is charged on tax and penalties until the balance is paid in full. Filing and paying as much as possible is key because the late-filing penalty and late-payment penalty add up quickly.

For taxpayers who need an extension of time to file their taxes, there are several options to get an automatic extension through Oct. 15. Although an extension grants extra time to file, it does not extend the obligation to pay taxes due on April 15, 2024.

Use Form 1040-ES to figure and pay your estimated tax for 2024. Estimated tax is the method used to pay tax on income that isn't subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.).

Each period has a specific payment due date. If you don't pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return. If a payment is mailed, the date of the U.S. postmark is the date of payment.

You can postpone the quarterly Jan. 15 estimated tax payment until Jan. 31 if you file your return and make any necessary payments by that date. If you can't make an estimated payment, you might be subject to a penalty with interest.