Individuals and businesses need be aware of upcoming deadlines for filing taxes and submitting various forms. Staying informed and prepared will help ensure compliance with the IRS requirements and avoid potential penalties. Below are the key deadlines for the 2023 tax year that you need to mark on your calendar.
For Individuals:
- April 15, 2024: This is the primary due date for filing your 2023 income tax returns (Form 1040 or Form 1040-SR). If you’re unable to file by this deadline, consider filing for an extension, which will grant you until October 15, 2024, to submit your return. However, it’s important to note that the extension to file does not extend the time to pay any taxes owed. Payment is still due by April 15, 2024, to avoid penalties and interest.
- April 15, 2024: Deadline to contribute to Individual Retirement Accounts (IRAs), Roth IRAs, Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (ESAs) for the 2023 tax year.
For Businesses:
- March 15, 2024: Deadline for partnerships and S corporations to file their 2023 tax returns (Form 1065 for partnerships and Form 1120S for S corporations). Extensions can be filed, granting an additional six months to file, making the extended deadline September 16, 2024, due to the 15th falling on a weekend.
- April 15, 2024: C corporations must file their 2023 tax returns (Form 1120) by this date. If an extension is needed, corporations can file for an additional six months to file, pushing their deadline to October 15, 2024.
Informational Forms:
- February 28, 2024 (for paper filings) or March 31, 2024 (for electronic filings): Deadline for businesses to file information returns (such as 1099 forms) with the IRS.
(Employers should have furnished W-2 forms to their employees and 1099 forms to non-employees who provide services by January 31, 2024.)
As a reminder, this tax season Gray, Gray & Gray continues to offer clients an efficient way to complete your tax organizer and also receive your tax return electronically via SafeSend. Please click here for additional details.
If you have any questions or need assistance with your tax preparation, do not hesitate to contact Gray, Gray & Gray at 781.407.0300.