When’s the Last Day to File Taxes 2024: A Comprehensive Guide
Understanding the deadline for filing taxes is crucial for every taxpayer. The last day to file taxes for the year 2024 is a date that you should mark on your calendar. This guide will provide you with all the necessary information to ensure that you meet the deadline and avoid any penalties or interest charges.
What is the Last Day to File Taxes for 2024?
The last day to file taxes for the year 2024 is April 15, 2025. This date applies to both individual taxpayers and businesses. However, it’s important to note that if you are unable to file your taxes by this date, you may request an extension.
Why is the Deadline for Taxes in April?
The deadline for filing taxes in April is a result of historical reasons. The original deadline was March 1st, but it was changed to April 15th in 1913. This date was chosen to coincide with the end of the tax year, which runs from January 1st to December 31st.
What Happens if I Miss the Deadline?
Missing the deadline to file your taxes can result in penalties and interest charges. The IRS charges a late filing penalty of 5% of the tax owed for each month that your return is late, up to a maximum of 25%. Additionally, you may be charged interest on the amount owed.
How to Request an Extension
If you are unable to file your taxes by the April 15th deadline, you can request an extension. To do so, you must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by the original deadline. This form can be filed electronically or by mail.
It’s important to note that an extension to file is not an extension to pay. You are still required to estimate and pay any taxes owed by the original deadline. If you fail to do so, you may be charged a late payment penalty.
What if I Owe Taxes?
If you owe taxes, it’s important to pay as much as you can by the April 15th deadline to minimize penalties and interest charges. You can pay your taxes online, by phone, or by mail. If you are unable to pay the full amount owed, you may be eligible for an installment agreement with the IRS.
What if I Am Self-Employed?
Self-employed individuals have additional responsibilities when it comes to filing taxes. The last day to file taxes for self-employed individuals is also April 15, 2025. However, self-employed individuals must also make quarterly estimated tax payments to avoid penalties and interest charges.
What if I Live Abroad?
If you are a U.S. citizen or resident alien living abroad, you may be eligible for an automatic two-month extension to file your taxes. This means that the deadline for filing taxes for those living abroad is June 15, 2025. However, you must still pay any taxes owed by April 15, 2025.
What if I Am a Military Member or Civilian Employee Serving in a Combat Zone?
Military members and civilian employees serving in a combat zone may be eligible for an extension to file their taxes. The deadline for filing taxes for those serving in a combat zone is either 180 days after the last day of the combat zone or the regular filing deadline, whichever is later.
What if I Am a Tax Preparer?
As a tax preparer, it’s important to be aware of the deadlines for filing taxes for your clients. The last day to file taxes for tax preparers is also April 15, 2025. However, tax preparers must also file Form 8867, Preparer Tax Identification Number and Certification, by this date.
What if I Am a Trust or Estate?
Trusts and estates also have a deadline for filing taxes. The last day to file taxes for trusts and estates is April 15, 2025. However, if the trust or estate is required to file an information return, the deadline is extended to May 15, 2025.
What if I Am a Corporation?
Corporations have a different deadline for filing taxes. The last day to file taxes for corporations is March 15, 2025, for calendar-year corporations. However, if you are a fiscal-year corporation, the deadline is the 15th day of the fourth month after your fiscal year ends
