April 1: The first day of April definitely is not a day to fool around if you must make a
required minimum distribution (RMD). This year's deadline is for folks who turned
73 in 2023 and decided to delay that first RMD.
April 5: You made it through April 1 and the month's first full week unscathed by foolish pranksters, but tax misconceptions persist year-round. Don't fall for any of these
10 tax myths as you work on finishing your return. Instead, make sure you don't make any common
filing mistakes, or
overlook any tax breaks.
April 8: Tax Day is just a week away. You really tried to do your taxes yourself, but you've realized you need help. It's probably too late to find a tax professional who'll do your taxes by April 15. Sorry. They tend to book up earlier in the tax year. But there's still help available, especially if you're older or don't make a ton of money. Check into
Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs in your area. These IRS-trained volunteers are happy to help eligible taxpayers fill out and file returns at no- or low-cost.
April 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you get all the tips you deserve for doing your job well. Remember, though, that those
tips are taxable income.
Whether you're dining at your favorite eatery or getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.
And if you got at least $20 in gratuities in March for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use
Form 4070 to let your employer know the total tips you took in last month.
April 15: This is it! Tax Day 2024 is here.
via GIPHY
The main task today is, of course, filing your 2023 tax year Form 1040. The IRS recommends we file electronically, which will speed up processing of returns and issuance of any refunds. One option for many taxpayers is Free File, the no-cost online tax preparation and electronic filing program offered by the IRS and its Free File Alliance partners. This year, eight tax software companies are offering programs to taxpayers with 2023 adjusted gross income (AGI) of $79,000 or less.
Note that the Free File $79,000 or less income threshold applies to all
filing statuses. If your income is too high, you still can file for free by using Free File's Free Forms option.
This year, some taxpayers in 12 states can use
IRS Direct File. This pilot program lets qualifying taxpayers in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming use the first-ever IRS developed and run online program to prepare and e-file their returns.
If you find you just can't get your 1040 finished today, file
Form 4868 to get an
automatic six-month extension. Note, however, that while this will give you until Oct. 15 to file your tax forms, you must pay any tax you owe when you file your extension form.
April 15 also is the deadline several other tax tasks. They include:
Making your first 2024 tax year
estimated tax payment. There's no extension allowed here.
Adding to your IRA, either Roth or traditional, and have that amount count as 2023 tax year contribution. A traditional IRA contribution for some is deductible as an
above-the-line tax deduction on your current return. Contributions for 2023 to either type of IRA also could provide eligible filers a claim of the
Saver's Credit, a $1,000
dollar-for-dollar offset of any tax owed.
And if you live in a
state that collects income tax, you likely must file that return today, too.
April 22: Whew! Now that filing is done (except for tax procrastinators on extension) and you've had a few days to get settled, it's time to take care of your tax records. You need to hang onto some
filing paperwork just in case the IRS has follow-up questions.
April 30: Whew! We made it through the year's the biggest month! Did you get or are expecting a big refund? Or did you end up owing Uncle Sam a lot? Either way, with your filing fresh in your mind, it's a good time for a paycheck checkup to see if you should
adjust your withholding.
Small Business Tax Calendar: Important
filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS'
online calendar page and view the full year's important business and individual tax dates in
IRS Pub. 509.
Comments
You can follow this conversation by subscribing to the comment feed for this post.