1st Quarter Estimated Tax Payments, Extensions and Other Reminders
April 15th is often associated with the filing deadline for individual tax returns, but there are additional deadlines to know including estimated tax payment dates, filing an extension, and state counties with extensions due to emergencies or extenuating circumstances.
1st Quarter Estimated Tax Payment Due April 15th
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, etc.). In addition, if you don’t elect voluntary withholding, you should make estimated tax payments on other taxable income, such as unemployment compensation and the taxable part of your social security benefits. The IRS requires payment of estimated taxes
You can pay all of your estimated tax by April 15, 2024, or in four equal amounts by the dates shown below:
| QUARTER | ESTIMATED TAX PAYMENT DUE DATE |
| 1st quarter payment | April 15, 2024 |
| 2nd quarter payment | June 17. 2024 |
| 3rd quarter payment | September 16, 2024 |
| 4th quarter payment | January 15, 2025 |
Deadline to File 2023 Tax Return & Pay Any Tax Owed
The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays.
Deadline to File an Extension
If you are unable to complete your tax return before April 15, 2024, you may need to request an extension. You will need to prepare IRS Form 4868 on or before April 15th. You will then have until October 15, 2024, to file. An extension is ONLY an extension to file your return. An extension DOES NOT give you more time to pay.
Keep in mind, filing an extension DOES NOT permit you to extend any payments due the IRS.
Extended Deadlines Due Extenuating Circumstances
The IRS issued extended tax filing deadlines to specific counties in the following states due to storms, floods, wildfires or other extenuating circumstances including Alaska, California, Connecticut, Hawaii, Maine, Michigan Rhode Island, Tennessee, Washington and West Virginia. If you live in one of these states and are uncertain about your tax filing deadline, please contact one of our CPAs.
State Tax Filing Deadlines
In Pennsylvania and New Jersey, the state tax filing deadline is the same as federal tax returns, April 15, 2024. Delaware’s state tax is due on April 30th. Maine and Massachusetts state tax returns are due April 17th due to state holidays.
2020 Tax Returns
As we mentioned in our April 3, 2024, issue of WM Wisdom, taxpayers who did not file a 2020 return have until May 17, 2024, to file their return.
As always, should you have questions on this or other matters affecting you or your business, please call 215.675.8364 or email us to speak with a CPA today.
DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update, and other related communications are intended to provide general information, as of the date of this communication, and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
