Tax Deadlines and Critical Dates for 2024

As tax season approaches, we wanted to share a few important dates and deadlines for 2024.

January 29 - 2024 Tax Filing Season Open

Tax season officially kicks off January 29th, when the IRS begins accepting and processing tax returns. Monotelo Advisors will be accepting tax documents throughout the entire month of January. Please UPLOAD YOUR DOCUMENTS as soon as you have them in order and we will begin preparing your return as soon as we receive them.

January 31 - Form W-2 and 1099-MISC Deadline

Employers must provide employees with Form W-2, reporting wages and taxes withheld, by January 31, 2024. Additionally, businesses must furnish Form 1099-MISC to independent contractors by the same date.

February 15 – 1099-B Issuance

This is the deadline for financial institutions to send out Form 1099-B to anyone with a taxable trading account with gains or losses in the account. This should include any gains or losses on cryptocurrency activity.

March 15 – S-Corp & Partnership Returns Due

March 15th is the tax filing deadline for partnerships and S-Corporations to file their tax returns, or to request a 6-month extension of time to file the returns. This group includes S-Corporations, as well as LLCs that have elected to be taxed as a corporation.

March 15 - Monotelo’s Document Cut-off Date for April 15th Filings

Please upload all tax documents to your PORTAL by March 15th to ensure your return gets filed by April 15th. If you wait to get your documents to us, we will do our best to get your return filed, but we cannot put you in front of clients who uploaded their documents earlier. Click here for a list of TAX DOCUMENTS needed.

April 15 - Individual Income Tax Filing Deadline

Potentially the single most important date is April 15th, the tax filing deadline for individuals, trusts, gift taxes and C-corporations. Additionally, this is the deadline to request an extension to receive an additional 6 months to file your return. It is important to note, an extension to file your tax return is not an extension to pay your tax due. If you file an extension and wait to pay any tax due by October 15th, you will have late interest and penalties accruing on your amount due.

April 15 – IRA and HSA Contributions

For IRA, Roth IRA, and HSA contributions, April 15th is also the deadline to make contributions that count toward tax year 2023. Note that SEP IRA contributions are allowed to be made at the extended tax filing deadline.

September 15  – Extended Partnership & S-Corp Returns Due

September 15th is the first of the extension season deadline dates. Properly extended partnership and S corporation returns are due on September 15th, 2023.

September 30 – Extended Trust Returns Due

The extension due date for trust returns is September 30th, assuming an extension was correctly filed by April 15th.

October 15 - Extended Individual Income Tax Filing Deadline

October 15th is the deadline to file individual and corporate tax returns. Any returns filed past this date, even if they were extended in April, will be subject to failure-to-file penalties.

January 15, April 15, June 17 and September 16 - Quarterly Estimated Tax Payments Due

Individuals who are required to make quarterly estimated tax payments should ensure that their quarterly payment is submitted by this date to avoid any penalties for underpayment of taxes.

Please note that these dates are general guideline, and specific circumstances may apply to your individual or business situation. If you have any questions or are ready to get started on your 2023 tax return, click here to UPLOAD YOUR DOCUMENTS or SCHEDULE A MEETING at your convenience.

This article is a general communication being provided for informational and educational purposes only and is not meant to be taken as tax advice, investment advice or a recommendation for any specific investment product or strategy. The information contained herein does not take your financial situation, investment objective or risk tolerance into consideration. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. Any examples are hypothetical and for illustration purposes only. All investments involve risk and can lose value, the market value and income from investments may fluctuate in amounts greater than the market. All information discussed herein is current only as of the date of publication and is subject to change at any time without notice. Forecasts may not be realized due to a multitude of factors, including but not limited to, changes in economic conditions, corporate profitability, geopolitical conditions, inflation or US tax policy. This material has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation cannot be guaranteed.

LEGAL, INVESTMENT, AND TAX NOTICE. This information is not intended to be and should not be treated as legal, investment, accounting or tax advice.

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