Tax Deadlines and Updates for 2024 You NEED to Know

Tax laws change every year, and 2024 is no exception. Taxpayers will encounter several notable changes this year, as well as adjustments to tax brackets and other deductions. Stay tuned because I’m going to cover all the 2024 tax deadlines and updates in this post.

The Most Important Tax Deadlines for 2024

Tax deadlines stay pretty consistent, but special circumstances sometimes result in changes to the schedule. Here’s what you can expect for 2024.

Tax Day: The Primary Filing Deadline

The deadline to file taxes usually falls on April 15th, as it did this year. However, residents of Maine and Massachusetts received a two-day extension due to state holiday falling on the same day.

Quarterly Deadlines for Estimated Tax Payments

Most independent contractors are required to submit estimated tax payments every quarter. In a normal year, payments are due on April 15th for Q1, June 15th for Q2, September 15th for Q3, and January 15th for Q4.

This year, the due date for Q2 falls on June 17th. The Q3 and Q4 deadlines fall on September 16th and January 15th, respectively. In these cases, the dates have been pushed back due to weekends or holidays .

The Extended Filing Deadline

You can extend your filing deadline to October 15th by filing Form 4868. This year, the six-month deadline moves back to Tuesday, October 15th. Just remember, you must pay your taxes by April 15th to avoid exposing yourself to potential penalties & interest

Other Tax Deadlines to Consider

There are also several other important tax deadlines that may affect some people this year.

Corporate Filing Deadline

The deadlines for corporate tax returns depend on the business entity filing. For example, partnerships and S corporations have to file by March 15th, while C corporations have to file by April 15th.

Partnerships and S corporations requesting an extension must file by September 16th, while C corporations have until October 15th.

Deductible IRA Contributions for Tax Year 2024

Anyone who wants to make a deductible contribution for 2024 has until April 15th, 2025 to do so. You can contribute $7,000-8,000 to your IRA depending on your age.

Other Important Updates

It is also important to consider other changes, such as new tax bracket adjustments and changes in bonus depreciation and child tax credits.

Tax Bracket Adjustments

There will also be new income tax brackets for 2024 as a result of inflation and rising cost of living. SIngle filers may fall into a lower tax bracket this year as a result.

Bonus Depreciation Phase-Out Continues

Bonus depreciation will continue to phase out in 2024. This year, deductions for bonus depreciation will max out at 60% for 2024. The cap will decline by another 20 percentage points next year, and so on, until it expires 2027.

There is some chatter in Washington D.C. about renewing bonus depreciation before it expires. So far, there’s nothing concrete, but it could happen.

Child Tax Credit 

The child tax credit remains in effect this year. In 2024, the credit provides up to $2,000 per child, with roughly $1,700 of it refundable.

Closing Thoughts

The tax code changes constantly, so it’s important to keep a close eye on the latest updates, especially if you’re managing your own books and taxes.

If you’re ready to upgrade to a tax firm that understands your business, my team would love to connect with you. Get started now by signing up for a one-on-one strategy session with a Shared Economy Tax pro to see how much we can help you save.

About the Author

Miguel Alexander Centeno

Miguel Alexander Centeno is an author, speaker, and tax leader at Shared Economy Tax. A former Big 4 tax manager, he represents taxpayers in all matters before the IRS, including the U.S. Tax Court. He has been quoted in the Wall Street Journal, Fox Business, and MSNBC on tax related articles and has testified before the U.S. House of Representatives as a part of hearings for the Tax Cuts and Jobs Act. A father of three, Miguel is an avid acoustic guitar player, gravel cyclist and once-a-week yogi.
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