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When Can You File Taxes For 2024?
When Can You File Taxes For 2024?
Tax filing is a big (and stressful) part of our adult lives. While the 2024 tax day has passed along with the tax filing extension deadline, it is still important to make sure you’re up-to-date with all the tax deadlines and rule changes to be better prepared for the next year.
Or maybe you’re still working on your returns to get them in by the extension deadline. Either way, here is everything you need to know about tax season for the 2024 tax year.
Table of contents
When are taxes due for 2024?...Read more
How much do you have to make to file taxes?...Read more
2024 tax brackets...Read more
How to file taxes...Read more
What tax forms do I need to file taxes?...Read more
How to file a tax extension...Read more
What happens if you don't file taxes?...Read more
Tax law changes for the 2024 tax season...Read more
When are taxes due for 2024?
Doing your taxes involves keeping track of important deadlines. For most taxpayers, mid-April is the big date to remember for submitting a federal income tax return. However, there are other key dates you need to know about.
The 2024 tax season began at the end of January, meaning you could start filing your taxes on January 29. This is when the IRS began accepting and processing tax returns for the 2023 tax year.
So when was the last day to file taxes? The main tax filing deadline was April 15, 2024. If you filed for an extension by this date, you have until October 15 to file your tax return. It's important to note that an extension gives you more time to file your return, but not to pay any taxes owed. Your tax bill was still due on April 15, even if you got an extension.
The 2025 tax season will start at the end of January in 2025, with the filing deadline falling on April 15, 2025.
Don't forget that you might also need to file a state tax return. Typically, the deadline for state taxes is the same as the federal one, but there can be exceptions. Small businesses may have their tax filing deadlines earlier, depending on their business structure.
How much do you have to make to file taxes?
You now know what the tax filing deadline is, but how do you know if you even need to pay taxes? For the 2024 tax season, you can skip filing a tax return if you're under 65, single and earned less than $13,850, which is the standard deduction for single filers. For the 2024 tax year, the standard deduction increased to $14,600 for single filers.
If you’re self-employed, you have to file taxes if you made over $400 in 1099 income. FlyFin’s expert CPAs can help small businesses with their tax filing, along with providing unlimited tax support in the form of answering questions, finding deductions to maximize savings and preparing their returns.
2024 tax brackets
Knowing what tax bracket you fall in is also important when filling out your returns before the tax filing deadline. Your taxable income and filing status will determine your tax bracket. The filing status remains unchanged for 2024: married, filing jointly, married, filing separately, single and head of household.
Your relationship status on the last day of the tax year determines if you can file together. If you get married on December 31, 2023, you can file a joint tax return. But if you're divorced by the end of the year, you must file separately.
If your spouse dies during the year and you haven't remarried, you can still file jointly for that year. This also applies if you're living apart but not legally separated. If you have a child, you could be eligible to claim the Child Tax Credit, even if you’re not married.
How to file taxes
Online tax filing is the easiest way to file your returns. It’s also the safest as you don’t have to worry about your returns getting lost in the mail. If you made under $79,000 in 2023, take a look at the IRS Free File program. It gives you access to free online tax preparation software. Keep an eye out for the 2024 income limits.
If you don’t qualify for Free File, you can use tax software like FlyFin. If you just need help with the forms or you run a business or side gig, it’s a good idea to work with a CPA who specializes in freelance taxes.
What tax forms do I need to file taxes?
In terms of federal tax forms, every individual taxpayer has to file Form 1040. This is the standard form that details your filing status, income, credits and overall tax liability. If you’re a small business, tax filing may involve a few more forms.
If you’re a sole proprietor, you’ll need the Schedule C tax form. This is where you’ll report your earned income and business deductions. A 1099 tax calculator can help find every tax deduction you can use to lower your taxable income.
Self-employed individuals also have to make estimated tax payments if they owe more than $1,000 in taxes. Form 1040-ES is where you’ll work out how much you owe. This form doesn’t need to be filed, but it is still important to keep in your records. You can use a quarterly tax calculator to estimate your tax liability.
Another important IRS tax form for self-employed individuals is the 1099 tax forms (1099-NEC, 1099-MISC, 1099-K). These forms don’t have to be filed, but they provide important income information that will be used to calculate your net income.
If you operate as a partnership, you’ll be using the 1065 tax form instead of Schedule C. If you’re part of a C Corp, the 1120 tax form will be essential to your filing.
How to file a tax extension
If you missed the 2024 tax day, you should have filed an extension by April 15. To get a tax filing extension online, start by finding an IRS-trusted website. Gather your important documents like your Social Security number and income statements. Then, fill out the extension form they provide. Make sure to double check your details before sending it.
If you think you'll owe taxes, consider making the payment with your extension request. Since e-filing is automatic, you won't need to wait for confirmation from the IRS.
If you want to mail your tax filing extension, start by getting Form 4868 from the IRS website. Fill out your details and how much tax you think you'll owe. Remember to include your payment, made out to the United States Treasury.
Once it's all filled in and you've included your payment, just mail it to the IRS. Sending it with tracking can help you know they got it. You can follow the same guide for the 2025 tax season, too.
What happens if you don't file taxes?
Skipping the tax filing deadline can get you into some hot water with the IRS. If you miss the tax deadline without asking for more time, the IRS will see you as filing late. And that can mean facing penalties for late filing, which can add up over time. Plus, you'll also rack up interest charges on any unpaid taxes from the day they were due until you pay them off.
You’re also putting yourself at the risk of an IRS audit if you avoid filing taxes. Tax evasion is a federal crime, so you’re better off filing on time.
Tax law changes for the 2024 tax season
There are a few changes taxpayers should know when filing 1099 taxes. If you've received payments through online platforms, you'll usually get Form 1099-K. The rules for this form have changed a lot recently.
Before 2021, you’d get a 1099-K if you made over $20,000 and had more than 200 transactions. Then, it was changed to $600. However, this new rule was delayed and didn't apply for the 2022 tax year. Now, it’s expected to be delayed again until the 2024 tax year, this time with a $5,000 threshold.
There were also updates to energy efficiency tax credits, the Qualified Business Income Deduction (QBID), retirement plans and Health Savings Accounts (HSA). Keeping up with these updates is necessary, but stressful.
With FlyFin, you can get unlimited tax support from expert CPAs who can do all the heavy lifting for you. Plus, you can use the built-in calculators to estimate your taxes, 1099 taxes, and any penalties you might owe. AI also identifies all your business deductions, so you can lower your taxes without any extra effort.
What’s FlyFin?
FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors.
But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology.
Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.
In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.
Expert tax CPAs ensure 100%-accurate tax filing
A.I. finds every tax deduction, eliminating 95% of your work
On average users save $3,700
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