As the year 2023 comes to an end, it’s time to start preparing for your tax payments for the upcoming year. In this article, we’ll be discussing everything you need to know about the tax calendar 2024 deposit dates. From deadlines to penalties and more.
Table of Contents
Table of Contents
As the year 2023 comes to an end, it’s time to start preparing for your tax payments for the upcoming year. In this article, we’ll be discussing everything you need to know about the tax calendar 2024 deposit dates. From deadlines to penalties and more.
What is a Tax Calendar?
A tax calendar is a schedule of due dates for filing federal tax forms and making federal tax payments. The calendar applies to various types of taxes, including income, excise, and employment taxes.
Why is it Important to Know the Tax Calendar?
It’s essential to know the tax calendar to avoid any penalties for late payments, filing, or errors on your tax forms. The calendar provides information on the due dates for making payments and filing forms, so you can stay on top of your tax obligations.
What are the Deposit Dates for 2024?
The tax calendar for 2024 has not yet been released by the IRS. However, based on previous years’ schedules, we can predict the deposit dates for the upcoming year.
For monthly depositors, the deposit dates for 2024 are as follows:
- January 15
- February 15
- March 15
- April 15
- May 15
- June 15
- July 15
- August 15
- September 15
- October 15
- November 15
- December 15
For semi-weekly depositors, the deposit dates for 2024 are:
- Deposit for payments made on Saturday, Sunday, Monday, or Tuesday is due by the following Friday.
- Deposit for payments made on Wednesday, Thursday, or Friday is due by the following Wednesday.
What are the Penalties for Late Payments or Filing?
If you fail to make a payment or file a tax return by the due date, you may be subject to penalties and interest. The penalty for late payments is generally 0.5% of the unpaid tax for each month or part of a month that the payment is late, up to a maximum of 25% of the unpaid tax.
The penalty for late filing is usually 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid tax. If your return is more than 60 days late, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less.
Tax Calendar Q&A
Q: What happens if I miss a tax payment deadline?
If you miss a tax payment deadline, you may be subject to penalties and interest. The penalty for late payments is generally 0.5% of the unpaid tax for each month or part of a month that the payment is late, up to a maximum of 25% of the unpaid tax.
Q: Can I change my tax deposit schedule?
Yes, you can change your tax deposit schedule. You will need to file Form 8655, Reporting Agent Authorization, to authorize a third-party to make deposits on your behalf. You can also change your deposit schedule by filing Form 8822-B, Change of Address or Responsible Party – Business.
Q: What should I do if I can’t make a tax payment on time?
If you can’t make a tax payment on time, you should contact the IRS as soon as possible to discuss your options. You may be able to set up a payment plan or negotiate a settlement.
Conclusion
Knowing the tax calendar 2024 deposit dates is crucial to avoid penalties and stay on top of your tax obligations. Make sure to mark your calendar with the deposit dates for your payment schedule. If you have any questions or concerns, don’t hesitate to contact the IRS or a tax professional for assistance.
