Tax Filing Due Dates

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Tax Filing Due Dates

Filing your federal and state taxes on time is crucial for several reasons, from avoiding penalties to protecting your financial well-being. Here are the key benefits of timely tax filing:

Understanding the Cost of Late Filing

The IRS charges a failure-to-file penalty of up to 5% of the unpaid taxes for each month (or part of a month) that your return is late. This penalty can accumulate up to a maximum of 25%. Additionally, unpaid taxes are subject to daily accruing interest, which compounds the longer you delay filing or payment. For those in Georgia and nearby areas, working with a professional in tax preparation Atlanta can help ensure that your returns are filed promptly and accurately.

Why Timely Filing Matters

The longer you wait, the more expensive the consequences. Beyond federal penalties, Georgia and other state tax agencies have their own penalties and interest rates, adding another layer of cost to late filing. By partnering with an experienced tax accountant Atlanta, you can avoid these financial pitfalls. Filing on time isn’t just about avoiding penalties—it’s also about maintaining peace of mind and keeping your financial records in order.

How to Avoid Penalties and Interest

Here are steps you can take to stay on top of your tax obligations:

1. File for an Extension if Needed: If you’re unable to file by the deadline, request an extension. While this doesn’t delay your payment obligation, it prevents late filing penalties.
2. Work with a Tax Professional: Consulting with a tax professional Atlanta ensures your taxes are filed correctly, even if they’re complex.
3. Resolve Tax Debt Promptly: If you owe back taxes, seek assistance from an expert in tax resolution services Atlanta. Addressing tax debts early minimizes the impact of interest and penalties.

How EAS Income Tax Services Can Help

At EAS Income Tax Services, we specialize in helping individuals and businesses meet their tax obligations and resolve IRS issues. Whether you need assistance with tax preparation Atlanta CPA services or tax resolution services, we provide professional, friendly support tailored to your unique situation. Led by Glen L. Graves II, CPA, we make tax preparation stress-free and ensure your filings are compliant and timely.

Take Action Today

Avoiding late filing penalties and interest starts with taking proactive steps. If you’re in need of expert support for tax preparation Atlanta or help resolving a tax issue, contact us today. Let EAS Income Tax Services protect you from the costly consequences of delayed filings.

Maintain Compliance and Avoid Legal Issues

Failure to file taxes can lead to serious consequences, including legal action. The IRS and state tax authorities have the power to issue liens, garnishments, or even levy bank accounts to recover unpaid taxes. Filing on time ensures compliance and helps you avoid these stressful scenarios.

Maximize Your Refund or Credits

If you’re owed a refund, filing on time ensures you get it sooner. Refunds often include overpaid taxes or credits like the Earned Income Tax Credit (EITC). Waiting to file means waiting longer for your money. Plus, the IRS only allows you to claim refunds for a limited time, usually three years.

Protect Against Identity Theft

Late filers are more vulnerable to tax-related identity theft. Filing your return early reduces the opportunity for scammers to use your personal information to file fraudulent returns and claim refunds in your name.

Stay in Good Standing for Loan Applications

Timely tax filings are often required for major financial decisions like applying for a mortgage, business loan, or refinancing. Lenders typically request recent tax returns to assess your financial health. Filing late can delay these processes and negatively impact your credibility.

Reduce Stress with Proper Planning

Procrastination often leads to last-minute filing mistakes, such as errors in calculations or missed deductions. Filing on time—or even early—allows you to carefully review your return, gather necessary documents, and make the most of available deductions or credits.

Avoid a Snowball Effect

If you fail to file one year, catching up in future years becomes more challenging. Missing deadlines creates a snowball effect of penalties, interest, and paperwork, which can quickly become overwhelming.

At EAS Income Tax Services, we specialize in making the tax filing process stress-free, helping individuals and businesses avoid these pitfalls. Whether you need help with tax preparation or resolving a past issue, we’re here to provide expert support.

2024 Hurricane Helene IRS Disaster Relief – Filing and Due Dates Extended

Who Qualifies?

The IRS has offered this relief to individuals and businesses in areas affected by Hurricane Helene. The specific regions include:

• Entire States:
  • Alabama
  • Georgia
  • North Carolina
  • South Carolina
• Partial Areas:
  • Certain counties in Florida, Tennessee, and Virginia. (For a detailed county list, refer to the IRS Disaster Relief Page).

Extended Filing and Payment Deadlines

1. 2024 Individual and Business Tax Returns:
   • Tax returns normally due in March or April 2025 (e.g., Form 1040, Form 1120, etc.) are now due by May 1, 2025.
2. 2023 Returns with Existing Extensions:
   • Taxpayers who previously filed for an extension to file their 2023 returns (with a deadline of October 15, 2024) will also have until May 1, 2025 to file.
   • Note: This does not extend the deadline for tax payments due in April 2024.
3. Estimated Tax Payments:
   • Quarterly Estimated Tax Payments due on January 15, 2025, and April 15, 2025, have been extended to May 1, 2025.
4. Payroll and Excise Tax Returns:
   • Quarterly returns (Forms 941, 943, 944, etc.) due on:
     • October 31, 2024
     • January 31, 2025
     • April 30, 2025
   • These are all now due by May 1, 2025.

Deposits and Penalty Abatement

• Payroll and Excise Tax Deposits:
  • If deposits were due on or after September 23, 2024, and before October 8, 2024, the IRS will abate penalties as long as the deposits are made by October 8, 2024.

Relief Provisions

The relief covers a wide array of tax obligations, including:

• Filing deadlines for corporations, partnerships, and individuals.
• Deadlines for making IRA and HSA contributions for 2024 tax year.
• Tax-exempt organizations with returns due during this period.

Important Notes:

1. Automatic Relief:
   • Taxpayers in the covered disaster areas are automatically eligible; no additional actions are required to apply for this relief.
   • If you are in the disaster zone and still receive penalties or notices regarding late filing or payment, contact the IRS for correction.
2. Relief Outside Designated Areas:
   • Taxpayers who live outside the declared disaster areas but whose records or tax preparers are located within the affected zones may request relief by contacting the IRS.

Key Dates at a Glance

Additional Resources

• IRS Tax Relief in Disaster Situations Page: Link Here
• For further guidance, contact the IRS directly at 866-562-5227 for disaster-related inquiries.

This relief ensures that taxpayers have additional time to recover and meet their tax obligations without the burden of immediate deadlines.

2024 Hurricane Beryl IRS Disaster Relief – Filing and Due Dates Extended

Who Qualifies?

The IRS has extended relief to taxpayers in federally declared disaster areas, which include 67 counties in Texas, encompassing Harris County (home to Houston). This relief applies to:

• Individual taxpayers
• Businesses
• Tax-exempt organizations
• Farmers
• Others with IRS-related obligations within the affected areas

For a detailed list of eligible counties, refer to the IRS’s Tax Relief in Disaster Situations page.

Extended Filing and Payment Deadlines

The relief covers filing and payment deadlines that occurred on or after July 5, 2024, the official start of the disaster, and extends them until February 3, 2025. Here’s a breakdown of the affected deadlines:

2023 Tax Returns with Extensions

• Individuals and businesses that had previously filed for an extension for their 2023 tax returns, originally due on:
  • October 15, 2024 (for individual taxpayers)
  • September 15, 2024 (for partnerships and S-corporations) These are now due by February 3, 2025.

Estimated Tax Payments

• Quarterly estimated tax payments normally due on:
  • September 16, 2024
  • January 15, 2025 These payments have been extended to February 3, 2025.

2024 Tax Returns

• Businesses and individuals with 2024 tax returns originally due on:
  • January 31, 2025 (e.g., some employers filing Forms W-2)
  • February 1, 2025 (various business forms, including certain corporate filings) These are all extended to February 3, 2025.

Payroll and Excise Tax Returns

• Quarterly payroll and excise tax returns (e.g., Form 941) due on:
  • July 31, 2024
  • October 31, 2024
  • January 31, 2025 These returns are now due by February 3, 2025.

Penalty Relief

The IRS will waive penalties for certain late filings or payments, including:

• Payroll and Excise Tax Deposits:
  • Deposits originally due on or after July 5, 2024, and before July 22, 2024, will not be penalized if they were deposited by July 22, 2024.

Casualty Loss Deductions

Taxpayers in the disaster area can claim disaster-related casualty losses on their federal tax return for either:

• The year the disaster occurred (2024), or
• The previous tax year (2023). This provides flexibility for individuals and businesses to claim refunds sooner if needed.

To claim a casualty loss:

1. Write “Hurricane Beryl” at the top of your tax return when filing.
2. Attach Form 4684 (Casualties and Thefts) for disaster loss documentation.

Additional Relief Provisions

• Tax-exempt organizations filing Forms 990-series and related returns due during the relief period also qualify for the extended deadlines.
• Contributions for 2024 retirement accounts (e.g., IRAs and HSAs) can be made up until February 3, 2025, if they were due during the relief period.

Key Dates at a Glance

Automatic Relief

The IRS automatically applies this relief to taxpayers residing or operating in the declared disaster areas. Taxpayers who qualify do not need to contact the IRS or file additional forms.

Outside Disaster Areas:

Taxpayers living outside the declared area but whose records, tax preparers, or businesses are located within the disaster area may also qualify. They should call the IRS at 866-562-5227 for assistance.

Where to Find More Information

1. Visit the IRS Disaster Relief Page for full details.
2. For updated declarations and information on additional counties added to the relief zone, monitor IRS announcements.
3. Contact the IRS disaster hotline directly at 866-562-5227 for personalized guidance.

This relief ensures affected taxpayers in the Houston, TX area have sufficient time to recover and meet their tax obligations without facing penalties or additional stress.