Don't Miss These June Tax Deadlines

By | 9:12 AM Leave a Comment

While the deadline for filing most tax returns and paying any outstanding balance for the year has already passed, not everyone can set it and forget it until next April. June also has a major deadline both for those paying their 2024 estimated taxes and those who have extended deadlines for 2023 filing.

Taxpayers who owe estimated taxes throughout the year

If you are self-employed, an independent contractor or freelancer, or otherwise earn income that isn't taxed throughout the year, you may be required to pay estimated taxes directly to the IRS each quarter. The second quarterly installment, which covers income earned from April 1 through May 31, is due on June 17.

I've written before about how estimated taxes work and how to calculate and pay them. If you earned enough income in the second quarter of 2024 to owe taxes, you should make a payment to avoid penalties. This also helps avoid a surprise bill when next April rolls around.

Taxpayers who live abroad

U.S. citizens who live and work in other countries are still required to file taxes with the IRS, even if the income is earned abroad. These taxpayers get an automatic two-month extension every year, and those returns are coming due on June 17 (unless you file for an additional extension to October 16 via Form 4868).

Taxes are more complicated for citizens who live outside the U.S. due to various credits and exclusions on foreign income, so you may want to consult a tax pro who is familiar with both the U.S. tax system and the rules of the country you reside in.

Taxpayers who reside in designated disaster areas

Residents of locales impacted by natural disasters also receive filing extensions, though these designated areas and deadlines vary. If you live or run a business in the following counties affected by disaster declarations, your 2023 income tax returns and payments normally due in March or April are now due on June 17:

  • California: San Diego

  • Connecticut: New London County and the Tribal Nations of Mohegan and Mashantucket Pequot

  • Michigan: Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, Wayne

  • Maine: Androscoggin, Franklin, Kennebec, Oxford, Penobscot, Piscataquis, Somerset

  • Tennessee: Cheatham, Davidson, Dickson, Gibson, Montgomery, Robertson, Stewart, Sumner, Weakley

  • Washington: Spokane, Whitman

  • West Virginia: Calhoun, Clay, Harrison, Roane (note that the deadline for residents and businesses in Boone and Kanawha counties has been extended again until November 1)


from LifeHacker https://ift.tt/g4z6erv

0 comments:

Post a Comment