As we usher in 2024, staying on top of your tax obligations is essential. Familiarizing yourself with important tax deadlines can prevent last-minute stress and ensure compliance. Here are the key tax dates you should mark on your calendar for this year.

January 16, 2024: Fourth Quarter Estimated Tax Payment Due

If you are a freelancer, independent contractor, or business owner, remember that your fourth quarter estimated tax payment is due by January 16. To sidestep any penalties, it’s crucial to submit this payment on time.

April 15, 2024: Tax Day

This is the deadline for filing your 2023 federal income tax return or requesting an extension. It’s also the final day to make contributions to individual retirement accounts (IRAs) for the 2023 tax year. If you haven’t already explored it, utilizing tools like the IRS Free Tax Return may simplify the process, especially if you meet certain income criteria.

June 17, 2024: Second Quarter Estimated Tax Payment Due

Ensure you submit your second quarter estimated tax payment by June 17 to stay on schedule. Consistent tracking of your income and expenditures can help you make informed payment estimates.

Family Office Considerations

For those involved in handling substantial familial investments, especially if your role includes overseeing direct investments, maintaining a grasp on tax timelines is imperative. In this context, many family offices benefit from a sound framework for managing family office direct investing strategies, which ensures financial flows are in alignment with their tax planning objectives.