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2024 Tax Time: Ready, Set, Go! 
Key Deadlines to Remember for Crypto Investors

That time of the year is back once again. January 29 marked the start of the 2024 tax filing season, where millions of American taxpayers will gather all their tax forms, such as W-2s and 1099s, to get to their tax accountant or complete their DIY return using tax software. 

And then you have the cryptocurrency investors who, facing the same tax deadlines, are usually scrambling to gather all their tax data and accurately calculate their crypto gains to submit their taxes on time. While this may feel like a refresher, as tax deadlines for US taxpayers are generally the same as last year, it is important to keep the exact due dates in mind to plan accordingly and file and pay all your taxes on time.

Date

Key 2024 Tax Deadlines for Individual and Business Taxpayers

January 16

Form 1040-ES - 2023 estimated tax payment for individuals #4 for income from September 1 to December 31, 2023. 

January 29th


Tax season starts!

January 31st

Forms W-2 are due to employees: Employers must provide W-2 forms to their employees, showing wages and taxes withheld for the year.

Forms 1099-NEC, 1097, 1098, 1099-MISC, 3921, 3922, and W-2G: Various 1099 forms for different types of income, including non-employee compensation, miscellaneous income, and certain government payments, are due to recipients.


Form 941 (Q4 2023): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

February 15th

If you claimed exemption from withholding last year, re-file Form W-4 by this date.

Forms 1099-B, 1099-S & 1099-MISC. 

February 28th

Paper Forms 1097, 1098, 1099-MISC, 3921, 3922, W-2G: Deadline for filing various information returns. 

Forms 1094-B, 1095-B, 1094-C, 1095-C: Deadline for issuing forms related to health coverage information and employer health insurance offers.

March 1st

Forms 1095-B, 1095-C: Deadline for issuers and employers to provide health coverage information to recipients.

Form 1040/1040-SR: Filing deadline for farmers and fishermen who did not make estimated tax payments.

March 15th

Deadline for passthrough business tax returns, including crypto businesses. Form 1065 (partnerships), Form 1120-S (S-corporations).

Forms 1042, 1042-S: ​​Annual withholding tax return for U.S. source income of foreign persons and related income statement paid to non-resident aliens, foreign entities.

Schedules K-1, K-2, and K-3, used to report shareholders' or partners' share of income, deductions, and credits from passthrough entities, are due to recipients.

 April 1st

The first required minimum distribution from retirement accounts is due for those who turned 73 in 2023.

e-File Forms 1097, 1098, 1099, 3921, 3922, W2-G: Electronic filing deadline for various information returns.

April
15th

Tax Day

This is the deadline to file your 2023 tax returns (Form 1040 / 1040-SR) or request an extension using Form 4868. Ensure all crypto transactions – trading, selling, or exchanging – are accurately reported to avoid penalties.

Form 1040-ES - 2024 estimated tax payment for individuals #1 for income from January 1 to March 31, 2024.

This is also the deadline for calendar year C-Corporations to file their 2023 business tax return, Form 1120, or request a six-month extension with Form 7004.

Form 1120-W - 2024 - estimated tax payment for corporations #1 for income from January 1 to March 31, 2024.

FinCEN Form 114 FBAR:  Report of Foreign Bank and Financial Accounts (FBAR) must be filed by individuals who have financial interests in or signature authority over foreign financial accounts exceeding certain thresholds. The deadline coincides with the tax filing deadline, with an automatic extension to October 15.

The deadline for making contributions to IRAs and HSAs for the 2023 tax year. Crypto investors should consider this for tax-advantaged savings.

June
17th

If you live outside of the US and Puerto Rico for tax year 2023 or are on military service outside the US, you may qualify for an automatic two-month extension to file Form 1040 and Form 1040-SR. If you cannot file by this date, you can extend until October 15 by filing Form 4868.

Form 1040-ES - 2024 estimated tax payment for individuals #2 for income from April 1 to May 31, 2024.

Form 1120-W - 2024 - estimated tax payment for corporations #2 for income from April 1 to May 31, 2024.

July
31st

Form 941 (Q2 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

September 16th

Extended Forms 1065 (partnership) and 1120-S (S-corporation) are due today. 

Schedules K-1, K2 and K-3 from extended passthrough returns are due to recipients.

Form 1040-ES - 2024 estimated tax payment for individuals #3 for income from June 1 to August 31, 2024.

Form 1120-W - 2024 - estimated tax payment for corporations #3 for income from June 1 to August 31, 2024.

October 15th

This is the due date for extended Forms 1040 and 1040-SR. Individuals who filed for an extension using Form 4868 must file their final tax return by this date.

FinCEN Form 114 FBAR if extended.

Extended Form 1120 (C-corporation) is due today.

October 31st

Form 941 (Q3 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

December 16th

Form 1120-W - 2024 - estimated tax payment for corporations #4 for income from September 1 to December 31, 2024.

December 31st

Required minimum distributions for those who turned 73 in 2023 must be taken by this date. This is also the deadline for all other 2024 required minimum distributions.

2025

January 15th

Form 1040-ES - 2024 estimated tax payment for individuals #4 for income from September 1 to December 31, 2024.

January 31st

Form 941 (Q4 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

Key 2024 Tax Deadlines for Individual and Business Taxpayers

January 16th

Form 1040-ES - 2023 estimated tax payment for individuals #4 for income from September 1 to December 31, 2023. 

January 29th
Tax season starts!

January 31st

Forms W-2 are due to employees: Employers must provide W-2 forms to their employees, showing wages and taxes withheld for the year.

Forms 1099-NEC, 1097, 1098, 1099-MISC, 3921, 3922, and W-2G: Various 1099 forms for different types of income, including non-employee compensation, miscellaneous income, and certain government payments, are due to recipients.


Form 941 (Q4 2023): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

February 15th

If you claimed exemption from withholding last year, re-file Form W-4 by this date.

Forms 1099-B, 1099-S & 1099-MISC. 

February 28th

Paper Forms 1097, 1098, 1099-MISC, 3921, 3922, W-2G: Deadline for filing various information returns. 

Forms 1094-B, 1095-B, 1094-C, 1095-C: Deadline for issuing forms related to health coverage information and employer health insurance offers.

March 1st

Forms 1095-B, 1095-C: Deadline for issuers and employers to provide health coverage information to recipients.

Form 1040/1040-SR: Filing deadline for farmers and fishermen who did not make estimated tax payments.

March 15th

Deadline for passthrough business tax returns, including crypto businesses. Form 1065 (partnerships), Form 1120-S (S-corporations).

Forms 1042, 1042-S: ​​Annual withholding tax return for U.S. source income of foreign persons and related income statement paid to non-resident aliens, foreign entities.

Schedules K-1, K-2, and K-3, used to report shareholders' or partners' share of income, deductions, and credits from passthrough entities, are due to recipients.

April 1st

The first required minimum distribution from retirement accounts is due for those who turned 73 in 2023.

e-File Forms 1097, 1098, 1099, 3921, 3922, W2-G: Electronic filing deadline for various information returns.

April 15th

Tax Day

This is the deadline to file your 2023 tax returns (Form 1040 / 1040-SR) or request an extension using Form 4868. Ensure all crypto transactions – trading, selling, or exchanging – are accurately reported to avoid penalties.

Form 1040-ES - 2024 estimated tax payment for individuals #1 for income from January 1 to March 31, 2024.

This is also the deadline for calendar year C-Corporations to file their 2023 business tax return, Form 1120, or request a six-month extension with Form 7004.

Form 1120-W - 2024 - estimated tax payment for corporations #1 for income from January 1 to March 31, 2024.

FinCEN Form 114 FBAR:  Report of Foreign Bank and Financial Accounts (FBAR) must be filed by individuals who have financial interests in or signature authority over foreign financial accounts exceeding certain thresholds. The deadline coincides with the tax filing deadline, with an automatic extension to October 15.

The deadline for making contributions to IRAs and HSAs for the 2023 tax year. Crypto investors should consider this for tax-advantaged savings.

June 17th

If you live outside of the US and Puerto Rico for tax year 2023 or are on military service outside the US, you may qualify for an automatic two-month extension to file Form 1040 and Form 1040-SR. If you cannot file by this date, you can extend until October 15 by filing Form 4868.

Form 1040-ES - 2024 estimated tax payment for individuals #2 for income from April 1 to May 31, 2024.

Form 1120-W - 2024 - estimated tax payment for corporations #2 for income from April 1 to May 31, 2024.

July 31st

Form 941 (Q2 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

September 16th

Extended Forms 1065 (partnership) and 1120-S (S-corporation) are due today. 

Schedules K-1, K2 and K-3 from extended passthrough returns are due to recipients.

Form 1040-ES - 2024 estimated tax payment for individuals #3 for income from June 1 to August 31, 2024.

Form 1120-W - 2024 - estimated tax payment for corporations #3 for income from June 1 to August 31, 2024.

October 15th

This is the due date for extended Forms 1040 and 1040-SR. Individuals who filed for an extension using Form 4868 must file their final tax return by this date.

FinCEN Form 114 FBAR if extended.

Extended Form 1120 (C-corporation) is due today.

October 31st

Form 941 (Q3 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

December 16th

Form 1120-W - 2024 - estimated tax payment for corporations #4 for income from September 1 to December 31, 2024.

December 31st

Required minimum distributions for those who turned 73 in 2023 must be taken by this date. This is also the deadline for all other 2024 required minimum distributions.

January 2025

January 15th

Form 1040-ES - 2024 estimated tax payment for individuals #4 for income from September 1 to December 31, 2024.

January 31st

Form 941 (Q4 2024): Quarterly federal tax return for employers, reporting withheld income taxes, Social Security, and Medicare taxes.

Timely Compliance

Business and individual taxpayers must be aware that there are generally different deadlines to pay taxes and file. While filing deadlines come around once a year and can be extended for six months by filing the proper form, deadlines to pay tax for taxpayers who expect to owe or do not have withholding on their income are different. Taxpayers must be aware of the difference in due dates and amounts that must be paid to avoid penalties and interest.

Business and individual taxpayers must be aware that there are generally different deadlines to pay taxes and file. While filing deadlines come around once a year and can be extended for six months by filing the proper form, deadlines to pay tax for taxpayers who expect to owe or do not have withholding on their income are different. Taxpayers must be aware of the difference in due dates and amounts that must be paid to avoid penalties and interest.

Extension of Time to File vs Payment

Taxpayers With Withholding

Most individual taxpayers do not have to worry about making estimated tax payments to the IRS (and state tax authorities) since employers withhold the proper income taxes from employee’s wages. When you start a new job and fill out Form W4, you indicate the proper withholding amount based on your tax situation. If you are a W-2 employee and your only source of income is your job, and you owe taxes when filing your tax return, you are likely under-withheld, and you should have your employer increase your withholding. Read on if you owed tax due to crypto gains or any other income without withholding.

Taxpayers Without Withholding

If you are self-employed, a business owner, an investor, or a business taxpayer, you must make quarterly estimated tax payments to the IRS and state authorities throughout the year. This is because tax payments on all income are due as income is earned, and since you have no withholding on this income, you will have to remit these payments quarterly directly to the tax authorities. Refer to the key dates for Forms 1040-ES for individual taxpayers and 1120-W for corporations.

Avoiding Penalties and Interest

Taxpayers who did not pay enough tax throughout the year, whether through estimated tax payments, credits, or withholdings, can be charged penalties and interest on underpayments by the IRS. This will generally not apply to taxpayers owing less than $1,000 in tax or if they meet one of the two safe harbors below:

  1. The taxpayer paid 90% of the total expected tax for the current year, 2024 (this requires calculating a taxpayer’s expected taxes based on available information or estimates of income) or
  2. The taxpayer paid 100% of the total tax on the prior year's return. Subject to exceptions, taxpayers whose adjusted gross income for 2023 was more than $150,000 ($75,000 if the taxpayer filing status for 2023 is married filing separately) should substitute 110% for 100%.

Remember that the above are safe harbors of payments to be paid during the tax year to avoid underpayment penalties and interest. Any remaining tax not covered by the safe harbors above is due by the unextended due date. For example, if you met the 90% of the current year safe harbor by paying 90% of your tax throughout the year, you will not be subject to penalties but will still have to pay the remaining 10% of unpaid tax by the unextended due date. 

Frequently Asked Questions

Conclusion

While staying updated with tax deadlines and regulations is essential for all US taxpayers, considering the need for estimated payments and the amount of work needed to get good results, crypto investors must be especially diligent regarding tax deadlines. Preparing, planning, and making each payment timely will save investors significant last-minute headaches and hard-earned cash in the form of late filing penalties and interest. However, if you are late in filing, it is never too late to get compliant.

Schedule a consultation today if you need assistance with the current tax year or any prior tax years.