This marks when the IRS will begin accepting and processing 2023 federal tax returns.
If you chose to claim an exemption from your employer withholding taxes from your paycheck last year by filing a Form W-4, you’ll need to re-file the form by this date. You would file this exemption request if you anticipate having no tax liability this year and had none in the previous year.
The tax deadline typically falls on April 15 each year, but can be delayed if it falls on a weekend or holiday. Missing the tax deadline can have consequences like penalties and interest.
Despite the IRS referring to these payments as quarterly estimated taxes, the due dates don’t necessarily fall within “quarters” nor do they each represent three months of tax payments. They represent an equal quarterly share of your estimated income tax liability paid at uneven intervals. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
Third quarter 2024 estimated tax payment due
Deadline to file your extended 2023 tax return
Tax Rate - Taxable Income
10% - Up to $11,000
12% - $11,001 to $44,725
22% - $44,726 to $95,375
24% - $95,736 to $182,100
32% - $182,101 to $231,250
35% - $231,251 to $578,125
37% - Over $578,126
Tax Rate - Taxable Income
10% - Up to $22,000
12% - $22,001 to $89,450
22% - $89,451 to $190,750
24% - $190,751 to $364,200
32% - $364,201 to $462,500
35% - $462,501 to $693,750
37% - Over $693,750
The tax rate on short-term capitals gains (i.e., from the sale of assets held for one year or less) is the same as the rate you pay on wages and other "ordinary" income. Those rates currently range from 10% to 37%, depending on your taxable income.
401(k) limit increases to $23,000 for 2024
IRA limit rises to $7,000
The annual federal gift tax exclusion allows you to give away up to $17,000 each in 2023 to as many people as you wish without those gifts counting against your $12.92 million lifetime exemption.
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