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A photo of a September 2023 calendar display open on a desk - Individual due date.

September 2023 Individual Due Dates

Fall is here, and with it comes a flurry of tax deadlines and planning opportunities. Stay ahead of the game and avoid penalties by understanding key dates and proactive strategies. This article will guide you through crucial fall deadlines for 2023, offer insights for upcoming 2024 tax planning, and provide helpful resources to ensure you’re on top of your tax game.

Essential 2023 Fall Tax Dates

  • September 11: Report Tips to Employer (if you received more than $20 in August): If you rely on tips, inform your employer by this date using IRS Form 4070. They’ll then withhold FICA and income taxes from your regular wages.
  • September 15: Estimated Tax Payment Due (3rd Installment): Remember, our pay-as-you-earn system requires estimated payments for self-employed individuals and those with income not covered by withholding. This is the third installment for 2023!
  • October 16: Disaster-Area Tax Relief Deadline (California, Alabama, Georgia): If you’re in a designated disaster area, enjoy extended deadlines for filing and payments until this date. Check FEMA and IRS websites for details.

Avoiding Underpayment Penalties

Missing estimated tax payments can lead to pesky penalties. But don’t fret, there are ways to avoid them!

  • Safe Harbors: These prepayment thresholds guarantee penalty-free status. Aim for at least 90% of your current year’s tax or 100% of the previous year’s tax (110% if your AGI exceeds $150,000).
  • De Minimis Amount: If your underpayment is less than $1,000, you’re in the clear!

2024 Tax Planning Tips

  • Review Income and Deductions: Analyze your income sources and potential deductions for 2024. This helps you estimate tax liability and adjust withholding if necessary.
  • Retirement Planning: Consider contributing to retirement accounts like IRAs or 401(k)s to reduce taxable income and secure your future.
  • Taxable Events: Anticipate any significant events that might affect your 2024 taxes, like property sales, bonus income, or changes in dependents.

Remember: This information is for general guidance only. Always consult a tax professional for personalized advice and ensure compliance with specific regulations.

Need Help? We’re Here for You!

Our team of experienced tax professionals is ready to assist you with all your fall 2023 and 2024 tax planning needs. Whether it’s navigating deadlines, avoiding penalties, or optimizing your tax strategy, we’re here to guide you every step of the way.

Contact us today for a consultation and let’s make tax season a breeze!

JS Morlu LLC is a top-tier accounting firm based in Woodbridge, Virginia, with a team of highly experienced and qualified CPAs and business advisors. We are dedicated to providing comprehensive accounting, tax, and business advisory services to clients throughout the Washington, D.C. Metro Area and the surrounding regions. With over a decade of experience, we have cultivated a deep understanding of our clients’ needs and aspirations. We recognize that our clients seek more than just value-added accounting services; they seek a trusted partner who can guide them towards achieving their business goals and personal financial well-being.
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