Are you a US citizen residing overseas? If yes, you have to meet certain deadlines and critical dates as a US citizen staying overseas. In this blog, we will discuss important US tax deadlines and dates for a US citizen staying overseas.
Knowing the US tax deadlines for 2024 is important, especially for US expats with income tax filing needs. While Tax Day is a well-recognized date for US residents, expats should navigate a more difficult income tax calendar.
In this guide, we will discuss a list of important deadlines and dates relevant to citizens of the USA residing overseas. We will cover all the important updates right from standard filing deadlines to the extended dates for those residing abroad to ensure compliant and timely income tax submissions. We make sure to demystify the difficulties of US income tax deadlines for expats in 2024, providing expert guidance and clarity to navigate the obligations confidently.
Major Takeaways
- US expats are offered an automatic two-month extension for filing their income tax returns that extends the tax filing deadline for US expats to 17 June 2024. They can also request additional extensions if required.
- If you have missed your income tax filing deadline, you can use the Internal Revenue Service amnesty assistance to come into compliance without paying any penalties
- The deadline for US expats residing in the US to file a US income tax return is 15th April 2024
When Does the US Tax Season Start in 2024?
The United States income tax year is similar to the calendar year- 1st January to 31st December. Income tax season is when the Internal Revenue Service starts accepting income tax returns. The IRS might accept income tax returns for the 2023 financial year towards the end of 2024 January.
When Is the US Tax Deadline for 2024?
The US resident’s deadline to file a Federal income tax return for 2023 is 15th April 2024. Also, this deadline will extend automatically for two months from 17th June 2024 for citizens of the US residing abroad. If a deadline falls on a holiday or weekend, it is shifted to the next working day.
Pro Tip
If you need time to file your income tax return, you might request an extra income tax filing extension to 15th October. In major scenarios, you might even request an extension to 16th December 2024.
When Are Estimated Income Taxes Due?
Few income taxpayers should file estimated tax payments quarterly rather than a single yearly return. You may file estimated quarterly income tax payments if you expect to owe a minimum of $1000 in US income taxes when filing your return. The regulations for this are same for the US ex-pats and residents
Few income taxpayers can pay estimated income tax quarterly. As such there is no need to do so, but it can be done for two major reasons. First, it aids in eliminating having an income tax bill when your income tax return is prepared as your payments are made throughout the financial year. The second thing is that it aids in eliminating or decreasing the failure to pay the estimated income tax fines on time. This charge implies in many cases. It might apply if you owe more than $1000 in income taxes when your income tax return is prepared. These charges will also apply if you pay less than 110 percent of your overall income tax bills from the past year.
The common categories of income taxpayers who must consider filing estimated income tax quarterly are:
·Income taxpayers who get a large windfall such as from the sale of a property
·Income taxpayers who get alimony income
·Income taxpayers who get income distributions from a S corporation or a partnership
· self-employed Income taxpayers
·Income taxpayers with retirement income or investment
Also, Americans employed by a foreign business that does not pay income taxes or withhold to the government of the US on their behalf might wish to file estimated payments quarterly. So, what about the deadlines for the payments? The last payment estimated for the financial year 2022 is due on 15th January 2024. The estimated payments for the financial year may be due on the following dates:
·15th April,2024
·17th June 2024
·15th January 2025
·16th September 2024
When Is the US Tax Deadline for Business Taxes in 2024?
The deadline to file a business income tax return depends on the structure of the business. The deadlines for each structure are as follows:
·15th March 2024: S corporation
·16th April 2024: Sole proprietorship
·15th March, 2024: Partnership
·16th April 2024: C corporation
·16th April 2024: Single-member LLC
If your business runs on a fiscal year rather than the calendar year, the filing deadline is the 15th day of the third following the close of the fiscal year. Also, if this deadline comes on a legal holiday, Sunday or Saturday, the deadline is shifted to the next working day.
Pro Tip
If you want time to file your business income tax return, you may request an extension. The deadline to file an extension is the date that is normally due.
When Is the Deadline for FBAR?
The FBAR deadline for filing is 16th April 2024. Even if you miss the deadline, there is an extension to 15th October 2024. The FBAR is a report of foreign bank and financial accounts that US income taxpayers with an aggregate value having a foreign bank account exceeding $10,000 at any time during the year should file. It is not a separate income tax form. It is also not reported to the Internal Revenue Service and its report is filed with the Treasury Department electronically using FinCEN Form 114.
When Is the Deadline for a FATCA Report?
If you have non-US financial properties valued above particular eligibility, you should file a FATCA form. Eligibility criteria depend on your status of filing and whether you are eligible as a bona fide resident of a foreign country. If you have to file a FATCA form, you have to fill it out and attach the report to the income tax return. It means that the deadline for the FATCA form is the same as your income tax return: 16th April 2024. FBARs also get an extension of six months which is not due until 15th October 2024.
What If You Can’t File by the Tax Deadline?
Many US tax forms help you to file for an extension if required. Also, as a citizen of the United States residing overseas, you have particular extensions without requesting them such as the automatic extension to 15th June for personal income tax returns.
What If You Miss the US Income Tax Filing Deadline for 2024?
Paying or filing late income taxes may result in hefty charges. Also, if you miss the deadline for the past year, don’t worry. You have alternatives with the information based on your case. Let us discuss some common cases.
If you owe an income tax refund, there are no charges for filing late income taxes. You must file quickly to comply with the Internal Revenue Service. You have three years from the original filing deadline to claim your income tax refund, so the window to claim a refund of 2023- due in 2024 will close in 2027.
·If you cannot afford to pay your taxes, you still should file them quickly. The Internal Revenue Service might agree to allow you to pay over time or decrease your income tax debt through regular payments. However, in the case of a payment plan, you might incur interest until the debt is paid off.
·If you have to pay income taxes, The Internal Revenue Service might impose failure to file tax or charge an extra interest rate. The good news is that as an American residing abroad, you are eligible to file using the IRS streamlined filing compliance process. The IRS might waive any charges that you are subject to pay. It is an amnesty program for expats who are not aware that they have to file income tax.
If You Have Any Doubts Regarding US Tax Deadlines, USTAXFiling Have Answers!
In this guide, USTAXFiling.in has given you a clear knowledge of American tax deadlines for 2024. If you have any doubts, USTAXFiling would be happy to help you with the answers. USTAXFiling ensures to meet your US tax obligations. Our talented team of USTAXFiling experts helps you with US tax deadlines and other important updates related to tax filing. They ensure to discuss with you all your doubts and resolve them at the earliest. If you need suggestions on certain tax scenarios, get in touch with USTAXFiling.in experts now!