Here are important dates for taxpayers to keep in mind in 2024:

January 18: Final estimated tax payment for 2023 is due

Late January: The IRS begins processing 2023 tax returns (probably around January 21).

April 15: Filing deadline for 2023 taxes. The first estimated tax payment for tax year 2024 is due.

June 17: the second estimated tax payment for 2024 is due.

September 16: The third estimated tax payment for 2024 is due.

October 15: Extended deadline to file 2023 tax return.

January 15, 2025: The fourth estimated tax payment for 2024 is due.

Don’t file late. Missing the deadline is costly. The penalty for late filing is 5 percent of the amount due each month, and the penalty for failure to pay is 0.5 percent a month, maxing out at 25 percent a year. (If both penalties are levied in the same month, the total penalty is 5 percent a month: 4.5 percent for failure to file and 0.5 percent for failure to pay.) Also, be aware that interest also accrues at the rate of 3 percent.

If you file late, you can get an automatic extension by filing IRS Form 4868. The automatic extension gives you until October 15 to file your return. The extension does not extend when payments are due or waives interest costs.