Tax Deadlines for USA Expats in 2024

Being aware of the USA tax deadlines in 2024 (for the 2023 tax year) is super important, especially for Americans living in other countries. Unlike most people in the US who just need to file by Tax Day, expats have a more complicated schedule. 

In this guide, we've simplified the important USA tax deadlines for US citizens abroad. We cover everything from when you normally have to file to the extra time you get if you live outside the US. Our goal is to make the complex world of USA taxes for expats in 2024 easier to understand. We want to give you clear and expert advice so you can handle your taxes on time and in line with the rules. 

In 2024, what date does the US tax season start? 

The 2024 US tax season officially begins in late January, with the IRS typically starting to accept e-filed returns around the last week of January. While the official deadline to file and pay taxes is April 15, 2024, it's wise to get a head start early to avoid potential delays and peak season crowds. Remember, filing electronically can often lead to faster refunds, so consider getting your paperwork in order as soon as possible. Don't forget about key dates like January 31st for receiving W-2 and 1099 forms, and March 15th if you're a business owner or freelancer with estimated tax payments due. Stay organized, gather your documents, and get ready to tackle tax season 2024!

What is the estimated tax due date? 

Some people need to pay their taxes in smaller amounts four times a year instead of all at once. If you think you'll owe at least $1,000 in US taxes when you file your return, you might have to do this. The same rules apply whether you live in the US or in another country. 

Paying taxes quarterly is not a must, but some do it for two reasons. First, it helps avoid a big tax bill at the end of the year because you're paying a bit at a time. Second, it can prevent a penalty for not paying enough tax on time. This penalty happens if you owe more than $1,000 when you file your taxes or if you pay less than 110% of what you owed in taxes the previous year.

Taxpayers who usually need to think about filing estimated quarterly taxes include: 

• Self-employed individuals and freelancers 

• Independent contractors 

• Investors with significant dividend or capital gains income 

• Business owners, including sole proprietors, partners, and S corporation shareholders 

• People with alimony or rental income 

• Anyone who expects to owe $1,000 or more in tax when they file their annual return 

Attention all US business owners: key tax deadlines for 2024! 

Mark your calendars! The 2024 US tax season is approaching, and with it comes a flurry of deadlines for different business entities. To avoid any last-minute scrambles, here's a quick rundown of the key dates you need to remember: 

March 15, 2024 

• S corporations: Get your paperwork in order and file your Form 1120S by this date. 
• Partnerships and Multi-member LLCs: If you operate as a partnership or multi-member LLC, your Form 1065 is also due on March 15th. 

April 16, 2024 

• Sole proprietorships and Single-member LLCs: For those of you running the show solo, your tax deadline arrives a month later on April 16th. 
• C corporations: Don't forget about your corporate responsibilities! C corporations have their own deadline of April 16th for filing Form 1120. 

Remember 

• These deadlines apply to calendar-year businesses. If your business operates on a fiscal year, your deadlines will be different. 
• Extensions are available if you need more time, but it's always best to file early to avoid penalties and interest charges. 
• Consult with a tax professional: They can help you navigate the complexities of your specific situation and ensure you're meeting all your filing requirements.

Estimated payments for the tax year 2023 will be due on 

• April 15, 2024: This is the first estimated tax deadline for 2024. It applies to individuals who make their own quarterly payments or haven't had enough federal income tax withheld from their paycheck. 
• June 17, 2024: This is the second estimated tax deadline for 2024. If you're an expat living outside the US, you have an automatic extension until this date to file your first or both estimated tax payments. 
• September 16, 2024: This is the third estimated tax deadline for 2024. If you haven't already, you can make your second or third estimated tax payment by this date. 
• January 15, 2025: This is the fourth and final estimated tax deadline for 2024. You can make your final estimated payment by this date, or you can wait until you file your tax return for 2024.

When is the FBAR Deadline?  

• Foreign bank account reporting (FBAR): If you hold financial accounts outside the US exceeding $10,000 at any point during the year, you must file FinCEN Form 114. The deadline for FBAR coincides with your tax return due date, but it also has an automatic extension until October 15, 2024. 
• Expat specific forms and deductions: Depending on your situation, you might be eligible for specific deductions and credits, like the foreign earned income exclusion or the foreign housing exclusion. Research these benefits and use the appropriate forms, such as Form 2555 and Form 8965, to maximize your tax savings. 

When is the due date for submitting a FATCA report? 

• Filing requirement: Anyone with non-US financial assets above certain thresholds needs to file a FATCA report. 
• Filing method: Attach the report to your individual income tax return. 
• Deadline for FATCA report: April 16, 2024 (same as individual tax return). 
• FBAR deadline: October 15, 2024 (automatic 6-month extension).

What if I don't file my US taxes on time in 2024? 

Oops! Missed the April 15th, 2024 tax deadline? Don't panic, but don't ignore it either. Missing the deadline can have consequences, but there are still steps you can take to minimize the damage. Here's what you need to know: 

Penalties 

• Failure-to-file penalty: This is the most immediate consequence, accruing 5% of your unpaid taxes for each month (or part of a month) you're late, up to a maximum of 25%. 
• Late-payment penalty: If you owe any taxes, you'll also owe a late-payment penalty of 0.5% per month, up to a maximum of 25%. 
• Interest: The IRS will also charge interest on any unpaid taxes, accruing daily at the federal short-term rate plus 3%. 

Conclusion 

Not paying your taxes on time can lead to big fines and extra charges. But don't worry! If you know when to do your taxes, get the benefits you're supposed to, and ask for help when you need it, tax season can be much easier. So, fellow expats, go and explore the world! Just remember, with good planning and doing things ahead of time, you can handle expat taxes without stress. If you have any questions or need tax services, you can contact BookkeeperLive. 

At BookkeeperLive, we aim to simplify your expat tax experience. Our team of experts provides personalized guidance, ensuring you make informed decisions and claim all eligible benefits. We manage deadlines, help organize your financial records efficiently, and offer a free trial for you to experience the convenience of our services. Don't let tax concerns hinder your enjoyment of living abroad—reach out to BookkeeperLive today for expert assistance and a stress-free expat tax journey. 

FAQs 

1. Where can I get more information about tax deadlines and forms? 

The IRS website is a great resource for all things tax-related. You can find information about deadlines, forms, instructions, and even use tools like the withholding estimator to calculate your estimated tax payments. Visit: https://www.irs.gov/help/tax-topics 

2. When is the main deadline for filing my 2023 tax return? 

The standard deadline for filing your individual income tax return for the 2023 tax year is April 15, 2024. This applies regardless of your residency status. 

3. What if I live outside the US? Do I get an extension? 

Yes! Expats residing outside the US have an automatic extension to file their return on June 17, 2024. This gives you additional time to gather documents and navigate the complexities of international income. 

4. I need more time! Can I get an extension beyond June 17th? 

Absolutely. You can request an additional six-month extension by filing Form 4868 before June 17th. This will extend your deadline to September 16, 2024. However, remember that this extension applies to filing, not payment. You must still settle any outstanding taxes by April 15th to avoid penalties. 

5. What documents do I need to gather for filing my taxes? 

The specific documents you need will vary depending on your individual circumstances. However, some common documents include: 

• W-2 forms: These forms show your income and taxes withheld from your paycheck. 
• 1099 forms: These forms report income received from various sources, such as banks, investments, or freelance work. 
• Receipts for deductions and credits: Keep receipts for any expenses you're claiming as deductions or credits. 
• Previous tax returns: These can be helpful for reference and ensure consistency in your reporting.