Don't Mess With Taxes

It’s not even officially summer yet, and already taxes are intruding on seasonal fun for taxpayers across the United States.

Specifically, June 17 is Tax Day for individuals who are in one of three special categories. Since that’s less than a week away, they need to get to work now so they meet the fast approaching deadline.

In most cases, missing it will mean owing even more to Uncle Sam thanks to tax penalties and inters that will be added to any tax due next Monday.

Estimated taxes: Millions of taxpayers make estimated tax payments every year on income that’s not subject to withholding. This includes both earned income from gig work and other self-employment jobs, as well as unearned amounts from investments. Prize and gambling winnings count here, too. And some Social Security recipients need to make estimated tax payments on their government retirement benefits.

The June estimated tax payment is the second one of the 2024 tax year, and is for income received in April and May. This year it’s also a couple of days later — Monday, June 17 — since the usual June 15 estimated tax deadline falls on Saturday.

You can read more about estimated taxes in my earlier estimated tax primer, as well as my estimated tax questions and answers post. My post on the first estimated tax payment due back in April has information on ways to pay what you owe.

See more tax forms and more about them at Tax Forms 2024.

If you pay electronically, you don’t have to mess with filing the Form 1040-ES voucher.

U.S. taxpayers abroad, including military members: Taking that job in Italy has been great for your career and family. But it hasn’t eliminated your tax responsibilities to Uncle Sam.

U.S. citizens living and working abroad, including military personnel posted outside the country, still must file annual tax returns with the IRS. However, they do get a couple of extra months to file their 1040s.

The annual deadline for U.S. expatriates is June 15. As noted in the estimated tax section, since that’s on Saturday this year, the due date moves to Monday, June 17.

This automatic extension, however, is a bit disingenuous. The June deadline is for submitting returns. U.S. taxpayers abroad should have paid any tax they owed by the April due date. Interest has been accruing on any tax amounts not paid by the regular filing due date.

Missing the June filing deadline could cause additional problems, and expense, as the IRS will add late-filing penalties and interest to any unpaid tax.

Expat filers who do need more filing time can get until Oct. 15 to file returns by sending the IRS an extension request, otherwise known as Form 4868.

Disaster delayed 2023 returns: The final group of taxpayers facing a June 17 deadline are those who live in areas that the Federal Emergency Management Agency (FEMA) declared major disasters.

Following the FEMA designations in eight states hit by destructive weather in late 2023 or earlier this year, the IRS granted those areas’ residents tax relief. In these cases, that includes a Monday, June 17, deadline to file their 2023 tax return and pay any due tax.

The affected taxpayers live in specific parts of California, Connecticut, Maine, Michigan, Rhode Island, Tennessee, Washington, and West Virginia. My post on this disaster-prompted Tax Day delay has details on who must file by June 17.

If you’re in any of these categories, mark your calendar. And get to work on your taxes.

You also might find these items of interest:

• 5 tax moves to make this June
• Inflation adjustments that will apply to Americans abroad in 2024
• Storm Warnings: Preparing for, recovering from, and helping those affected by natural disasters

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