By Kelley R. Taylor – Kiplinger Finance
As summer begins, taxes are probably the last thing you want to consider. But there are some important June tax deadlines you shouldn’t overlook.
The federal tax filing deadline for the 2024 tax season passed (it was April 15 for most), but unfortunately, Tax Day isn’t the only deadline you need to know during the year. Missing another tax deadline might cause you to lose potential tax savings or result in IRS penalties.
So, while taxes are likely among the last things you want to consider as summer begins, here is what you need to know about three tax deadlines that fall on Monday, June 17.
1. Estimated tax payment due date 2024
Making estimated tax payments helps ensure you contribute to your tax liability throughout the year. The U.S. tax system operates on a “pay-as-you-go” basis. So, unlike traditional employees whose taxes are withheld from their paychecks, individuals with untaxed income streams are supposed to estimate and pay taxes quarterly to avoid a large bill at the end of the year.
2. Tax filing deadline for U.S. citizens living abroad
Despite residing outside the United States, U.S. citizens living and working abroad must file annual tax returns with the IRS. This requirement stems from the U.S. tax system being primarily based on citizenship rather than residency. As a result, income earned anywhere in the world must be reported, including wages, dividends, rental income, and other sources.