Illinois Tax Deadlines

Taxes are essential to every income earner’s life, especially as it gets closer to Tax Day. If you’re wondering when all the tax deadlines are in Illinois, then look no further than this guide as we detail all the important deadlines you may encounter throughout the tax year. Continue reading to stay on top of your tax deadlines and get the most out of your tax returns.

Jan. 23, 2024, Deadline

Although this date may vary, it is usually the date that the official tax season begins. This means the Internal Revenue Service will begin accepting and processing federal tax returns.

Other January Deadlines

There are several other deadlines in January to be aware of to ensure you’re getting the information you need and filing your taxes on time. The middle of the month is typically when the previous quarter’s estimated tax payments are due. This usually applies to self-employed individuals or those with other income without tax withholdings.

Another important deadline is Jan. 31. This is the due date for your employer to issue W-2 forms. If your employer sends your W-2 by mail, you may receive your physical copy later than Jan. 31. This date is also when some 1099 forms are sent. This form reports income from sources such as independent contracting, freelance work, self-employment, interest and dividends, royalties, or brokerage account transactions.

February Deadlines

While there is generally only one tax deadline in February, it’s important to remember this deadline to file withholding exemptions. This deadline is typically in the middle of the month and is the deadline to reclaim your exemption from withholding. You can file this exemption by completing a W-4 form. This exemption is usually for those who have no tax liability expended during the filing year and had none in the previous tax year.

April 15, 2024, Deadline

Perhaps the most important deadline is April 15, 2024, which is Tax Day. This is the last day you can file your taxes unless you’ve filed a tax extension or the date changes due to local state holidays or the weekend. Missing this deadline without an extension on file can result in penalties, fees, and additional interest payments added to your tax payment.

Other April Deadlines

There are also several other important deadlines to remember in April. Remembering the beginning of the month deadline is important if you turned 72 in the previous tax year. On the first business day of the month, individuals who turned 72 in the previous tax year are required to take the minimum distribution amount from their retirement account.

Aside from it being Tax Day, April 15 also represents several other deadlines. For one, this is also the deadline to file your tax extension for your individual income tax return. This helps to push your Tax Day deadline to October, giving you more time to collect all your important documents and file your tax returns correctly. This date is also the deadline to make individual retirement account and health savings account contributions for the filing tax year. Lastly, April 15 is also when the first quarter estimated tax payments are due.

June Deadlines

June has only one important deadline to remember, which is usually in the middle of the month. On or near June 15 is when the second quarter estimated tax payments are due.

September Deadlines

Similar to June, there is one important deadline to remember in September. At or near the middle of the month, this is when the third quarter estimated tax payments are due.

October Deadlines

If you filed a tax extension, the middle of October is important to remember. This is the deadline to file your extended tax return. You may incur penalties and additional fees if you don’t file your extended tax return by this date.

December Deadlines

 If you turned 72 in the previous year, there is also an important December deadline to remember. At the end of the month is when you’re required to take the minimum distribution from your retirement account.

January 2025 Deadlines

The fourth quarter estimated tax payments are due in the middle of the month in the following year. If you opt to pay all the previous year’s tax liability, any unpaid taxes after this date will be due when you file your next tax return.

Tips for Filing Your Taxes

When it comes to your taxes, finding ways to simplify filing is always a good idea. Here are some tips to help make filing your taxes easier:

  • Start preparing early: Making a checklist and having a dedicated spot for all your tax forms can help speed up the process for when it’s time to file. If you opt for electronic filing, you can try to prefill as much information as you can until you get all your official tax documents.
  • Double-check all your numbers: Before sending your taxes off or pressing submit, it’s important that you review all your numbers and compare them against your forms for accuracy. This can prevent any unnecessary and potentially costly mistakes.
  • Make time for 1099s: If you expect to receive 1099s, it’s important to remember that you may not get these right away when the tax season starts. Following up with your different 1099 sources, such as a freelancing client or investment agency, can help you estimate when you may receive all your 1099 forms.
  • Consider using a tax preparation service: A tax preparation service, even if you just use them to double-check all your forms and documents, can go a long way to ensuring that all your information is correct. This can prevent your federal tax return from being rejected and requiring additional work.

Are You Ready To Start Filing Your Taxes?

If you’re ready to start filing your taxes or you need help putting together all of the forms and documents you need, let Pasquesi Sheppard help you with our tax preparation services. Our team of experts can help you with all your tax and accounting needs so you can relax knowing that your taxes are filed accurately and on time. If you’re ready to get a jump on preparing your taxes, contact us and one of our expertly trained team members will happily assist you with all your tax needs.

coffee mug near open folder with tax withholding paper by Kelly Sikkema is licensed with Unsplash License