The IRS announces the deadline for filing federal taxes

There are several important dates about to arrive when it comes to actions related to the United States Internal Revenue Service (IRS).

Only the last day of this year is essential to not drag the “pending issues” into 2024. If you can do it on time, it is much better in every way.

December 31 is itself a key date, in fact, one of the most important dates of the entire year. It’s just the deadline for filing federal income taxes.

This cycle is atypical because that day falls on a Sunday. What do you do next? It is essential that you complete this tax task, at the latest, by Friday, December 29th. Don’t leave it for later because late fees may burden you.

What do you do for this date?

The first thing is that you will have contributed to most any employer-sponsored retirement accounts.

Next, it is recommended that you make contributions to college-focused 529 savings plans. Please note that dates may vary depending on the state in which you reside.

You can also make charitable contributions and then roll them into your itemized deductions and thus pay much less in taxes. You also have the option of doing Roth IRA conversions.

This means you can convert a traditional IRA to a Roth before this deadline passes. This will help you avoid paying taxes.

An important tip is to make annual withdrawals from your RMD. This means it applies to anyone who is at least 73 years old. Spend money from health flexible spending accounts. If you don’t, you will definitely lose them.

Don’t forget to make sure you don’t have any tax debts. Remember, fines could be higher once 2024 rolls around.

When tax season begins, if a tax refund is due, any debts you owe will be deducted.