Understanding what taxes are due this year is essential for every responsible taxpayer. Missing a deadline or miscalculating your liability can result in penalties, interest charges, and unnecessary stress. This guide cuts through the complexity, providing a clear overview of the key taxes you need to address.
Federal Income Tax Obligations
For most individuals, the primary tax to consider is the federal income tax. Your total bill is determined by your taxable income, which is your gross income minus deductions and exemptions. The United States operates on a progressive tax system, meaning higher income levels are taxed at increasing rates. Filing your return accurately ensures you pay your fair share while maximizing any eligible credits.
Key Deadlines and Extensions
The standard deadline for filing your federal return is April 15th. However, this date shifts slightly if it falls on a weekend or holiday, and it is often moved for Emancipation Day in the District of Columbia. For the current year, the deadline is typically in mid-April. If you cannot meet this date, you can request an extension to file, though this is not an extension to pay. Any taxes owed must still be submitted by the original deadline to avoid late fees.
Tax Type | Typical Filing Deadline | Extension Availability
Federal Income Tax | April 15 (or observed date) | Yes (Form 4868)
State Income Tax | Varies by state | Varies by state
Quarterly Estimated Taxes | April 15, June 15, September 15, January 15 | No; payment is due on date
State and Local Tax Considerations
Beyond the federal level, you must also address what taxes are due this year at the state and sometimes local level. Forty-three states impose a state income tax, and the rates and rules vary significantly. Some states, such as Texas and Florida, have no state income tax but may rely more heavily on sales tax. You are generally required to file a state return if you file a federal return, so do not overlook this layer of taxation.
Property and Sales Tax Factors
If you are a homeowner, your property tax bill is often due in installments throughout the year. These are usually managed by your mortgage lender through an escrow account. Additionally, if you made significant purchases, you might owe use tax, which is similar to sales tax. While not always filed directly by the consumer, it is a component of your total tax burden that contributes to what taxes are due this year.
Estimated Taxes for the Self-Employed
If you are a freelancer, independent contractor, or business owner, you likely do not have taxes withheld from your paycheck. In this scenario, what taxes are due this year includes quarterly estimated tax payments. The IRS expects these payments to be made on April 15, June 15, September 15, and January 15 of the following year. Failing to pay these installments can trigger underpayment penalties, even if you ultimately owe no additional money on your annual return.
