The 2024 tax season is well underway. And while 9-5 employees were required to file tax returns by the middle of April, that was also true for business owners. Of course, when you run a business, there are more dates that you need to be aware of when it comes to tax.
We’ve compiled here some of the key tax deadlines you should be aware of for 2024. By reminding yourself of the following dates and acting accordingly, you can avoid paying penalties and remain in the IRS’s good books.
Filming Your Taxes
The deadline for filing an individual tax return in 2024 has now passed (April 15 – or April 17 for those of you who live in Massachusetts or Maine). Take note of this for future years: if you think you’re going to need longer to file your taxes, you can request a six-month extension, which would make the deadline October 15. Business taxes, on the other hand, follow a separate timeline, with dates varying depending on how a business is structured.
Important tax deadlines for 2024
| Date | Deadline Description |
|---|---|
| January 16 | Final estimated tax payment for 2023 for income earned from Sep 1 – Dec 31, 2023. |
| January 29 | IRS begins accepting 2023 tax returns. |
| April 15 | Deadline to file 2023 tax returns in most states. Also, first estimated tax payment due for 2024. |
| June 17 | Second estimated tax payment due for 2024 for income earned from Apr 1 – May 31. |
| September 16 | Third estimated tax payment due for 2024 for income earned from Jun 1 – Aug 31. |
| October 15 | Last day to file your 2023 tax return with an extension. |
Types of business tax returns need to be filed in 2024
| Date | Deadline Description |
|---|---|
| January 31 | Deadline to submit W-2 forms to the IRS and furnish copies to employees. Also, due date for 1099 forms to independent contractors. |
| March 15 | Deadline for S-corporations and partnerships to file their 2023 business tax returns. |
| April 15 | Deadline for corporations to file their 2023 business tax returns. |
| September 16 | Final day for S-corporations and partnerships to file their 2023 business tax returns with an extension. |
| October 15 | Last day for corporations to file their 2023 business tax returns with an extension. |
What Exactly is a Tax Return Anyway?
A tax return lets the IRS know your income and deductions. Deductions reduce taxable income, and tax credits lower your tax bill, possibly even resulting in a cash payout if they’re seen as being refundable.
Workers with W-2 forms usually pay their taxes throughout the year via the employers, who withhold it from their pay. Freelancers and self-employed people agree to pay an estimated amount each quarter. If it’s later determined that they’ve overpaid, they’ll be granted a refund once they’ve filed their return.
In 2024, the dates for freelancers and self-employed people to pay their taxes are:
- Q1 (January to March): April 15
- Q2 (April to May):June 17
- Q3 (June to August): September 16
- Q4 (September to December): Jan 15, 2025
Income Tax Deadlines for Small Businesses
The deadlines differ based on the business, but here are those by which you must file your taxes or request an extension:
- S Corporations, LLCs, and Partnerships using a calendar year: March 15
- Sole Proprietors and C Corporations Using a Calendar Year: April 15
Corporations that operate under a fiscal year system aren’t obligated by the above deadlines. If that’s you, then you’re expected to file your taxes by the 15th of the fourth month after your fiscal year has ended, adjusted for weekends or holidays.
Other Tax Form Deadlines for Small Businesses
Running a business calls for regular communication with the IRS, as you report for not only your own money, but also that of your employees. While the IRS’s own tax calendar will tell you every monthly payroll tax filing, here we’ve noted the important 2024 deadlines you should be aware of.
- Provide Employees with W-2 Forms: Jan 31
- Provide Independent Contractors Must with 1099 Forms: Jan 31
- Change Business Election to S-Corporation: March 15
Payroll Deadlines for Small Businesses
Any organization with employees is required to deal with payroll tax filing and payments. You’ll need to pay employee payroll taxes, along with income tax withholding, on a regular basis, usually either biweekly or monthly.
You’ll also need to file a payroll tax form with the IRS regularly. Most businesses are required to handle payroll tax filings via Form 941 each quarter. If the paperwork reveals taxes owed outside of the deposits already made, you’ll need to make those payments a month after your filing. These deadlines are:
- Q1 (January to March: Filing Deadline March 31; Payment Deadline April 30
- Q2 (April to June) Filing Deadline June 30; Payment Deadline July 31
- Q3 (July to September) Filing Deadline Sept 30; Payment Deadline October 31
- Q4 (October to December): Filing Deadline Dec 31; Payment Deadline Jan 31, 2025
When you run your own business, you’ll be expected to communicate with the IRS frequently. From estimated quartiles to payroll taxes, you’ll need to keep an eye on these deadlines in order to avoid fees or penalties. In fact, if there are certain deadlines that you fail to meet, you may have no choice but to disband your legal entity.
This is why hiring a professional CPA firm like Templeton just might be the way to go, as they manage your deadlines on your behalf, leaving you to focus on running your business. With offices in Fort Lauderdale and West Palm Beach, the Florida-based company is one of the leading accounting firms in the state.
