Business Tax Deadlines 2024: A Comprehensive Guide for Small Businesses

While Tax Day might be the only date circled on some calendars, there are actually many important business tax deadlines for 2023 and 2024 throughout the year. If you’re running a small business, there are several dates that you might not have given much consideration before. But, there’s nothing to worry about - we got you!?

In this article, you will find everything you need to know about business tax season 2024.

Key Tax Dates 2024

January 2024

• January 16: Due date for the tax year 2023 fourth-quarter estimated tax payment.
• January 18: IRS begins the 2024 tax season.
• January 26: Earned Income Tax Credit Awareness Day.

April 2024

• April 15: Due date to file 2023 tax return or request extension and pay the tax owed (due to the Emancipation Day holiday).
• April 15: First quarter estimated tax payment.

June 2024

• June 17: Second quarter estimated tax payment.

September 2024

• September 16: Third quarter estimated tax payment.
• October 15: Due date to file for those requesting an extension on their 2023 tax returns.

Small Business Tax Checklist

Filing business taxes involves a more intricate process compared to personal income tax. A small business tax checklist ensures that you cover all necessary areas when declaring with the IRS. Key components include:

• Income Taxes: File the appropriate form based on your business structure (Form 1065, Form 1120, Form 1120S).
• Payroll Taxes: Submit relevant forms (1097, 1098, 1099, Forms 3921 and 3922, Forms W-2 and W-2G) for non-employee compensation and employee payments.
• Employment Taxes: Handle withholdings for Medicare, Social Security, and unemployment insurance (Form 940, 941, 943, 944, or 945).
• Estimated Taxes: Pay quarterly estimated taxes using Form 1120-W to estimate annual liability.
• Excise Taxes: Fulfill industry-specific excise tax obligations (Form 720, 730, Form 11-C, Form 2290).

Business Tax Deadlines for 2024

Q1 – 2024 | January 1 through March 31

• January 16, 2024: Q4-2023 estimated quarterly tax payments due.
• January 31, 2024: Deadline for filing 1099-NEC and sending W-2 forms to employees.

Q2 – 2024 | April 1 through June 30

• April 15, 2024: Deadline for sole proprietorship and single-member LLC tax returns on Schedule C.

Q3 – 2024 | July 1 through September 30

• June 17, 2024: Q2-2024 estimated quarterly tax payments due.

Q4 – 2024 | October 1 through December 31

• October 15, 2024: Tax filing extension deadline.

December – 2024

• December 1, 2024: Strategic tax preparation and planning for year-end.

Filing Extensions?

There might be instances where meeting the tax deadline becomes challenging. Whether you're struggling to organize your paperwork, facing an unexpected emergency, or simply overlooked the date and are now rushing to catch up – it happens. The good news is, in most situations, you have the option to file for an extension.

• S Corporations (S-corps) and Partnerships: File Form 7004 for an extension, extending the deadline until September 16.

• Sole Proprietorships and LLCs: File Form 4868 for an extension, providing until October 15 to complete annual taxes.

Failure to file for an extension and pay your taxes on time can result in fines. The IRS may impose a penalty of 0.5% of your unpaid tax bill for each month of delay, up to a maximum of 25%.

Conclusion

As a small business owner, understanding tax deadlines is vital for your business’s financial health and compliance. Utilizing accounting software or seeking professional advice can streamline the process, providing a clearer picture of your business's operation and growth potential. Stay informed, mark those dates, and ensure your business sails smoothly through the tax season.