In the complex world of business, managing your tax obligations is a cornerstone of success and legal compliance. With the onset of 2024, it’s imperative for business owners to familiarize themselves with the critical tax deadlines affecting various business structures. It helps you dodge hefty fines and stick to tax laws. Knowing when to file tax returns and make payments is crucial. Below, we outline the key tax calendar dates and deadlines for businesses in 2024, drawing on the structure provided for 2023.

1) January 31, 2024: Deadline for Distributing Tax Forms

Businesses must issue W-2 forms to employees and 1099-NEC or 1099-MISC forms to independent contractors for services provided in the previous year. The cutoff date for furnishing these documents is January 31,. This deadline is important to give everyone enough time for their tax preparations.

2) March 15, 2024: Tax Returns for Partnerships, S Corporations, and LLCs

For partnerships, S corporations, and LLCs elected to be treated as partnerships for tax purposes, the deadline to file tax returns is March 15. This date applies if your business follows the calendar year. For those operating on a fiscal year, the deadline is based on the IRS fiscal year schedule. Additionally, if you wish to elect S corporation status for 2024, you must submit Form 2553 by this date.

3) April 15, 2024: Deadlines for C Corporations, Sole Proprietorships, and Individuals

C corporations, sole proprietors, single-member LLCs, or LLCs taxed as corporations, alongside individuals, must file their tax returns by April 15, 2024. This date also marks the final opportunity to contribute to traditional and Roth IRAs for the 2023 tax year.

4) October 15, 2024: Extended Tax Return Deadline

Should you have obtained an extension for your 2023 income tax return, the extended deadline to submit your tax documents is October 15, 2024. This extension provides additional time to gather necessary information and ensure accuracy in your tax filings.

5) Quarterly Estimated Tax Payment Deadlines for 2024

For those required to make estimated tax payments remember the following deadlines for the 2024 tax year:

  • April 15, 2024: Q1 estimated tax payment
  • June 17, 2024: Q2 estimated tax payment (adjusted due to the 15th falling on a weekend)
  • September 16, 2024: Q3 estimated tax payment (adjusted due to the 15th falling on a weekend)
  • January 15, 2025: Q4 estimated tax payment for 2024

Should any of these dates land on a weekend or federal holiday, the deadline will be the next business day.

How to File a Tax Extension as a Business Owner

If more time is needed to prepare your tax return, you can apply for an extension, granting an additional six months to file. It’s crucial to understand that this extends only the filing deadline, not the payment due date for estimated taxes. Use IRS Form 4868 for sole proprietors and Form 7004 for partnerships, S corporations, and C corporations.

Timely payment of estimated taxes is crucial to avoid penalties. Staying informed of these critical dates helps ensure your business meets its tax obligations and maintains compliance with tax laws. Should you need guidance or assistance in managing your tax responsibilities, consulting with a professional is always advisable. For expert advice and support, consider reaching out to Brenden Kelley Law at 216-644-3359, where we’re ready to assist you with your tax planning and compliance needs.

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Additional Resource: Visit the IRS’ Small Business Self-Employed Tax Center for access to important information, dates, forms, and guidance.