Owning a business comes with many responsibilities. One of those is filing your tax returns by the deadline date (or requesting an extension). Another is making sure your taxes are paid on time. To ensure you remain compliant this coming tax year, we’ve put together a list of 2024 tax deadlines for small business owners just like you!
Business Tax Filing Deadlines
Depending on the type of business entity you own, your tax filing deadline may be different from the standard April 15 date. Here are the key business tax filing deadlines to remember in 2024.
January 31, 2024
This is the deadline to send out W-2s to employees. You must also send out 1099s to any freelancers, independent contractors, or other non-employees whom you paid during the tax year.
March 15, 2024
If you are a partnership, S corporation, or multi-member LLC, you’ll need to submit your business tax returns by March 15, 2024. There is an exception for those who use the fiscal year for accounting purposes instead of the calendar year. In this case, you would file your business return by the 15th day of the third month following the close of your tax year. For example, if your fiscal year runs from June 1, 2023, to May 31, 2024, you will file your tax return by August 15, 2024
April 15, 2024
Sole proprietors (Schedule C), C corporations, single-members LLCs, and LLCs taxed as a corporation must all file by the same deadline date for individual taxpayers – April 15, 2024. The one exception is corporations that use a fiscal year. Generally, they must file by the 15th day of the fourth month following the end of their tax year. If the fiscal year ends on June 30, however, the corporation must file by September 15, 2024.
2024 Quarterly Estimated Tax Payment Deadlines
There are four estimated tax payment deadlines. If any of these dates falls on a weekend or federal holiday, the due date moves to the next business day.
- April 15, 2024
- June 15, 2024
- Sept 15, 2024
- January 15, 2025
It’s important to note that you can make an estimated tax payment early. You can also omit the January 15 payment if you plan to file your return by February 1 and pay all taxes due by that date, as well.
What If I Miss an Estimated Payment Deadline?
If you miss an estimated payment, the IRS may assess a .5% penalty fee for each month (partial or full) that you don’t pay your taxes. This is known as an underpayment penalty fee and is capped at 25% of the total owed. Even if you double up a payment later, the penalty may still be applied to any amount that was outstanding in the quarter it was due.
Need a Tax Filing Extension?
If you need additional time to complete your 2023 business tax return, you may request a tax filing extension by filing Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns (partnerships, LLCs, or corporations) or Form 4868 (sole proprietors). The form must be submitted by the original filing deadline, or your tax return will be considered late. You will also need to estimate how much you owe in taxes and pay that amount before the original due date. Failure to do so will result in penalties and interest fees.
The new filing deadlines for those requesting an extension are as follows:
- September 15, 2024 – partnerships, C corporations, and LLCs taxed as partnerships with original filing deadlines of March 15.
- October 15, 2024 – sole proprietors, corporations, and LLCs taxes as corporations with original filing deadlines of April 15.
For those who use a fiscal year instead of a calendar year, the new due date (extension) will be six months from the original filing deadline.
Affordable Business Tax Prep Help
Do you need assistance with filing your business taxes? Do you owe more than you can afford to pay? Contact Tax Defense Network! We offer affordable tax preparation services for sole proprietors and small business owners. To learn more about our tax services and fees, call 855-476-6920 for a free consultation and case review.